MIRA INFORM REPORT

Report Date :

12.03.2014

IDENTIFICATION DETAILS

Name :	VIETNAMESE FRANCE CATTLE FEED JSC
Registered Office :	Bien Hoa 1 Industrial Zone Rd 9 An Binh Ward, Bien Hoa, Dong Nai
Country :	Vietnam
Financials (as on) :	31.12.2012
Date of Incorporation :	01.02.2008
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Agricultural Products
No. of Employees :	1,400

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 :	Satisfactory
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 40% of GDP. 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 hurt Vietnam's export-oriented economy, with GDP in 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained relatively stable in 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Details

Organization Name	:	VIETNAMESE FRANCE CATTLE FEED JSC
Address	:	Bien Hoa 1 Industrial Zone Rd 9 An Binh Ward, Bien Hoa, Dong Nai
Country	:	Vietnam
Phone (S)	:	[+84] 61-3834127
Facsimile	:	[+84] 61-3835075
Email	:	webconco@conco.com.vn
Website	:	http://www.conco.com.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Agricultural Products

Key Facts

Registered Legal Address

:

Bien Hoa 1 Industrial Zone Rd 9 An Binh Ward, Bien Hoa, Dong Nai

Operational Address

:

Bien Hoa 1 Industrial Zone Rd 9 An Binh Ward, Bien Hoa, Dong Nai

Trading Name

:

PROCONCO

Name History

:

Business Entity Name	Effective Date
PROCONCO PRODUCING ANIMAL FEEDS ENTERPRISE	n/a
VIETNAMESE FRANCE CATTLE FEED JSC	1 Feb, 2008
VIETNAMESE FRANCE CATTLE FEED JOINT VENTURE CO	n/a
PROCONCO PRODUCING ANIMAL FEEDS JSC	n/a

Issuing Authority

:

Dept. of Planning & Investment - Bien Hoa

License Number

:

472031000390

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

1 Feb, 2008

Employees

:

1,400

Capital

:

US$ 47,732,697

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Ms. Nguyen Thi Le Hong
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Hoang Chuong	Vietnamese	Deputy Managing Director	-
2	Mr. Ngo Quang Duc	Vietnamese	Chief Accountant	Finance
3	Mr. Ta Van Hung	Vietnamese	Deputy Managing Director	-
4	Ms. Nguyen Thi Le Hong	Vietnamese	Managing Director	-
5	Mr. Dinh Tan Liem	Vietnamese	Deputy Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03644369
Name	:	Mr. Hoang Chuong

Management Details - 2

Personal Unique Identifier	:	MI02193397
Name	:	Mr. Ngo Quang Duc
Date of Birth	:	1959

Management Details - 3

Personal Unique Identifier	:	MI02519777
Name	:	Mr. Ta Van Hung
Date of Birth	:	1957

Management Details - 4

Personal Unique Identifier	:	MI02326892
Name	:	Ms. Nguyen Thi Le Hong
Date of Birth	:	1958

Management Details - 5

Personal Unique Identifier	:	MI02011512
Name	:	Mr. Dinh Tan Liem
Date of Birth	:	1958

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI02326892
Name	:	Ms. Nguyen Thi Le Hong
Date of Birth	:	1958
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the VIETNAMESE FRANCE CATTLE FEED JSC's reputation within the respective industry failed to reveal any adverse information.

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT	No Record Found

LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

1,000,000,000,000

Date	Authorized Capital - History
2003	146,394,350,000
2009	300,000,000,000
2012	1,000,000,000,000

SHAREHOLDERS

Total number of shareholders	:	6
Total number of shares	:	n/a

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	HOA MUOI GIO CO LTD	Vietnam	n/a	n/a	40.00
2	DONG NAI FOOD INDUSTRIAL CORP	Vietnam	n/a	n/a	23.89
3	VIETNAM NATIONAL SEAPRODUCTS CORP LTD	Vietnam	n/a	n/a	17.47
4	TIN NGHIA CO LTD	Vietnam	n/a	n/a	13.06
5	HUU NGHIA ENTERPRISE	Vietnam	n/a	n/a	4.37
6	INSTITUTE OF AGRICULTURAL SCIENCE FOR SOUTHERN VIETNAM	Vietnam	n/a	n/a	1.21
Total			n/a	n/a	100.00

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

PAYMENT INFORMATION

International Trade - Statistics  (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2009	n/a	66,771,176	66,771,176
2011	n/a	29,765,228	29,765,228
2012	n/a	32,419,660	32,419,660

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Export	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Received at time of transaction

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to VIETNAMESE FRANCE CATTLE FEED JSC:

