MIRA INFORM REPORT

Report Date :

20.10.2014

IDENTIFICATION DETAILS

Name :	VIDIPHA CENTRAL PHARMACEUTICAL JSC

Registered Office :	184/2 Le Van Sy St Ward 10, Phu Nhuan, Ho Chi Minh

Country :	Vietnam

Financials (as on) :	2013

Date of Incorporation :	24.11.2010

Legal Form :	Joint Stock Company

Line of Business :	Manufacturer of Medical Equipment & Pharmaceutical

No of Employees :	292

RATING & COMMENTS

MIRA’s Rating :

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Vietnam

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
Official Organization Name	:	VIDIPHA CENTRAL PHARMACEUTICAL JSC
Address	:	184/2 Le Van Sy St Ward 10, Phu Nhuan, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-38440106
Facsimile	:	[+84] 8-38440446
Email	:	vidipha@hcm.vnn.vn
Web	:	http://www.vidipha.com.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Medical Equipment & Pharmaceutical

Key Facts
Trading Name / DBA	:	VIDIPHA
License Number	:	0300470246
Issuing Authority		Dept. of Planning & Investment - Ho Chi Minh
Legal Form - Category	:	Joint Stock Company
Legal Form	:	Joint Stock Company
Legal Form - Abbreviation	:	JSC
Operational Status of Business	:	Normal
Date of Registration		24 Nov, 2010
Employees	:	292
Capital	:	US$ 4,153,062

Report Details

Country	:	Vietnam
Business Entity Name	:	VIDIPHA CENTRAL PHARMACEUTICAL JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Medical Equipment & Pharmaceutical
Office Contact Details
Operating Address	:	184/2 Le Van Sy St Ward 10, Phu Nhuan, Ho Chi Minh
Tel	:	[+84] 8-38440106
	:	[+84] 8-38443869
	:	[+84] 8-38440448
Fax	:	[+84] 8-38440446
Email	:	vidipha@hcm.vnn.vn
Factory Contact Details
Address	:	Tan Binh Hamlet Tan Hiep Commune, Tan Uyen, Binh Duong
Tel	:	[+84] 65-03655205
	:	[+84] 65-03655206
Fax	:	[+84] 65-03655207
Website Details
Website	:	http://www.vidipha.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	:	0300470246

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Hoang The Bac	Vietnamese	Chief Accountant	-
2	Ms. Phu Hong Hanh	Vietnamese	Director	Technical
3	Mr. Nguyen Van Hoa	Vietnamese	Deputy Managing Director	-
4	Mr. Kieu Huu	Vietnamese	Managing Director	-
5	Ms. Pham Thi Lu	Vietnamese	Director	Production
6	Ms. Pham Thi Phuong Mai	Vietnamese	Director	Quality Control
7	Mr. Le Buu Truong	Vietnamese	Vice Director	-
8	Mr. Nguyen Ngoc Tuan	Vietnamese	Director	Marketing
9	Mr. Hoang Van Hoa	Vietnamese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03570261
Name	:	Mr. Hoang The Bac
Date of Birth	:	1977

Management Details - 2

Personal Unique Identifier	:	MI03782495
Name	:	Ms. Phu Hong Hanh
Date of Birth	:	1955

Management Details - 3

Personal Unique Identifier	:	MI03570284
Name	:	Mr. Nguyen Van Hoa
Date of Birth	:	1965

Management Details - 4

Personal Unique Identifier	:	MI03570239
Name	:	Mr. Kieu Huu
Date of Birth	:	1948

Management Details - 5

Personal Unique Identifier	:	MI03570246
Name	:	Ms. Pham Thi Lu
Date of Birth	:	1953

Management Details - 6

Personal Unique Identifier	:	MI03782494
Name	:	Ms. Pham Thi Phuong Mai
Date of Birth	:	1970

Management Details - 7

Personal Unique Identifier	:	MI03782492
Name	:	Mr. Le Buu Truong
Date of Birth	:	1968

Management Details - 8

Personal Unique Identifier	:	MI03570259
Name	:	Mr. Nguyen Ngoc Tuan
Date of Birth	:	1957

Management Details - 9

Personal Unique Identifier	:	MI03782401
Name	:	Mr. Hoang Van Hoa
Date of Birth	:	1965

