MIRA INFORM REPORT

Report No. :	318183
Report Date :	25.04.2015

IDENTIFICATION DETAILS

Name :	CA MAU SEAFOOD PROCESSING AND SERVICE JSC ⁽¹⁾

Registered Office :	4 Nguyen Cong Tru St Ward 8, Ca Mau, Ca Mau

Country :	Vietnam

Financials (as on) :	2013

Date of Incorporation :	07.07.2010

Legal Form :	Joint Stock Company

Line of Business :	Manufacturer of Seafood & Fishing Industry.

No. of Employees :	2,000

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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

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

Organization Name	:	CA MAU SEAFOOD PROCESSING AND SERVICE JSC ⁽¹⁾
Address	:	4 Nguyen Cong Tru St Ward 8, Ca Mau, Ca Mau
Country	:	Vietnam
Phone (S)	:	[+84] 780-3839361
Facsimile	:	[+84] 780-3830298
Email	:	cases@vnn.vn
Website	:	http://www.cases.com.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Seafood & Fishing Industry

Key Facts

Registered Legal Address

4 Nguyen Cong Tru St Ward 8, Ca Mau, Ca Mau

Operational Address

4 Nguyen Cong Tru St Ward 8, Ca Mau, Ca Mau

Name History

Business Entity Name	Effective Date
CA MAU SEAPRODUCT EXPLOITATION & SERVICE CORP	28 May, 1996
CA MAU SEAFOOD PROCESSING & SERVICE JSC	10 Oct, 2006

Issuing Authority

Dept. of Planning & Investment - Cau Mau

License Number

2000108952

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

7 Jul, 2010

Employees

2,000

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Tan Thanh Huynh
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Binh Thanh Chau	Vietnamese	Chief Accountant	-
2	Mr. Thanh Cong Do	Vietnamese	Assist. Managing Director	-
3	Mr. Tan Thanh Huynh	Vietnamese	Managing Director	-
4	Mr. Khanh Quang Le	Vietnamese	Assist. Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03848675
Name	:	Mr. Binh Thanh Chau
Date of Birth	:	1964

Management Details - 2

Personal Unique Identifier	:	MI03848673
Name	:	Mr. Thanh Cong Do
Date of Birth	:	1962

Management Details - 3

Personal Unique Identifier	:	MI03848671
Name	:	Mr. Tan Thanh Huynh
Date of Birth	:	1961

Management Details - 4

Personal Unique Identifier	:	MI03848674
Name	:	Mr. Khanh Quang Le
Date of Birth	:	1962

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03848671
Name	:	Mr. Tan Thanh Huynh
Date of Birth	:	1961

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing CA MAU SEAFOOD PROCESSING AND SERVICE 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$ 8,471,306

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
28 May, 1996	103072
10 Oct, 2006	6103000099

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

₫ 180,000,000,000

Date	Authorized Capital - History
2011	70,000,000,000
2012	90,000,000,000
13 Dec, 2013	120,000,000,000
Dec, 2014	180,000,000,000

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	Mr. Den Minh Ho	Vietnam	n/a	n/a	n/a
2	Mr. Khanh Quang Le	Vietnam	n/a	n/a	n/a
3	Mr. Nhuan Ngoc Tiet	Vietnam	n/a	n/a	n/a
4	Mr. Tan Thanh Huynh	Vietnam	n/a	n/a	n/a
5	Mr. Thanh Cong Do	Vietnam	n/a	n/a	n/a
6	Undisclosed Shareholders	n/a	n/a	n/a	n/a
Total			n/a	n/a	n/a

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	5%
International Sales (Export)	95%
Annual Purchases Analysis		Percentage
Local Purchases		95%
Imports		5%

BRANDS & TRADEMARKS

Brands & Trademarks	Application Category
CASES	n/a

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~90 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 30~90 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

INTERNATIONAL TRADE - Activity & Markets
Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Exporting
Australia	Medium	Exporting
India	Medium	Importing

GROUP STRUCTURE & AFFILIATED COMPANIES

Financial information

Financials - Summary (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2011 Annual	72,750,456	30,520,307	1,306,241
2012 Annual	82,909,349	31,424,907	1,447,082
2013 Annual (*)	104,673,254	40,864,346	4,352,030

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(*)	494,943,000,000	492,951,000,000	683,158,000,000
Non Current Assets(*)	140,795,000,000	161,462,000,000	178,593,000,000
Non Current Liabilities(*)	41,014,000,000	65,350,000,000	45,207,000,000
Share Capital(*)	70,000,000,000	90,000,000,000	120,000,000,000
Other long term assets
Total Assets(*)	635,738,000,000	654,413,000,000	861,751,000,000
Total Liabilities(*)	544,995,000,000	562,135,000,000	683,607,000,000
Current Liabilities(*)	503,981,000,000	496,785,000,000	638,400,000,000
Long term liabilities
Shareholders Funds(*)	90,743,000,000	92,278,000,000	178,144,000,000

