MIRA INFORM REPORT

Report Date :

19.03.2014

Tel. No.:

84 64839362

IDENTIFICATION DETAILS

Name :	CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC
Registered Office :	40 Le Hong Phong St Ward 4, Vung Tau, Ba Ria-Vung Tau
Country :	Vietnam
Financials (as on) :	2012
Date of Incorporation :	30.06.2006
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Food Products
No. of Employees :	500

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	:	CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC
Address	:	40 Le Hong Phong St Ward 4, Vung Tau, Ba Ria-Vung Tau
Country	:	Vietnam
Phone (S)	:	[+84] 64-3839914
Facsimile	:	[+84] 64-3839360
Email	:	coimexco-cty@hcm.vnn.vn
Website	:	http://www.coimexvn.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Food Products

Key Facts

Registered Legal Address	:	40 Le Hong Phong St Ward 4, Vung Tau, Ba Ria-Vung Tau
Operational Address	:	40 Le Hong Phong St Ward 4, Vung Tau, Ba Ria-Vung Tau
Trading Name	:	COIMEX
Issuing Authority	:	Dept. of Planning & Investment - Vung Tau
License Number	:	3500121495
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	:	30 Jun, 2006
Employees	:	500
Capital	:	US$ 3,822,730

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Le Van Khang
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Pham Thi Hong Hoa	Vietnamese	Deputy Managing Director	-
2	Mr. Le Van Khang	Vietnamese	Managing Director	-
3	Mr. Huynh Cong Mao	Vietnamese	Deputy Managing Director	-
4	Mr. Truong Bach The	Vietnamese	Deputy Managing Director	-
5	Ms. Nguyen Thi Le Trinh	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03649623
Name	:	Ms. Pham Thi Hong Hoa

Management Details - 2

Personal Unique Identifier	:	MI03649496
Name	:	Mr. Le Van Khang

Management Details - 3

Personal Unique Identifier	:	MI03649626
Name	:	Mr. Huynh Cong Mao

Management Details - 4

Personal Unique Identifier	:	MI03649622
Name	:	Mr. Truong Bach The

Management Details - 5

Personal Unique Identifier	:	MI03649628
Name	:	Ms. Nguyen Thi Le Trinh

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03649496
Name	:	Mr. Le Van Khang
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the CON DAO SEAPRODUCTS AND IMPORT EXPORT 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	:	80,086,200,000
Paid-up Capital	:	80,086,200,000

SHAREHOLDERS

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

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	PROVINCIAL PEOPLE'S COMMITTEE OF BA RIA - VUNG TAU PROVINCE	Vietnam	n/a	27,477,575,220	34.31
2	Undisclosed Shareholders	n/a	n/a	18,796,231,140	23.47
3	Mr. Huynh Koc Hai	Australia	n/a	11,684,576,580	14.59
4	KIEN GIANG SEA PRODUCT CORP	Vietnam	n/a	11,428,300,740	14.27
5	Mr. Huynh Van Long	Vietnam	n/a	4,901,275,440	6.12
6	Mr. Le Van Khang	Vietnam	n/a	2,618,818,740	3.27
7	Mr. Huynh Cong Mao	Vietnam	n/a	1,393,499,880	1.74
8	Ms. Nguyen Thi Le Trinh	Vietnam	n/a	1,009,086,120	1.26
9	Mr. Truong Bach The	Vietnam	n/a	776,836,140	0.97
Total			n/a	80,086,200,000	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
2010	n/a	42,151,031	42,151,031
2011	n/a	43,891,311	43,891,311
2012	n/a	41,161,378	41,161,378

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	10%
International Sales (Export)	90%

Annual Purchases Analysis	Percentage
Local Purchases	100%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 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 - Secured with Post-dated checks 30~60 days

GROUP STRUCTURE & AFFILIATED COMPANIES

RELATED PARTIES (Subsidiaries, Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC:

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

Domestic

Business Entity Name	:	CON DAO SEAPRODUCTS & IMPORT EXPORT JSC HO CHI MINH BRANCH
Global Identifier	:	P0928228
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	Ward 3, 35/1 Vu Huy Tan St, Binh Thanh, Ho Chi Minh
Primary Business Activity	:	Trader
Industry	:	Seafood & Fishing Industry

