MIRA INFORM REPORT

Report No. :	315380
Report Date :	15.04.2015

IDENTIFICATION DETAILS

Name :	ARMEPHACO JSC
Registered Office :	118 Vu Xuan Thieu St Phuc Loi Ward, Long Bien Dist, Hanoi
Country :	Vietnam
Financials (as on) :	2013
Date of Incorporation :	23.06.2010
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Medical Equipment & Pharmaceutical Products
No. of Employee :	460

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

Maximum Credit Limit :	USD $2,200,000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Vietnam	A2	A2

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 18% in 2014, while industry's share increased from 36% to 38% 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 2014 growing at 5.4%, one of the slower growth rates since 1999. Exports have grown strongly in 2013-14; 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 has remained relatively stable since then. 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, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses. Vietnam is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

COMPANY DETAILS

Organization Name	:	ARMEPHACO JSC
Address	:	118 Vu Xuan Thieu St Phuc Loi Ward, Long Bien Dist, Hanoi
Country	:	Vietnam
Phone (S)	:	[+84] 4-38759466
Facsimile	:	[+84] 4-38759476
Email	:	armephaco@armephaco.com.vn
Website	:	http://www.armephaco.com.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Medical Equipment & Pharmaceutical

KEY FACTS

Registered Legal Address

:

118 Vu Xuan Thieu St Phuc Loi Ward, Long Bien Dist, Hanoi

Operational Address

:

118 Vu Xuan Thieu St Phuc Loi Ward, Long Bien Dist, Hanoi

Name History

:

Business Entity Name	Effective Date
ARMY MEDICAL EQUIPMENT AND PHARMACEUTICAL CO	21 Aug, 1996
ARMEPHACO JSC	23 Jun, 2010

Issuing Authority

:

Dept. of Planning & Investment - Hanoi

License Number

:

0100109191

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

:

23 Jun, 2010

Employees

:

460

PREVIOUS BUSINESS LICENSE/S

:

License Date	License No.
21 Aug, 1996	110974

Current Credit Limit : USD $2,200,000  based on  90 days

DIRECTORS/MANAGEMENT

KEY PERSON

Legal Title	:	Chairman
Name	:	Mr. Nguyen Van Dung
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Do Van Be	Vietnamese	Deputy Managing Director	-
2	Mr. Do Chi	Vietnamese	Deputy Managing Director	-
3	Ms. Nguyen Thi Huong	Vietnamese	Deputy Managing Director	-
4	Mr. Do Dinh Ngoc	Vietnamese	Chief Accountant	-
5	Mr. Duong Dinh Son	Vietnamese	Deputy Managing Director	-
6	Mr. Do Duc Thinh	Vietnamese	Deputy Managing Director	-
7	Mr. Bui Viet Tuan	Vietnamese	Deputy Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03529233
Name	:	Mr. Do Van Be
Date of Birth	:	1951

Management Details - 2

Personal Unique Identifier	:	MI03529232
Name	:	Mr. Do Chi
Date of Birth	:	1961

Management Details - 3

Personal Unique Identifier	:	MI03529235
Name	:	Ms. Nguyen Thi Huong
Date of Birth	:	1970

Management Details - 4

Personal Unique Identifier	:	MI03842927
Name	:	Mr. Do Dinh Ngoc
Date of Birth	:	1977

Management Details - 5

Personal Unique Identifier	:	MI03529238
Name	:	Mr. Duong Dinh Son
Date of Birth	:	1983

Management Details - 6

Personal Unique Identifier	:	MI03529236
Name	:	Mr. Do Duc Thinh
Date of Birth	:	1961

Management Details - 7

Personal Unique Identifier	:	MI03529239
Name	:	Mr. Bui Viet Tuan
Date of Birth	:	1967

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03529232
Name	:	Mr. Do Chi
Date of Birth	:	1961
2
Personal Unique Identifier	:	MI03529236
Name	:	Mr. Do Duc Thinh
Date of Birth	:	1961
3
Personal Unique Identifier	:	MI03529233
Name	:	Mr. Do Van Be
Date of Birth	:	1951
4
Personal Unique Identifier	:	MI03529238
Name	:	Mr. Duong Dinh Son
Date of Birth	:	1983
5
Personal Unique Identifier	:	MI03529227
Name	:	Mr. Nguyen Van Dung
Date of Birth	:	1963
6
Personal Unique Identifier	:	MI03529235
Name	:	Ms. Nguyen Thi Huong
Date of Birth	:	1970