Current assets & short term investments	494,943,000,000	492,951,000,000	683,158,000,000
Cash & cash equivalents	14,223,000,000	16,762,000,000	21,950,000,000
Cash	14,223,000,000	16,762,000,000	21,950,000,000
Accounts receivable	256,715,000,000	224,172,000,000	345,860,000,000
Accounts receivable trade	226,810,000,000	214,359,000,000	295,854,000,000
Trade prepayment	14,526,000,000	7,702,000,000	32,809,000,000
Others receivables	15,379,000,000	2,111,000,000	17,197,000,000
Inventories	188,959,000,000	216,498,000,000	256,953,000,000
Other short term asset	35,046,000,000	35,519,000,000	58,395,000,000
Prepaid expenses	11,570,000,000	13,486,000,000	5,721,000,000
VAT deductible	20,901,000,000	19,763,000,000	47,418,000,000
Other tax receivables	-	709,000,000	142,000,000
i. Other short term asset	2,575,000,000	1,561,000,000	5,114,000,000
Long term assets	140,795,000,000	161,462,000,000	178,593,000,000
Fixed assets	140,547,000,000	161,213,000,000	178,344,000,000
Tangible fixed assets	125,643,000,000	143,323,000,000	167,852,000,000
Cost	163,829,000,000	197,317,000,000	244,973,000,000
Accumulated depreciation	38,186,000,000	53,994,000,000	77,121,000,000
Intangible fixed assets	3,073,000,000	3,845,000,000	3,845,000,000
i. Cost	3,194,000,000	3,966,000,000	3,966,000,000
i. Accumulated depreciation	121,000,000	121,000,000	121,000,000
Construction in progress	11,831,000,000	14,045,000,000	6,647,000,000
Other long term assets	248,000,000	249,000,000	249,000,000
Long term prepayments	248,000,000	249,000,000	249,000,000
Total assets	635,738,000,000	654,413,000,000	861,751,000,000
Liabilities	544,995,000,000	562,135,000,000	683,607,000,000
Current liabilities	503,981,000,000	496,785,000,000	638,400,000,000
Short term borrowings	414,376,000,000	450,421,000,000	549,684,000,000
Accounts payables-trade	43,902,000,000	22,844,000,000	40,134,000,000
Advances from customers	11,931,000,000	4,079,000,000	17,995,000,000
Taxes and payable to state budget	6,141,000,000	7,920,000,000	8,778,000,000
Payable to employees	9,391,000,000	5,118,000,000	13,424,000,000
Accrued expenses payable	3,163,000,000	4,876,000,000	6,708,000,000
Other payables	15,077,000,000	1,498,000,000	1,647,000,000
Bonus and welfare funds	-	29,000,000	30,000,000
Long term liabilities	41,014,000,000	65,350,000,000	45,207,000,000
Accounts long term payables-trade	-	11,164,000,000	-
Long term other payables	1,201,000,000	2,263,000,000	2,563,000,000
Long term borrowings	39,607,000,000	51,923,000,000	42,644,000,000
Provision funds for unemployment	206,000,000	-	-
Owner's equity	90,743,000,000	92,278,000,000	178,144,000,000
i. Owner's equity	90,671,000,000	92,278,000,000	178,144,000,000
Business capital	70,000,000,000	90,000,000,000	120,000,000,000
Other owner's equity	4,301,000,000	-	-
Foreign exchange differences	(1,971,000,000)	-	-
Financial reserved funds	-	-	18,122,000,000
Retained earnings	18,341,000,000	2,278,000,000	40,022,000,000
Budget sources	72,000,000	-	-
i. Bonus and welfare funds	72,000,000	-	-
Total resources	635,738,000,000	654,413,000,000	861,751,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	1,515,392,000,000	1,726,559,000,000	2,207,359,000,000
Profit (Loss) Before Tax(*)	33,301,000,000	32,126,000,000	99,570,000,000
Profit After Tax attributable to Shareholders(*)	27,209,000,000	30,135,000,000	91,776,000,000

Gross sales	1,515,392,000,000	1,726,559,000,000	2,207,359,000,000
Less deductions	12,451,000,000	8,855,000,000	11,258,000,000
Net income	1,502,941,000,000	1,717,704,000,000	2,196,101,000,000
Cost of goods sold	1,376,983,000,000	1,567,245,000,000	1,986,417,000,000
Gross margin	125,958,000,000	150,459,000,000	209,684,000,000
Income from financial activities	19,865,000,000	1,948,000,000	2,715,000,000
Expenses from financial activities	46,013,000,000	44,860,000,000	31,087,000,000
In which: Interest expenses	45,634,000,000	39,075,000,000	25,053,000,000
Selling expenses	42,691,000,000	55,224,000,000	60,333,000,000
General & administration expenses	23,637,000,000	23,044,000,000	25,131,000,000
Net income from operating activities	33,482,000,000	29,279,000,000	95,848,000,000
Extraordinary income	3,768,000,000	2,871,000,000	3,929,000,000
Extraordinary expenses	3,949,000,000	24,000,000	207,000,000
Extraordinary gains	(181,000,000)	2,847,000,000	3,722,000,000
Net profit before tax	33,301,000,000	32,126,000,000	99,570,000,000
Income tax	6,092,000,000	1,991,000,000	7,794,000,000
Net profit after tax	27,209,000,000	30,135,000,000	91,776,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	13.93	27.85
Profitability
Profit Margin (%)	1.80	1.75	4.16
Return on Equity (%)	29.98	32.66	51.52
Return on Assets (%)	4.28	4.60	10.65
Leverage
Total Debt Equity (Times)	6.01	6.09	3.84
Current Debt Equity (Times)	5.55	5.38	3.58
Long Term Debt to Equity	0.45	0.71	0.25
Total Asset To Total Equity	7.01	7.09	4.84
Asset Management
Total Assets Turnover (Times)	2.38	2.64	2.56
Fixed Assets Turnover (Times)	10.76	10.69	12.36
Liquidity
Current Ratio	0.98	0.99	1.07