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03782401
Name	:	Mr. Hoang Van Hoa
Date of Birth	:	1965

2
Personal Unique Identifier	:	MI03570239
Name	:	Mr. Kieu Huu
Date of Birth	:	1948

NEGATIVE INFORMATION

	REPUTATION
	Reference checking for the purpose of establishing VIDIPHA CENTRAL PHARMACEUTICAL 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

CIVIL 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	:	₫ 87,000,000,000
Paid-up Capital	:	₫ 87,000,000,000

Date	Paid-up Capital - History
24 Mar, 2003	19,900,000,000
Apr, 2006	29,850,000,000
Aug, 2006	50,000,000,000
Jul, 2007	60,000,000,000
Apr, 2011	82,869,000,000
Aug, 2013	87,000,000,000

SHAREHOLDERS

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

Currency

VND - Vietnam Dong

No.	Shareholders	Country	Shares
No.	Shareholders	Country	Number	Amount (VND)	%
1	UNDISCLOSED SHAREHOLDERS	n/a	n/a	61,213,200,000	70.36
2	VIETNAM PHARMACEUTICAL CORP	Vietnam	n/a	25,786,800,000	29.64
Total			n/a	87,000,000,000	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

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

FINANCIAL INFORMATION

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2010 Annual	12,822,884	15,718,009	1,337,814

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Current Assets(*)	154,588,000,000	189,264,000,000	201,570,000,000
Non Current Assets(*)	223,905,000,000	219,274,000,000	138,606,000,000
Non Current Liabilities(*)	40,641,000,000	34,597,000,000	9,006,000,000
Share Capital(*)	82,870,000,000	82,870,000,000	87,000,000,000
Other long term assets
Total Assets(*)	378,493,000,000	408,538,000,000	340,176,000,000
Total Liabilities(*)	131,967,000,000	155,067,000,000	79,079,000,000
Current Liabilities(*)	91,326,000,000	120,470,000,000	70,073,000,000
Long term liabilities
Shareholders Funds(*)	246,526,000,000	253,471,000,000	261,097,000,000

Current assets & short term investments	154,588,000,000	189,264,000,000	201,570,000,000
Cash & cash equivalents	7,932,000,000	16,192,000,000	18,340,000,000
Cash	7,932,000,000	16,192,000,000	18,340,000,000
Cash equivalents	-	-	-
Short term investments	-	-	-
Accounts receivable	68,458,000,000	83,660,000,000	91,866,000,000
Accounts receivable trade	64,295,000,000	79,540,000,000	85,810,000,000
Trade prepayment	2,348,000,000	4,177,000,000	2,375,000,000
Others receivables	2,019,000,000	147,000,000	5,051,000,000
Provision for bad debts	(204,000,000)	(204,000,000)	(1,370,000,000)
Inventories	75,740,000,000	85,604,000,000	86,589,000,000
I. Other short term asset	2,458,000,000	3,808,000,000	4,775,000,000
Prepaid expenses	-	429,000,000	-
VAT deductible	2,023,000,000	2,277,000,000	1,539,000,000
Other tax receivables	-	-	62,000,000
II. Other short term asset	435,000,000	1,102,000,000	3,174,000,000
Long term assets	223,905,000,000	219,274,000,000	138,606,000,000
Fixed assets	141,662,000,000	134,184,000,000	123,107,000,000
Tangible fixed assets	132,397,000,000	124,571,000,000	113,792,000,000
I. Cost	179,966,000,000	186,695,000,000	187,933,000,000
I. Accumulated depreciation	47,569,000,000	62,124,000,000	74,141,000,000
Intangible fixed assets	8,508,000,000	8,856,000,000	8,558,000,000
II. Cost	9,223,000,000	9,783,000,000	9,783,000,000
II. Accumulated depreciation	715,000,000	927,000,000	1,225,000,000
Construction in progress	757,000,000	757,000,000	757,000,000
Long term investments	82,225,000,000	85,090,000,000	4,532,000,000
Invest to subsidiary company	77,693,000,000	-	-
Invest to joint venture company	-	80,558,000,000	-
Other long term investments	4,532,000,000	4,532,000,000	4,532,000,000
Other long term assets	18,000,000	-	10,967,000,000
Long term prepayments	-	-	10,843,000,000
Asset of income tax delay	18,000,000	-	124,000,000
Total assets	378,493,000,000	408,538,000,000	340,176,000,000
Liabilities	131,967,000,000	155,067,000,000	79,079,000,000
Current liabilities	91,326,000,000	120,470,000,000	70,073,000,000
Short term borrowings	60,900,000,000	82,329,000,000	20,933,000,000
Accounts payables-trade	23,524,000,000	25,303,000,000	31,864,000,000
Advances from customers	1,856,000,000	9,842,000,000	6,041,000,000
Taxes and payable to state budget	4,635,000,000	1,399,000,000	3,439,000,000
Payable to employees	-	-	4,375,000,000
Accrued expenses payable	-	-	1,200,000,000
Other payables	411,000,000	1,597,000,000	1,987,000,000
Bonus and welfare funds	2,242,000,000	2,731,000,000	234,000,000
Long term liabilities	40,641,000,000	34,597,000,000	9,006,000,000
Long term borrowings	40,597,000,000	34,597,000,000	9,006,000,000
Provision funds for unemployment	44,000,000	-	-
I. Owner's equity	246,526,000,000	253,471,000,000	261,097,000,000
II. Owner's equity	244,284,000,000	250,740,000,000	261,097,000,000
Business capital	82,870,000,000	82,870,000,000	87,000,000,000
Share capital surplus	77,065,000,000	77,065,000,000	77,478,000,000
Other owner's equity	13,031,000,000	13,031,000,000	13,031,000,000
Foreign exchange differences	-	-	-
Business development funds	39,701,000,000	49,789,000,000	54,459,000,000
Financial reserved funds	5,817,000,000	6,448,000,000	6,796,000,000
Retained earnings	25,800,000,000	21,537,000,000	22,333,000,000
Budget sources	2,242,000,000	2,731,000,000	-
Total resources	378,493,000,000	408,538,000,000	340,176,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	287,003,000,000	316,059,000,000	333,073,000,000
Profit (Loss) Before Tax(*)	30,822,000,000	25,379,000,000	31,120,000,000
Profit After Tax attributable to Shareholders(*)	26,291,000,000	21,518,000,000	22,605,000,000