TYPE	DOMESTIC
	TOTAL
Subsidiaries	2
Joint-Ventures	-
Minority shareholdings	-
Affiliates	-

Domestic

Business Entity Name	:	CHI NHANH CONG TY CO PHAN VIET - PHAP SAN XUAT THUC AN GIA SUC PROCONCO HAI PHONG
Global Identifier	:	P2642911
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	Dinh Vu Industrial Zone Lot CN2-11 CN2-18, Hai An Dist, Haiphong
Primary Business Activity	:	Manufacturer
Industry	:	Agricultural Products

Business Entity Name	:	DINH VU PROCONCO FEEDMILL CO LTD
Global Identifier	:	P1079005
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	Dinh Vu Industrial Park Dong Hai 2 Ward, Hai An Dist, Haiphong
Primary Business Activity	:	Manufacturer
Industry	:	Agricultural Products

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2009 Annual	445,141,174	108,725,107	34,098,916
2011 Annual	595,304,561	151,470,955	32,534,710
2012 Annual (*)	648,393,203	184,671,346	32,347,227

Sales Trend – Analysis

2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
-	-	-	-	-			-

Note: (*)

Financials listed are the most recent available for this company.

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2007 Annual	307,123,085	101,697,141	9,199,373
2008 Annual	444,423,341	94,274,789	14,282,449

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual
Current Assets	2,680,827,000,000	3,179,076,000,000
Non Current Assets	474,313,000,000	666,642,000,000
Non Current Liabilities	26,924,000,000	29,152,000,000
Share Capital	1,000,000,000,000	1,000,000,000,000
Total Reserves	-	-
Other long term assets
Total Assets	3,155,140,000,000	3,845,718,000,000
Total Liabilities	1,285,089,000,000	1,550,771,000,000
Current Liabilities	1,258,165,000,000	1,521,619,000,000
Long term liabilities
Shareholders Funds	1,870,051,000,000	2,294,947,000,000
Assets
Current assets & short term investments	2,680,827,000,000	3,179,076,000,000
Cash & cash equivalents	225,476,000,000	469,263,000,000
Cash	223,996,000,000	332,263,000,000
Cash equivalents	1,480,000,000	137,000,000,000
Accounts receivable	539,399,000,000	371,234,000,000
Accounts receivable trade	159,474,000,000	240,410,000,000
Trade prepayment	203,119,000,000	83,761,000,000
Others receivables	185,298,000,000	66,080,000,000
Provision for bad debts	(8,492,000,000)	(19,017,000,000)
Inventories (i)	1,795,002,000,000	2,266,651,000,000
Inventories (ii)	1,795,320,000,000	2,266,651,000,000
Provision for decline in inventory	(318,000,000)	-
Other short term asset (i)	120,950,000,000	71,928,000,000
Prepaid expenses	3,047,000,000	3,847,000,000
VAT deductible	14,737,000,000	34,937,000,000
Other tax receivables	614,000,000	30,228,000,000
Other short term asset (ii)	102,552,000,000	2,916,000,000
Long term assets	474,313,000,000	666,642,000,000
Accounts of long term receivable	3,012,000,000	-
Accounts long term receivable trade	7,529,000,000	4,517,000,000
Other long term receivables	-	-
Provision for long term receivable of bad debts	(4,517,000,000)	(4,517,000,000)
Fixed assets	247,669,000,000	396,313,000,000
Tangible fixed assets	206,915,000,000	352,805,000,000
Cost (i)	586,397,000,000	771,704,000,000
Accumulated depreciation (i)	379,482,000,000	418,899,000,000
Intangible fixed assets	3,159,000,000	2,563,000,000
Cost (ii)	5,450,000,000	5,726,000,000
Accumulated depreciation (ii)	2,291,000,000	3,163,000,000
Construction in progress	37,595,000,000	40,945,000,000
Long term investments	28,003,000,000	46,849,000,000
Invest to subsidiary company	-	-
Invest to joint venture company	26,337,000,000	26,820,000,000
Other long term investments	4,153,000,000	21,646,000,000
Provision for long term investments	(2,487,000,000)	(1,617,000,000)
Other long term assets (i)	195,629,000,000	223,480,000,000
Long term prepayments	133,226,000,000	131,504,000,000
Asset of income tax delay	22,933,000,000	27,772,000,000
Other long term assets (ii)	39,470,000,000	64,204,000,000
Total assets	3,155,140,000,000	3,845,718,000,000
Liabilities (i)
Liabilities (ii)	1,285,089,000,000	1,550,771,000,000
Current liabilities	1,258,165,000,000	1,521,619,000,000
Short term borrowings	485,218,000,000	770,764,000,000
Accounts payables-trade	496,105,000,000	384,968,000,000
Advances from customers	10,697,000,000	20,490,000,000
Taxes and payable to state budget	40,894,000,000	2,740,000,000
Payable to employees	71,529,000,000	92,090,000,000
Accrued expenses payable	132,447,000,000	217,120,000,000
Other payables	17,687,000,000	28,855,000,000
Bonus and welfare funds	3,588,000,000	4,592,000,000
Long term liabilities	26,924,000,000	29,152,000,000
Long term other payables	26,924,000,000	-
Long term borrowings	-	29,152,000,000
Payable income tax delay	-	-
Provision funds for unemployment	-	-
Shareholder's Equity
Owner's equity (i)	1,870,051,000,000	2,294,947,000,000
Owner's equity (ii)	1,870,051,000,000	2,294,947,000,000
Business capital	1,000,000,000,000	1,000,000,000,000
Business development funds	32,000,000	-
Foreign exchange differences	-	-
Financial reserved funds	113,609,000,000	147,385,000,000
Retained earnings	756,410,000,000	1,147,562,000,000
Total resources	3,155,140,000,000	3,845,718,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual
Turnover	12,400,194,000,000	13,502,568,000,000
Profit (Loss) Before Tax	814,704,000,000	723,190,000,000
Profit After Tax attributable to Shareholders	677,698,000,000	673,620,000,000
Gross sales	12,400,194,000,000	13,502,568,000,000
Less deductions	-	5,533,000,000
Net income	12,400,194,000,000	13,497,035,000,000
Cost of goods sold	10,783,074,000,000	11,771,868,000,000
Gross margin	1,617,120,000,000	1,725,167,000,000
Income from financial activities	38,322,000,000	21,866,000,000
Expenses from financial activities	178,398,000,000	100,640,000,000
In which: Interest expenses	158,721,000,000	98,026,000,000
Selling expenses	500,088,000,000	706,093,000,000
General & administration expenses	167,742,000,000	224,077,000,000
Net income from operating activities	809,214,000,000	716,223,000,000
Extraordinary income	15,909,000,000	12,937,000,000
Extraordinary expenses	10,419,000,000	5,970,000,000
Extraordinary gains	5,490,000,000	6,967,000,000
Net profit before tax	814,704,000,000	723,190,000,000
Income tax	137,459,000,000	54,409,000,000
Income tax delay	453,000,000	4,839,000,000
Net profit after tax	677,698,000,000	673,620,000,000