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing ARMEPHACO 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

:

US$ 6,195,196

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 130,000,000,000

SHAREHOLDERS

Total number of shareholders	:	2
Total number of shares	:	n/a

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	MINISTRY OF DEFENCE	Vietnam	n/a	n/a	51.00
2	Undisclosed Shareholders	n/a	n/a	n/a	49.00
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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	70%
Imports	30%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days

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

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	MINISTRY OF DEFENCE
Global Identifier	:	P0077886
Legal Form Category	:	Government-owned Organization
Country	:	Vietnam
Operational Address	:	7 Nguyen Tri Phuong St Hanoi
Primary Business Activity	:	Service

RELATED PARTIES

(Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to ARMEPHACO JSC:

TYPE	DOMESTIC
	TOTAL
Subsidiaries	1
Joint-Ventures	-
Minority shareholdings	1
Affiliates	-
Liaison / Representative Offices	-

Domestic

Business Entity Name	:	ARMEPHACO JSC - HOCHIMINH BRANCH
Global Identifier	:	P1365778
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	112 Tran Hung Dao Pham Ngu Lao Ward, District 1, Ho Chi Minh
Primary Business Activity	:	Trader
Industry	:	Medical Equipment & Pharmaceutical

Business Entity Name	:	VINAHANKOOK MEDICAL SUPPLIES CO JSC
Global Identifier	:	P3142362
Country	:	Vietnam
Relationship	:	Minority shareholding
Operational Address	:	Rm 601 Thang Long Bldg 105 Lang Ha St Lang Ha Ward, Dong Da, Hanoi
Primary Business Activity	:	Manufacturer
Industry	:	Medical Equipment & Pharmaceutical

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2011 Annual	42,557,225	31,912,146	868,459
2012 Annual	42,896,979	35,553,330	503,346
2013 Annual (*)	44,196,511	33,283,337	447,551