Gross sales	287,003,000,000	316,059,000,000	333,073,000,000
Less deductions	5,327,000,000	2,444,000,000	1,956,000,000
Net income	281,676,000,000	313,615,000,000	331,117,000,000
Cost of goods sold	218,401,000,000	256,339,000,000	258,694,000,000
Gross margin	63,275,000,000	57,276,000,000	72,423,000,000
Income from financial activities	3,697,000,000	(214,000,000)	755,000,000
Expenses from financial activities	8,341,000,000	6,430,000,000	5,472,000,000
In which: Interest expenses	5,982,000,000	6,090,000,000	4,371,000,000
Selling expenses	10,053,000,000	9,221,000,000	8,807,000,000
General & administration expenses	19,014,000,000	17,167,000,000	31,087,000,000
Net income from operating activities	29,564,000,000	24,244,000,000	27,812,000,000
Extraordinary income	1,347,000,000	6,576,000,000	30,554,000,000
Extraordinary expenses	89,000,000	5,441,000,000	27,246,000,000
Extraordinary gains	1,258,000,000	1,135,000,000	3,308,000,000
Net profit before tax	30,822,000,000	25,379,000,000	31,120,000,000
Income tax	4,549,000,000	3,861,000,000	8,639,000,000
Income tax delay	18,000,000	-	124,000,000
Net profit after tax	26,291,000,000	21,518,000,000	22,605,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	14.84	10.12	5.38
Profitability
Profit Margin (%)	9.16	6.81	6.79
Return on Equity (%)	10.66	8.49	8.66
Return on Assets (%)	6.95	5.27	6.65
Leverage
Total Debt Equity (Times)	0.54	0.61	0.30
Current Debt Equity (Times)	0.37	0.48	0.27
Long Term Debt to Equity	0.16	0.14	0.03
Total Asset To Total Equity	1.54	1.61	1.30
Asset Management
Total Assets Turnover (Times)	0.76	0.77	0.98
Fixed Assets Turnover (Times)	1.28	1.44	2.40
Liquidity
Current Ratio	1.69	1.57	2.88

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 basic 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