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	:	CA MAU SEAFOOD PROCESSING AND SERVICE JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Seafood & Fishing Industry
Office Contact Details
Operating Address	:	4 Nguyen Cong Tru St Ward 8, Ca Mau, Ca Mau
Tel	:	[+84] 780-3839361
	:	[+84] 780-3839362
	:	[+84] 780-3839363
	:	[+84] 780-3836540
	:	[+84] 780-3828270
Fax	:	[+84] 780-3830298
Email	:	cases@vnn.vn
Factory Contact Details
Address	:	Song Doc Processing Factory Group 4 Song Doc Town Tran Van Thoi Dist, Ca Mau, Ca Mau
Website Details
Website	:	http://www.cases.com.vn
Status	:	Registered but not 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	:	2000108952

Primary Products

Products / Materials / Services Description	Activity
Cuttlefish	Manufacturing, Exporting
Fish meal	Manufacturing, Exporting
Fresh seafoods	Manufacturing, Exporting
Frozen seafoods	Manufacturing, Exporting
Octopus	Manufacturing, Exporting

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

Year	Imports	Exports	Total
2011	n/a	69,112,933	69,112,933
2012	n/a	78,763,881	78,763,881
2013	n/a	99,439,591	99,439,591

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fish & Seafoods	5146	Manufacturing, Exporting
Fresh/Frozen Fish/Seafoods, NEC	2092	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Cuttle fish (sepia officinalis, rossia macrosoma, sepiola spp.), frozen, dried, salted or in brine	0307490060	Manufacturing, Exporting
Fish & crustaceans	0300	Manufacturing, Exporting
Fish fillets & other fish meat, fresh, chilled or frozen	0304	Manufacturing, Exporting
Fish, dried, salted etc, smoked etc; ed fish meal	0305	Manufacturing, Exporting
Molluscs & aquatic invertebrates nesoi, live etc	0307	Manufacturing, Exporting
Octopus, frozen, dried, salted or in brine	0307590000	Manufacturing, Exporting
Shrimps and prawns, breaded, frozen	1605201020	Manufacturing, Exporting
Squid nesoi (excluding frozen fillets), frozen, dried, salted or in brine	0307490050	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Seafood	Primary	Manufacturing, Exporting
Shrimp	Primary	Manufacturing, Exporting
Squid	Primary	Manufacturing, Exporting
Surimi	Primary	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of CA MAU SEAFOOD PROCESSING AND SERVICE JSC is Manufacturing - Finished products.

Key products include :

Cuttlefish

Fresh seafoods

Fish meal

Frozen seafoods

Octopus

Seafood

Shrimp

Squid

Surimi

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, CA MAU SEAFOOD PROCESSING AND SERVICE JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

BANK DETAILS

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 - CA MAU
SWIFT Code	:	BFTVVNVX

Bank Name	:	MILITARY COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0387295
Branch	:	Dong Da,Hanoi
Branch Address	:	MILITARY COMMERCIAL JOINT STOCK BANK - CAN THO
SWIFT Code	:	MSCBVNVX

Bank Name	:	VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P2461558
Branch Address	:	VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK - CA MAU, CA MAU
SWIFT Code	:	VNIBVNVX

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 - CA MAU
SWIFT Code	:	ICBVVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	CA MAU SEAFOOD PROCESSING AND SERVICE JSC - CHAU THANH, KIEN GIANG
Branch Address	:	Tac Cau Industrial Zone Minh Phong Hamlet Binh An Commune, Chau Thanh, Kien Giang

OFFICE & FACILITIES

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

Name	:	CA MAU SEAFOOD PROCESSING AND SERVICE JSC - CA MAU, CA MAU
Primary Use	:	Office & Administration facilities
Type of Location	:	Residential
Address	:	4 Nguyen Cong Tru St Ward 8, Ca Mau, Ca Mau
Country	:	Vietnam
Status	:	Operational

FACTORIES, SIZE, & LOCATIONS

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

Address

Song Doc Processing Factory Group 4 Song Doc Town Tran Van Thoi Dist, Ca Mau, Ca Mau

COMPANY HISTORY

Date	Details
2006 - Oct	Changed its legal formation from Government Enterprise to Joint Stock Company.

NOTES & COMMENTS

Note

⁽¹⁾ Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

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.