Sales Trend – Analysis

2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
-	-	-	-	-	-	-	-

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	2011 Annual	2012 Annual	2013 Annual
Current Assets(*)	544,675,000,000	617,415,000,000	587,424,000,000
Non Current Assets(*)	120,055,000,000	122,971,000,000	114,458,000,000
Non Current Liabilities(*)	3,758,000,000	2,454,000,000	2,316,000,000
Other long term assets
Total Assets(*)	664,730,000,000	740,386,000,000	701,882,000,000
Total Liabilities(*)	515,744,000,000	595,532,000,000	556,648,000,000
Current Liabilities(*)	511,986,000,000	593,078,000,000	554,332,000,000
Long term liabilities
Shareholders Funds(*)	148,986,000,000	144,854,000,000	145,234,000,000
Assets
Current Assets & Short Term Investments	544,675,000,000	617,415,000,000	587,424,000,000
Cash & Cash Equivalents	89,946,000,000	72,277,000,000	62,758,000,000
Cash	89,946,000,000	72,277,000,000	62,758,000,000
Short Term Investments	144,000,000	-	-
Short Term Securities Investments	144,000,000	-	-
Accounts Receivable	300,279,000,000	366,749,000,000	394,266,000,000
Accounts Receivable Trade	207,742,000,000	318,484,000,000	368,108,000,000
Trade Prepayment	82,088,000,000	34,313,000,000	19,284,000,000
Others Receivables	10,449,000,000	13,952,000,000	6,959,000,000
Provision for bad debts	-	-	(85,000,000)
i. Inventories	128,514,000,000	147,319,000,000	112,325,000,000
ii. Inventories	128,514,000,000	147,319,000,000	112,325,000,000
Prepaid Expenses	4,148,000,000	12,875,000,000	2,761,000,000
i. Other Short Term Asset	25,792,000,000	31,070,000,000	18,075,000,000
Vat Deductible	4,910,000,000	3,709,000,000	4,899,000,000
Other Tax Receivables	280,000,000	-	8,000,000
ii. Other Short Term Asset	16,454,000,000	14,486,000,000	10,407,000,000
Long Term Assets	120,055,000,000	122,971,000,000	114,458,000,000
Fixed Assets	97,576,000,000	101,314,000,000	90,497,000,000
Tangible Fixed Assets	97,197,000,000	100,203,000,000	89,682,000,000
i. Cost	153,904,000,000	164,146,000,000	161,306,000,000
i. Accumulated Depreciation	56,707,000,000	63,943,000,000	71,624,000,000
Intangible Fixed Assets	379,000,000	1,111,000,000	815,000,000
ii. Cost	545,000,000	1,459,000,000	1,459,000,000
ii. Accumulated Depreciation	166,000,000	348,000,000	644,000,000
Long Term Investments	20,470,000,000	20,469,000,000	20,469,000,000
Invest To Joint Venture Company	20,448,000,000	20,447,000,000	20,447,000,000
Other Long Term Investments	22,000,000	22,000,000	22,000,000
Other Long Term Assets	2,009,000,000	1,188,000,000	3,492,000,000
Long Term Prepayments	2,009,000,000	1,188,000,000	2,480,000,000
Asset of income tax delay	-	-	1,012,000,000
Total Assets	664,730,000,000	740,386,000,000	701,882,000,000
Liabilities & Equity
Liabilities	515,744,000,000	595,532,000,000	556,648,000,000
Current Liabilities	511,986,000,000	593,078,000,000	554,332,000,000
Short Term Borrowings	89,452,000,000	150,810,000,000	164,207,000,000
Accounts Payables-Trade	180,348,000,000	257,462,000,000	262,685,000,000
Advances From Customers	125,585,000,000	69,044,000,000	36,712,000,000
Taxes and Payable To State Budget	4,520,000,000	3,546,000,000	1,739,000,000
Payable To Employees	2,063,000,000	4,253,000,000	3,290,000,000
Accrued Expenses Payable	770,000,000	583,000,000	515,000,000
Other Payables	109,248,000,000	107,380,000,000	85,184,000,000
Long Term Liabilities	3,758,000,000	2,454,000,000	2,316,000,000
Accounts long term payables-trade	-	-	2,234,000,000
Long Term Other Payables	2,234,000,000	2,234,000,000	-
Long Term Borrowings	1,524,000,000	-	-
Deffered Revenue	-	220,000,000	82,000,000
i. Owners equity	148,986,000,000	144,854,000,000	145,234,000,000
ii. Owners equity	148,835,000,000	144,757,000,000	145,145,000,000
Business Capital	130,000,000,000	130,000,000,000	130,000,000,000
Business Development Funds	428,000,000	1,965,000,000	2,490,000,000
Financial Reserved Funds	429,000,000	1,988,000,000	2,513,000,000
Retained Earnings	17,978,000,000	10,504,000,000	9,842,000,000
Capital Investment Sources	-	300,000,000	300,000,000
Budget Sources	151,000,000	97,000,000	89,000,000
Source From Subsidies of State Paid For Fixed Assets	151,000,000	97,000,000	89,000,000
Total Resources	664,730,000,000	740,386,000,000	701,882,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	886,467,000,000	893,315,000,000	932,020,000,000
Profit (Loss) Before Tax(*)	22,567,000,000	11,335,000,000	11,618,000,000
Profit After Tax attributable to Shareholders(*)	18,090,000,000	10,482,000,000	9,438,000,000
Gross Sales	886,467,000,000	893,315,000,000	932,020,000,000
Less Deductions	3,374,000,000	1,323,000,000	1,990,000,000
Net Income	883,093,000,000	891,992,000,000	930,030,000,000
Cost of Goods Sold	828,881,000,000	833,495,000,000	853,975,000,000
Gross Margin	54,212,000,000	58,497,000,000	76,055,000,000
Income From Financial Activities	7,330,000,000	9,995,000,000	4,247,000,000
Expenses From Financial Activities	6,122,000,000	7,174,000,000	11,765,000,000
In Which: Interest Expenses	5,122,000,000	5,855,000,000	6,766,000,000
Selling Expenses	21,253,000,000	32,819,000,000	33,939,000,000
General & Administration Expenses	11,615,000,000	16,947,000,000	23,708,000,000
Net Income From Operating Activities	22,552,000,000	11,552,000,000	10,890,000,000
Extraordinary Income	182,000,000	250,000,000	1,559,000,000
Extraordinary Expenses	167,000,000	467,000,000	831,000,000
Extraordinary Gains	15,000,000	(217,000,000)	728,000,000
Net Profit Before Tax	22,567,000,000	11,335,000,000	11,618,000,000
Income Tax	4,477,000,000	853,000,000	2,180,000,000
Income Tax Delay	0	0	-
Net Profit After Tax	18,090,000,000	10,482,000,000	9,438,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	0.77	4.33
Profitability
Profit Margin (%)	2.04	1.17	1.01
Return on Equity (%)	12.14	7.24	6.50
Return on Assets (%)	2.72	1.42	1.34
Leverage
Total Debt Equity (Times)	3.46	4.11	3.83
Current Debt Equity (Times)	3.44	4.09	3.82
Long Term Debt to Equity	0.03	0.02	0.02
Total Asset To Total Equity	4.46	5.11	4.83
Asset Management
Total Assets Turnover (Times)	1.33	1.21	1.33
Fixed Assets Turnover (Times)	7.38	7.26	8.14
Liquidity
Current Ratio	1.06	1.04	1.06