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual
Growth %
Year-on-Year Growth	-	8.89
Profitability
Profit Margin (%)	5.47	4.99
Return on Equity (%)	36.24	29.35
Return on Assets (%)	21.48	17.52
Leverage
Total Debt Equity (Times)	0.69	0.68
Current Debt Equity (Times)	0.67	0.66
Long Term Debt to Equity	0.01	0.01
Total Asset To Total Equity	1.69	1.68
Asset Management
Total Assets Turnover (Times)	3.93	3.51
Fixed Assets Turnover (Times)	26.14	20.25
Liquidity
Current Ratio	2.13	2.09

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

FOREIGN EXCHANGE RATES

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000048 USD United States Dollars

ADDITIONAL INFORMATION

Report Details

Country	:	Vietnam
Business Entity Name	:	VIETNAMESE FRANCE CATTLE FEED JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Agricultural Products
Office Contact Details
Operating Address	:	Bien Hoa 1 Industrial Zone Rd 9 An Binh Ward, Bien Hoa, Dong Nai
Tel	:	[+84] 61-3834127
	:	[+84] 61-3836634
	:	[+84] 61-3836404
	:	[+84] 61-3836272
Fax	:	[+84] 61-3835075
	:	[+84] 61-3636146
Email	:	webconco@conco.com.vn
Website Details
Website	:	http://www.conco.com.vn
Status	:	Normal - operational
Country of Registration	:	Vietnam
Ownership Type	:	Registered ownership by Subject Business Entity
Tax / VAT Details
Tax Issuing Authority	:	Ministry of Finance
Local Name Used	:	Gia Trj Gia Tang (Value Added Tax)
Acronym	:	GTGT / VAT
GTGT / VAT Number	:	3600234534

Primary Products

Products / Materials / Services Description	Activity
Animal feed	Manufacturing, Exporting
Cattle feed	Manufacturing, Exporting
Livestock foods	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Prepared feeds, nspf	2048	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Dairy cattle feed, prepared	2309901030	Manufacturing, Exporting
Livestock feed, prepared	2309901040	Manufacturing, Exporting
Mixed feeds or mixed feed ingredients used in animal feedings	2309901050	Manufacturing, Exporting
Other cattle feed nesoi, prepared	2309901032	Manufacturing, Exporting
Other livestock feed nesoi, prepared	2309901045	Manufacturing, Exporting
Preparations used in animal feeding	2309	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of VIETNAMESE FRANCE CATTLE FEED JSC is Manufacturing - Finished products.
Key products include :