Business Entity Name	:	SAO BIEN SEAFOOD JSC
Global Identifier	:	P2983239
Country	:	Vietnam
Relationship	:	Affiliate
Operational Address	:	Group 1 Duyen Hai Town, Huyen Hai, Tra Vinh
Primary Business Activity	:	Trader
Industry	:	Seafood & Fishing Industry

Business Entity Name	:	TAC CAU SEA PRODUCTS JSC
Global Identifier	:	P2983235
Country	:	Vietnam
Relationship	:	Affiliate
Operational Address	:	Khu Cang Ca Tac Cau Minh Phong Binh An, Chau Thanh, Kien Giang
Primary Business Activity	:	Trader
Industry	:	Seafood & Fishing Industry

Business Entity Name	:	VUNG TAU COMMERCIAL PORT JSC
Global Identifier	:	P2983231
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	973, 30/4 St Ward 11, Vung Tau, Vung Tau
Primary Business Activity	:	Service
Industry	:	Transportation

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2010 Annual	46,834,479	11,653,822	1,009,184
2011 Annual	48,768,123	13,155,545	1,407,873
2012 Annual (*)	45,734,864	11,090,649	621,475

Sales Trend – Analysis

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

Note: (*)

Financials listed are the most recent available for this company.

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Current Assets	128,053,000,000	151,662,000,000	132,038,000,000
Non Current Assets	99,080,000,000	122,368,000,000	98,921,000,000
Non Current Liabilities	1,219,000,000	410,000,000	5,606,000,000
Share Capital	80,086,000,000	80,086,000,000	80,086,000,000
Other long term assets
Total Assets	227,133,000,000	274,030,000,000	230,959,000,000
Total Liabilities	113,456,000,000	132,528,000,000	135,117,000,000
Current Liabilities	112,237,000,000	132,118,000,000	129,511,000,000
Long term liabilities
Shareholders Funds	113,677,000,000	141,502,000,000	95,842,000,000
Current Assets & Short Term Investments	128,053,000,000	151,662,000,000	132,038,000,000
Cash & Cash Equivalents	11,562,000,000	23,505,000,000	21,358,000,000
Cash	11,562,000,000	17,505,000,000	4,799,000,000
Cash Equivalents	-	6,000,000,000	16,559,000,000
Short Term Investments	14,033,000,000	17,353,000,000	-
Short Term Securities Investments	14,033,000,000	17,353,000,000	-
Accounts Receivable	46,823,000,000	53,753,000,000	47,679,000,000
Accounts Receivable Trade	25,830,000,000	32,181,000,000	24,858,000,000
Trade Prepayment	19,318,000,000	19,237,000,000	18,421,000,000
Others Receivables	1,675,000,000	2,335,000,000	4,400,000,000
i. Inventories	39,074,000,000	41,005,000,000	40,575,000,000
ii. Inventories	39,074,000,000	41,005,000,000	40,575,000,000
i. Other Short Term Asset	16,561,000,000	16,046,000,000	22,426,000,000
Prepaid Expenses	378,000,000	1,078,000,000	634,000,000
VAT Deductible	8,579,000,000	8,952,000,000	16,001,000,000
Other Tax Receivables	356,000,000	1,000,000	-
ii. Other Short Term Asset	7,248,000,000	6,015,000,000	5,791,000,000
Long Term Assets	99,080,000,000	122,368,000,000	98,921,000,000
Fixed Assets	43,574,000,000	80,138,000,000	45,113,000,000
Tangible Fixed Assets	37,947,000,000	73,471,000,000	36,066,000,000
i. Cost	59,789,000,000	128,104,000,000	74,508,000,000
Accumulated Depreciation	21,842,000,000	54,633,000,000	38,442,000,000
Intangible Fixed Assets	706,000,000	706,000,000	1,357,000,000
ii. Cost	706,000,000	706,000,000	1,357,000,000
Construction In Progress	4,921,000,000	5,961,000,000	7,690,000,000
Long Term Investments	52,885,000,000	40,264,000,000	52,885,000,000