Based on the corporate laws of Vietnam, legal entities which are a 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

=

0.000047 USD United States Dollars

ADDITIONAL INFORMATION

REPORT DETAILS

Country	:	Vietnam
Business Entity Name	:	ARMEPHACO JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Medical Equipment & Pharmaceutical
Office Contact Details
Operating Address	:	118 Vu Xuan Thieu St Phuc Loi Ward, Long Bien Dist, Hanoi
Tel	:	[+84] 4-38759466
	:	[+84] 69-575218
	:	[+84] 69-575024
Fax	:	[+84] 4-38759476
Email	:	armephaco@armephaco.com.vn
Website Details
Website	:	http://www.armephaco.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	:	0100109191

PRIMARY PRODUCTS

Products / Materials / Services Description	Activity
Medical instruments	Manufacturing
Pharmaceutical products	Manufacturing

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Medical/Dental Equip/Supplies	5047	Manufacturing
Medicinals and botanicals	2833	Manufacturing
Pharmaceutical preparations	2834	Manufacturing
Surgical and medical instruments and apparatus, nspf	3841	Manufacturing

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Medical, surgical, dental or vet inst, no elec, part	9018	Manufacturing
Medicaments not elsewhere specified or included	3004906090	Manufacturing
Other instruments and appliances used in medical, surgical, dental or veterinary sciences	9018908000	Manufacturing
Pharmaceutical goods (specified sterile prod etc.)	3006	Manufacturing
Pharmaceutical products	3000	Manufacturing

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of ARMEPHACO JSC is Manufacturing - Finished products.

Key products include :

Pharmaceutical products

Medical instruments

An integral part of the core business includes:

Distribution

Supplementary Business

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

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	MILITARY COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0387295
Branch	:	Dong Da,Hanoi
Branch Address	:	MILITARY COMMERCIAL JOINT STOCK BANK - LONG BIEN DIST, HANOI
SWIFT Code	:	MSCBVNVX

LOCAL BRANCHES

Branch	:	ARMEPHACO JSC - THANH TRI DIST, HANOI
Branch Address	:	Ngoc Hoi Commune, Thanh Tri Dist, Hanoi
Branch	:	ARMEPHACO JSC - CAI RANG DIST, CAN THO
Branch Address	:	Lot B09 Rd 24 Hung Phu New Urban Area, Cai Rang Dist, Can Tho
Branch	:	ARMEPHACO JSC - HAI BA TRUNG DIST, HANOI
Branch Address	:	8 Tang Bat Ho, Hai Ba Trung Dist, Hanoi
Branch	:	ARMEPHACO JSC - DISTRICT 10, HO CHI MINH
Branch Address	:	Medical Equipment And Pharma Trading Center 1 Lot P9, District 10, Ho Chi Minh
Branch	:	ARMEPHACO JSC - DISTRICT 10, HO CHI MINH
Branch Address	:	28 CoDuPha Center 334 To Hien Thanh, District 10, Ho Chi Minh
Branch	:	ARMEPHACO JSC - LONG BIEN DIST, HANOI
Branch Address	:	118A Nguyen Xuan Thieu St, Long Bien Dist, Hanoi

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
North America	Medium	Importing
China	Medium	Importing
India	Medium	Importing
Japan	Medium	Importing
Korea, South (Republic of Korea)	Medium	Importing
Singapore	Medium	Importing
USA	Medium	Importing

OFFICE & FACILITIES

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

Name	:	ARMEPHACO JSC - LONG BIEN DIST, HANOI
Primary Use	:	Office & Administration facilities
Address	:	118 Vu Xuan Thieu St Phuc Loi Ward, Long Bien Dist, Hanoi
Country	:	Vietnam
Status	:	Operational

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.40
UK Pound	1	Rs.92.15
Euro	1	Rs.66.48

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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.