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Chemical preparations, nspf	2899	Manufacturing, Exporting
Drugs/Druggists' Sundries	5122	Manufacturing, Exporting
Medical/Dental Equip/Supplies	5047	Manufacturing, Exporting
Medicinals and botanicals	2833	Manufacturing, Exporting
Pharmaceutical preparations	2834	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Antibiotics	2941	Manufacturing, Exporting
Insecticides	3808105000	Manufacturing, Exporting
Medicaments nesoi, mixed or not, in dosage form	3004	Manufacturing, Exporting
Medicaments primarily affecting the eyes, ears or respiratory system	3004400060	Manufacturing, Exporting
Miscellaneous chemical products	3800	Manufacturing, Exporting
Other medicaments primarily affecting the digestive system not elsewhere specified or included	3004909060	Manufacturing, Exporting
Pharmaceutical goods (specified sterile prod)	3006	Manufacturing, Exporting
Pharmaceutical products	3000	Manufacturing, Exporting
Provitamins and vitamins & derivatives & intermixs	2936	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Ear drops	Primary	Manufacturing, Exporting
Eye drop	Primary	Manufacturing, Exporting
Heart medicines	Primary	Manufacturing, Exporting
Insecticide	Primary	Manufacturing, Exporting
Minerals	Primary	Manufacturing, Exporting
Pharmaceutical	Primary	Manufacturing, Exporting
Respiratory medicines	Primary	Manufacturing, Exporting
Sedatives	Primary	Manufacturing, Exporting
Vitamins	Primary	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of VIDIPHA CENTRAL PHARMACEUTICAL JSC is Manufacturing - Finished products.

Key products include :

· Antibiotics

· Analgesics

· Anti-diabetics

· Antispasmodics

· Digestive drugs

· Ear drops

· Eye drop

· Heart medicines

· Insecticide

· Minerals

· Pharmaceutical

· Respiratory medicines

· Sedatives

· Vitamins

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, VIDIPHA CENTRAL PHARMACEUTICAL JSC also is engaged in the following areas of business:

1. Exporting

Exporting - Finished products

2. Importing

Importing - Raw materials

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	60%
International Sales (Export)	40%

Description: Domestic_Sales_60

Annual Purchases Analysis	Percentage
Local Purchases	30%
Imports	70%

Description: Domestic_Sales_30

BANK DETAILS

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	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE
Global Identifier	:	32404058
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE, SAIGON
SWIFT Code	:	ICBVVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	VIDIPHA CENTRAL PHARMACEUTICAL JSC - NAM TU LIEM, HANOI
Branch Address	:	NV38 KDTM Trung Van Trung Van Ward, Nam Tu Liem, Hanoi
Branch Tel	:	84-4-35400268
Branch Fax	:	84-4-5400266

Branch	:	VIDIPHA CENTRAL PHARMACEUTICAL JSC - THANH XUAN, HANOI
Branch Address	:	Nguyen Huy Tuong St, Thanh Xuan, Hanoi

Branch	:	VIDIPHA CENTRAL PHARMACEUTICAL JSC - BA DINH, HANOI
Branch Address	:	148 Giang Vo St, Ba Dinh, Hanoi

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Importing, Exporting
Cambodia	Medium	Exporting
China	Medium	Importing
Germany	Medium	Importing
Hong Kong	Medium	Exporting
India	Medium	Importing
Malaysia	Medium	Exporting
Netherlands	Medium	Importing
Russia	Medium	Exporting
Taiwan	Medium	Importing
Thailand	Medium	Importing
Ukraine	Medium	Exporting

OFFICE & FACILITIES

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

Name	:	VIDIPHA CENTRAL PHARMACEUTICAL JSC - PHU NHUAN, HO CHI MINH
Primary Use	:	Office & Administration facilities
Address	:	184/2 Le Van Sy St Ward 10, Phu Nhuan, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

FACTORIES, SIZE, & LOCATIONS

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

Address

Tan Binh Hamlet Tan Hiep Commune, Tan Uyen, Binh Duong

COMPANY HISTORY

Date	Details
2010 - Nov	Changed legal structure from Government Enterprise to Joint Stock Company.

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
24 Mar, 2003	4103001522

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.62
UK Pound	1	Rs.99.12
Euro	1	Rs.78.89

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	SMN

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.