Invest To Subsidiary Company	20,058,000,000	-	20,058,000,000
Invest To Joint Venture Company	20,900,000,000	27,988,000,000	20,900,000,000
Other Long Term Investments	11,927,000,000	12,276,000,000	11,927,000,000
Other Long Term Assets	2,621,000,000	1,966,000,000	923,000,000
Long Term Prepayments	2,621,000,000	1,966,000,000	923,000,000
Total Assets	227,133,000,000	274,030,000,000	230,959,000,000
Liabilities	113,456,000,000	132,528,000,000	135,117,000,000
Current Liabilities	112,237,000,000	132,118,000,000	129,511,000,000
Short Term Borrowings	8,522,000,000	17,030,000,000	47,673,000,000
Accounts Payables-Trade	58,405,000,000	63,115,000,000	51,240,000,000
Advances From Customers	23,217,000,000	10,252,000,000	6,639,000,000
Taxes And Payable To State Budget	3,523,000,000	9,075,000,000	4,664,000,000
Payable To Employees	7,480,000,000	8,074,000,000	3,533,000,000
Accrued Expenses Payable	-	8,165,000,000	-
Other Payables	11,090,000,000	16,407,000,000	14,909,000,000
i. Bonus And Welfare Funds	-	-	853,000,000
Long Term Liabilities	1,219,000,000	410,000,000	5,606,000,000
Accounts Long Term Payables-Trade	-	-	4,000,000,000
Long Term Other Payables	-	223,000,000	1,606,000,000
Long Term Borrowings	1,219,000,000	146,000,000	-
Provision Funds For Unemployment	-	41,000,000	-
i. Owner's Equity	113,677,000,000	120,747,000,000	95,842,000,000
ii. Owner's Equity	112,494,000,000	118,269,000,000	95,842,000,000
Business Capital	80,086,000,000	80,086,000,000	80,086,000,000
Share Capital's Surplus	8,779,000,000	8,779,000,000	8,779,000,000
Foreign Exchange Differences	(110,000,000)	(174,000,000)	-
Business Development Funds	2,015,000,000	3,962,000,000	3,684,000,000
Financial Reserved Funds	2,054,000,000	3,251,000,000	2,364,000,000
Retained Earnings	19,670,000,000	22,365,000,000	929,000,000
Budget Sources	1,183,000,000	2,478,000,000	-
ii. Bonus And Welfare Funds	1,183,000,000	2,478,000,000	-
Minority Interest	-	20,755,000,000	-
Total Resources	227,133,000,000	274,030,000,000	230,959,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Turnover	912,804,000,000	1,015,840,000,000	952,413,000,000
Profit (Loss) Before Tax	21,286,000,000	33,800,000,000	12,942,000,000
Profit After Tax attributable to Shareholders	19,669,000,000	29,326,000,000	12,942,000,000
Gross Sales	912,804,000,000	1,015,840,000,000	952,413,000,000
Less Deductions	2,720,000,000	1,647,000,000	22,458,000,000
Net Income	910,084,000,000	1,014,193,000,000	929,955,000,000
Cost Of Goods Sold	800,897,000,000	883,649,000,000	827,004,000,000
Gross Margin	109,187,000,000	130,544,000,000	102,951,000,000
Income From Financial Activities	5,961,000,000	9,873,000,000	17,705,000,000
Expenses From Financial Activities	2,422,000,000	4,062,000,000	3,271,000,000
In Which: Interest Expenses	803,000,000	-	3,012,000,000
Selling Expenses	79,998,000,000	87,102,000,000	86,013,000,000
General & Administration Expenses	11,595,000,000	23,424,000,000	18,438,000,000
Net Income From Operating Activities	21,133,000,000	25,829,000,000	12,934,000,000
Extraordinary Income	991,000,000	8,942,000,000	1,324,000,000
Extraordinary Expenses	838,000,000	971,000,000	1,316,000,000
Extraordinary Gains	153,000,000	7,971,000,000	8,000,000
Net Profit Before Tax	21,286,000,000	33,800,000,000	12,942,000,000
Income Tax	1,617,000,000	4,474,000,000	-
Net Profit After Tax	19,669,000,000	29,326,000,000	12,942,000,000

