MIRA INFORM REPORT

Report No. :	354510
Report Date :	21.12.2015

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) :	2014
Date of Incorporation :	07.07.2010
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Seafood & Fishing Industry.
No. of Employees :	2,300

RATING & COMMENTS

MIRA’s Rating :

A

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. Agriculture's share of economic output has shrunk 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 now account for only about 40% of GDP.

Vietnamese authorities have reaffirmed their commitment to economic modernization and a more open economy. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam joined the 12-nation Trans-Pacific Partnership free trade agreement negotiations in 2010.

Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. 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. 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.

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 to restructure 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.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Details
Organization Name	:	CA MAU SEAFOOD PROCESSING AND SERVICE JSC ^(1)
Name in Local Language	:	CÔNG TY CỔ PHẦN CHẾ BIẾN VÀ DỊCH VỤ THỦY SẢN CÀ MAU
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

License Status

:

License exists – Normal.

Issuing Authority

:

Dept. of Planning & Investment - Cau Mau

License Number

:

2000108952

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

:

2,300

Capital

:

US$ 13,660,580

PREVIOUS BUSINESS LICENSE/S

:

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

Note

:

¹⁾
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.

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 (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 300,000,000,000

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
Jul, 2015	300,000,000,000

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	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

Sales Trend - Analysis

2005	2006	2007	2008	2009	2010	2011	2012	2013	2014
-	-	-	-	-	-	-

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

DOMESTIC SALES & PURCHASES
Annual Sales Analysis	Percentage
Domestic Sales	5%
International Sales (Export)	95%

Annual Purchases Analysis	Percentage
Local Purchases	95%
Imports	5%

PAYMENT TERMS

Selling

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

Purchasing

Type	Terms
Local	Cash on delivery (COD)
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

N/A

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	82,909,349	31,424,907	1,447,082
2013 Annual	104,673,254	40,864,346	4,352,030
2014 Annual	178,031,461	54,709,510	6,866,664

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2011 Annual	72,750,456	30,520,307	1,306,241