Animal feed

Cattle feed

Livestock foods

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, VIETNAMESE FRANCE CATTLE FEED JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	ANZ BANK (VIETNAM) LTD
Global Identifier	:	P1310499
Branch	:	District 1,Ho Chi Minh
Branch Address	:	Ho Chi Minh
SWIFT Code	:	This bank does not have a SWIFT Code
Bank Name	:	ASIA COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0075118
Branch	:	District 3,Ho Chi Minh
Branch Address	:	District 3Ho Chi Minh
SWIFT Code	:	ASCBVNVX
Bank Name	:	ASIA COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0075118
Branch	:	District 3,Ho Chi Minh
Branch Address	:	ASIA COMMERCIAL JOINT STOCK BANK - DONG NAI
SWIFT Code	:	ASCBVNVX
Bank Name	:	BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	32400479
Branch	:	Hoan Kiem,Hanoi
Branch Address	:	Ha Noi
SWIFT Code	:	BFTVVBVX
Bank Name	:	CALYON
Global Identifier	:	P0061666
Branch	:	District 1,Ho Chi Minh
Branch Address	:	District 1Ho Chi Minh
SWIFT Code	:	CAINVNVX
Bank Name	:	CITIBANK NA
Global Identifier	:	32401241
Branch	:	Hoan Kiem,Hanoi
Branch Address	:	Ho Chi Minh
SWIFT Code	:	CITIVNVX
Bank Name	:	HSBC BANK (VIETNAM) LTD
Global Identifier	:	32403760
Branch	:	District 1,Ho Chi Minh
Branch Address	:	HSBC BANK (VIETNAM) LTD - HO CHI MINH
SWIFT Code	:	HSBCVNVX
Bank Name	:	INDOVINA BANK LTD
Global Identifier	:	32404053
Branch	:	District 1,Ho Chi Minh
Branch Address	:	INDOVINA BANK LTD - DONG NAI
SWIFT Code	:	IABBVNVX
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	P1072025
Branch	:	Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM, DONG NAI
SWIFT Code	:	BFTVVNVX
Bank Name	:	MILITARY COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0387295
Branch	:	Dong Da,Hanoi
Branch Address	:	MILITARY COMMERCIAL JOINT STOCK BANK, AN PHU
SWIFT Code	:	MSCBVNVX
Bank Name	:	SAIGON THUONG TIN COMMERCIAL BANK (SACOMBANK)
Global Identifier	:	P0024801
Branch	:	District 3,Ho Chi Minh
Branch Address	:	Thu DucHo Chi Minh
SWIFT Code	:	SGTTVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	VIETNAMESE FRANCE CATTLE FEED JSC - HOANG MAI DIST, HANOI
Branch Address	:	Khuyen Luong Port, Hoang Mai Dist, Hanoi
Primary use of location	:	#1. Office administration

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Importing
North America	Medium	Importing
Australia	Medium	Importing
Cambodia	Medium	Exporting
Canada	Medium	Importing
China	Medium	Importing
France	Medium	Importing
India	Medium	Importing
Thailand	Medium	Importing
USA	Medium	Importing

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name	:	VIETNAMESE FRANCE CATTLE FEED JSC - BIEN HOA, DONG NAI
Primary Use	:	Office & Administration facilities
Other Use	:	This facility is also used for Manufacturing, Warehousing
Address	:	Bien Hoa 1 Industrial Zone Rd 9 An Binh Ward, Bien Hoa, Dong Nai
Country	:	Vietnam
Status	:	Operational

FACTORIES, SIZE, & LOCATIONS

The following information relates to the Business Entity's factory as listed above:

Name	:	VIETNAMESE FRANCE CATTLE FEED JSC - HAI AN DIST, HAIPHONG
Address	:	Dinh Vu Industrial Zone Lot CN 2.1A, CN2.1B Dong Hai 2 Ward, Hai An Dist, Haiphong
Other Use	:	Warehousing
Status	:	Operational

PREVIOUS CONTACT DETAILS

Company Address

:

Bien Hoa Industrial Park Zone II, Bien Hoa, Dong Nai

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
2 Apr, 1991	178/GP

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.70
UK Pound	1	Rs.100.97
Euro	1	Rs.84.16

INFORMATION DETAILS

Report Prepared by :

NNA

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%)

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

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