Financial Ratios

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Growth %
Year-on-Year Growth	-	11.29	(6.24)
Profitability
Profit Margin (%)	2.15	2.89	1.36
Return on Equity (%)	17.30	20.72	13.50
Return on Assets (%)	8.66	10.70	5.60
Leverage
Total Debt Equity (Times)	1.00	0.94	1.41
Current Debt Equity (Times)	0.99	0.93	1.35
Long Term Debt to Equity	0.01	0.00	0.06
Total Asset To Total Equity	2.00	1.94	2.41
Asset Management
Total Assets Turnover (Times)	4.02	3.71	4.12
Fixed Assets Turnover (Times)	9.21	8.30	9.63
Liquidity
Current Ratio	1.14	1.15	1.02

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	:	CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Food Products
Office Contact Details
Operating Address	:	40 Le Hong Phong St Ward 4, Vung Tau, Ba Ria-Vung Tau
Tel	:	[+84] 64-3839914
	:	[+84] 64-3839362
	:	[+84] 64-3837794
Fax	:	[+84] 64-3839360
Email	:	coimexco-cty@hcm.vnn.vn truongbachthe@coimexvn.com phankimluyen@coimexvn.com
Website Details
Website	:	http://www.coimexvn.com
Status	:	Normal - operational

Primary Products

Products / Materials / Services Description	Activity
Fish sauce	Manufacturing, Exporting
Sauce	Manufacturing, Exporting
Seafood products	Manufacturing, Exporting
Surimi	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fish & Seafoods	5146	Manufacturing, Exporting
Food and Kindred Products	2000	Manufacturing, Exporting
Food products, nspf	2099	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Food preparations	2106	Manufacturing, Exporting
Other sauces and preparations	2103906090	Manufacturing, Exporting
Sauces & prep; mixed condiments, mustard flour etc	2103	Manufacturing, Exporting
Sauces derived or prepared from fish	2103902000	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC is Manufacturing - Finished products.

Key products include:

Fish sauce

Sauce

Seafood products

Surimi
An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

LOCAL BRANCHES & MANAGEMENT

Branch	:	CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC - VUNG TAU, BA RIA-VUNG TAU
Branch Address	:	1738, 30/4 St Ward 12, Vung Tau, Ba Ria-Vung Tau
Branch	:	CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC - VUNG TAU, BA RIA-VUNG TAU
Branch Address	:	335 Tran Phu St Ward 5, Vung Tau, Ba Ria-Vung Tau
Branch	:	CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC - VUNG TAU, BA RIA-VUNG TAU
Branch Address	:	80 Bach Dang St Ward 5, Vung Tau, Ba Ria-Vung Tau
Branch	:	CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC - PHUNG HIEP DIST, HAU GIANG
Branch Address	:	Tam Vu 1 Hamlet Thach Hoa Commune, Phung Hiep Dist, Hau Giang

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Exporting
Europe	Medium	Exporting
North America	Medium	Exporting
Australia	Medium	Exporting
Italy	Medium	Exporting
Japan	Medium	Exporting
Korea, South (Republic of Korea)	Medium	Exporting
Russia	Medium	Exporting
Singapore	Medium	Exporting
Spain	Medium	Exporting
Taiwan	Medium	Exporting
USA	Medium	Exporting

OFFICE & FACILITIES

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

Name	:	CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC - VUNG TAU, BA RIA-VUNG TAU
Primary Use	:	Office & Administration facilities
Address	:	40 Le Hong Phong St Ward 4, Vung Tau, Ba Ria-Vung Tau
Country	:	Vietnam
Status	:	Operational

COMPANY HISTORY

Date	Details
1992 - Sep	Established as State-owned Company.
2006 - Jun	Officially privatized to become Joint stock Company.

PRODUCTION CAPACITY

Item	Year	Current Capacity	Unit Measure
Fish sauce	2012	600,000	Liters

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
17 Sep, 1992	578/QD-UBT

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.95
UK Pound	1	Rs.101.37
Euro	1	Rs.84.89

INFORMATION DETAILS

Report Prepared by :

NIS

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.