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Current Assets(*)	492,951,000,000	683,158,000,000	904,493,000,000
Non Current Assets(*)	161,462,000,000	178,593,000,000	252,263,000,000
Non Current Liabilities(*)	65,350,000,000	45,207,000,000	3,583,000,000
Share Capital(*)	90,000,000,000	120,000,000,000	180,000,000,000
Other long term assets
Total Assets(*)	654,413,000,000	861,751,000,000	1,156,756,000,000
Total Liabilities(*)	562,135,000,000	683,607,000,000	880,032,000,000
Current Liabilities(*)	496,785,000,000	638,400,000,000	876,449,000,000
Long term liabilities
Shareholders Funds(*)	92,278,000,000	178,144,000,000	276,724,000,000
Current assets & short term investments	492,951,000,000	683,158,000,000	904,493,000,000
Cash & cash equivalents	16,762,000,000	21,950,000,000	67,206,000,000
Cash	16,762,000,000	21,950,000,000	67,206,000,000
Short term investments	-	-	12,018,000,000
Accounts receivable	224,172,000,000	345,860,000,000	541,406,000,000
Accounts receivable trade	214,359,000,000	295,854,000,000	447,826,000,000
Trade prepayment	7,702,000,000	32,809,000,000	32,550,000,000
Others receivables	2,111,000,000	17,197,000,000	72,064,000,000
Provision for bad debts	-	-	(11,034,000,000)
Inventories	216,498,000,000	256,953,000,000	251,893,000,000
Other short term asset	35,519,000,000	58,395,000,000	31,970,000,000
Prepaid expenses	13,486,000,000	5,721,000,000	5,369,000,000
VAT deductible	19,763,000,000	47,418,000,000	22,635,000,000
Other tax receivables	709,000,000	142,000,000	2,193,000,000
i. Other short term asset	1,561,000,000	5,114,000,000	1,773,000,000
Long term assets	161,462,000,000	178,593,000,000	252,263,000,000
Fixed assets	161,213,000,000	178,344,000,000	236,015,000,000
Tangible fixed assets	143,323,000,000	167,852,000,000	228,793,000,000
Cost	197,317,000,000	244,973,000,000	331,948,000,000
Accumulated depreciation	53,994,000,000	77,121,000,000	103,155,000,000
Intangible fixed assets	3,845,000,000	3,845,000,000	3,845,000,000
i. Cost	3,966,000,000	3,966,000,000	3,966,000,000
i. Accumulated depreciation	121,000,000	121,000,000	121,000,000
Construction in progress	14,045,000,000	6,647,000,000	3,377,000,000
Other long term assets	249,000,000	249,000,000	16,248,000,000
Long term prepayments	249,000,000	249,000,000	248,000,000
ii.Other long term assets	-	-	16,000,000,000
Total assets	654,413,000,000	861,751,000,000	1,156,756,000,000
Liabilities	562,135,000,000	683,607,000,000	880,032,000,000
Current liabilities	496,785,000,000	638,400,000,000	876,449,000,000
Short term borrowings	450,421,000,000	549,684,000,000	755,814,000,000
Accounts payables-trade	22,844,000,000	40,134,000,000	31,387,000,000
Advances from customers	4,079,000,000	17,995,000,000	9,166,000,000
Taxes and payable to state budget	7,920,000,000	8,778,000,000	23,826,000,000
Payable to employees	5,118,000,000	13,424,000,000	46,697,000,000
Accrued expenses payable	4,876,000,000	6,708,000,000	7,459,000,000
Other payables	1,498,000,000	1,647,000,000	2,007,000,000
Provision for short term payable	-	-	93,000,000
Bonus and welfare funds	29,000,000	30,000,000	-
Long term liabilities	65,350,000,000	45,207,000,000	3,583,000,000
Accounts long term payables-trade	11,164,000,000	-	-
Long term other payables	2,263,000,000	2,563,000,000	3,583,000,000
Long term borrowings	51,923,000,000	42,644,000,000	-
Owner's equity	92,278,000,000	178,144,000,000	276,724,000,000
i. Owner's equity	92,278,000,000	178,144,000,000	276,724,000,000
Business capital	90,000,000,000	120,000,000,000	180,000,000,000
Other funds from owners equity	-	-	19,183,000,000
Financial reserved funds	-	18,122,000,000	-
Retained earnings	2,278,000,000	40,022,000,000	77,541,000,000
Total resources	654,413,000,000	861,751,000,000	1,156,756,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Turnover(*)	1,726,559,000,000	2,207,359,000,000	3,764,226,000,000
Profit (Loss) Before Tax(*)	32,126,000,000	99,570,000,000	165,425,000,000
Profit After Tax attributable to Shareholders(*)	30,135,000,000	91,776,000,000	145,186,000,000
Gross sales	1,726,559,000,000	2,207,359,000,000	3,764,226,000,000
Less deductions	8,855,000,000	11,258,000,000	67,116,000,000
Net income	1,717,704,000,000	2,196,101,000,000	3,697,110,000,000
Cost of goods sold	1,567,245,000,000	1,986,417,000,000	3,340,077,000,000
Gross margin	150,459,000,000	209,684,000,000	357,033,000,000
Income from financial activities	1,948,000,000	2,715,000,000	2,605,000,000
Expenses from financial activities	44,860,000,000	31,087,000,000	31,537,000,000
In which: Interest expenses	39,075,000,000	25,053,000,000	22,932,000,000
Selling expenses	55,224,000,000	60,333,000,000	100,059,000,000
General & administration expenses	23,044,000,000	25,131,000,000	62,734,000,000
Net income from operating activities	29,279,000,000	95,848,000,000	165,308,000,000
Extraordinary income	2,871,000,000	3,929,000,000	269,000,000
Extraordinary expenses	24,000,000	207,000,000	152,000,000
Extraordinary gains	2,847,000,000	3,722,000,000	117,000,000
Net profit before tax	32,126,000,000	99,570,000,000	165,425,000,000
Income tax	1,991,000,000	7,794,000,000	20,239,000,000
Net profit after tax	30,135,000,000	91,776,000,000	145,186,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Growth %
Year-on-Year Growth	13.93	27.85	70.53
Profitability
Profit Margin (%)	1.75	4.16	3.86
Return on Equity (%)	32.66	51.52	52.47
Return on Assets (%)	4.60	10.65	12.55
Leverage
Total Debt Equity (Times)	6.09	3.84	3.18
Current Debt Equity (Times)	5.38	3.58	3.17
Long Term Debt to Equity	0.71	0.25	0.01
Total Asset To Total Equity	7.09	4.84	4.18
Asset Management
Total Assets Turnover (Times)	2.64	2.56	3.25
Fixed Assets Turnover (Times)	10.69	12.36	14.92
Liquidity
Current Ratio	0.99	1.07	1.03

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

=

0.000046 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

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

Fish meal

Fresh seafoods

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 - Natural food items, Unprocessed (Meats, Produce or Seafood)

Importing

Importing - Natural food items, Unprocessed (Meats, Produce or Seafood)

BRANDS & TRADEMARKS

Brands & Trademarks	Application Category
CASES	n/a

BANK DETAILS

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	:	Ninh Kieu Dist,Can Tho
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 factories as listed above:

Name	:	CA MAU SEAFOOD PROCESSING AND SERVICE JSC - BAC LIEU, BAC LIEU
Address	:	KV 3 Ganh Hao Town Dong Hai Dist, Bac Lieu, Bac Lieu
Status	:	Operational
Name	:	CA MAU SEAFOOD PROCESSING AND SERVICE JSC - CA MAU, CA MAU
Address	:	Song Doc Processing Factory Group 4 Song Doc Town Tran Van Thoi Dist, Ca Mau, Ca Mau
Status	:	Operational

COMPANY HISTORY

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

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14
VND	1	Rs.0.0029

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	HEE
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.