MIRA INFORM REPORT

Report No. :	303256
Report Date :	23.01.2015

IDENTIFICATION DETAILS

Name :	NAM DINH TEXTILE GARMENT JSC
Registered Office :	43 To Hieu St Ngo Quyen Ward, Nam Dinh, Nam Dinh
Country :	Vietnam
Financials (as on) :	December, 2013
Date of Incorporation :	01.01.2012
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Garments and Accessories.
No. of Employees :	4,200

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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 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	:	NAM DINH TEXTILE GARMENT JSC ^(1)
Address	:	43 To Hieu St Ngo Quyen Ward, Nam Dinh, Nam Dinh
Country	:	Vietnam
Phone (S)	:	[+84] 350-3849597
Facsimile	:	[+84] 350-3849750
Email	:	natexco@hn.vnn.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Garments & Accessories

Key Facts

Registered Legal Address

:

43 To Hieu St Ngo Quyen Ward, Nam Dinh, Nam Dinh

Operational Address

:

43 To Hieu St Ngo Quyen Ward, Nam Dinh, Nam Dinh

Trading Name

:

NATEXCO

Name History

:

Business Entity Name	Effective Date
NAM DINH TEXTILE CO	21 Jan, 1995
NAM DINH TEXTILE ONE MEMBER OF STATE RESPONSIBILITY LTD CO	23 Dec, 2005
NAM DINH TEXTILE GARMENT JSC	25 Dec, 2007

Issuing Authority

:

Dept. of Planning & Investment - Nam Dinh

License Number

:

0600019436

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

:

1 Jan, 2012

Employees

:

4,200

Capital

:

US$ 6,385,306

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.

Report Details

Country	:	Vietnam
Business Entity Name	:	NAM DINH TEXTILE GARMENT JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Garments & Accessories
Office Contact Details
Operating Address	:	43 To Hieu St Ngo Quyen Ward, Nam Dinh, Nam Dinh
Tel	:	[+84] 350-3849597
	:	[+84] 350-3849749
Fax	:	[+84] 350-3849750
Email	:	natexco@hn.vnn.vn vinatexnamdinh@vnn.vn
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	:	0600019436

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Pham Duy Hanh
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Tran Ngoc Khanh	Vietnamese	Assist. Managing Director	-
2	Mr. Ngo Quoc Nam	Vietnamese	Managing Director	-
3	Mr. Vu Ngoc Tuan	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03523776
Name	:	Mr. Tran Ngoc Khanh
Date of Birth	:	1960

Management Details - 2

Personal Unique Identifier	:	MI03523692
Name	:	Mr. Ngo Quoc Nam
Date of Birth	:	1958

Management Details - 3

Personal Unique Identifier	:	MI03815034
Name	:	Mr. Vu Ngoc Tuan
Date of Birth	:	1966

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03523692
Name	:	Mr. Ngo Quoc Nam
Date of Birth	:	1958
2
Personal Unique Identifier	:	MI03523774
Name	:	Mr. Pham Duy Hanh
Date of Birth	:	1958
3
Personal Unique Identifier	:	MI03523776
Name	:	Mr. Tran Ngoc Khanh
Date of Birth	:	1960

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing NAM DINH TEXTILE GARMENT 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

:

₫ 136,000,000,000

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	VIETNAM NATIONAL TEXTILE & GARMENT GROUP	Vietnam	N/A	N/A	53.67
2	Undisclosed Shareholders	N/a	N/A	N/A	46.33
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

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Export	Letter of Credit (At-sight) Documents against Acceptance (D/A)

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	:	VIETNAM NATIONAL TEXTILE & GARMENT GROUP
Global Identifier	:	32408832
Legal Form Category	:	Government-owned Enterprise
Country	:	Vietnam
Operational Address	:	41A Ly Thai To St Hoan Kiem Dist Hanoi
Primary Business Activity	:	Manufacturer

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual	39,587,230	27,109,025	841,383
2012 Annual	41,424,734	27,215,570	256,475
2013 Annual (*)	43,092,238	36,759,327	872,578

Sales Trend – Analysis

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

Note: (*)

Financials listed are the most recent available for this company.

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2010 Annual	34,738,122	25,873,935	1,107,491

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Current Assets(*)	265,535,000,000	268,751,000,000	457,043,000,000
Non Current Assets(*)	299,146,000,000	298,004,000,000	318,141,000,000
Non Current Liabilities(*)	81,781,000,000	55,389,000,000	186,359,000,000
Share Capital(*)	136,000,000,000	136,000,000,000	136,000,000,000
Other long term assets
Total Assets(*)	564,681,000,000	566,755,000,000	775,184,000,000
Total Liabilities(*)	393,175,000,000	404,861,000,000	607,175,000,000
Current Liabilities(*)	311,394,000,000	349,472,000,000	420,816,000,000
Current assets & short term investments	265,535,000,000	268,751,000,000	457,043,000,000
Cash & cash equivalents	8,108,000,000	6,052,000,000	9,008,000,000
Cash	8,108,000,000	6,052,000,000	9,008,000,000
Short term investments	-	-	140,300,000,000
Short term securities investments	-	-	140,300,000,000
Accounts receivable	62,356,000,000	80,186,000,000	79,646,000,000
Accounts receivable trade	47,799,000,000	57,548,000,000	66,134,000,000
Trade prepayment	14,225,000,000	21,865,000,000	15,076,000,000
Others receivables	3,107,000,000	3,878,000,000	2,430,000,000
Provision for bad debts	(2,775,000,000)	(3,105,000,000)	(3,994,000,000)
I. Inventories	187,362,000,000	177,394,000,000	218,895,000,000
II. Inventories	-	178,785,000,000	223,252,000,000
Provision for decline in inventory	(2,101,000,000)	(1,391,000,000)	(4,357,000,000)
I. Other short term asset	237,000,000	5,119,000,000	9,194,000,000
Prepaid expenses	98,000,000	49,000,000	179,000,000
VAT deductible	5,843,000,000	4,398,000,000	8,416,000,000
Other tax receivables	1,531,000,000	38,000,000	-
II. Other short term asset	-	634,000,000	599,000,000
Long term assets	299,146,000,000	298,004,000,000	318,141,000,000
Fixed assets	281,219,000,000	256,760,000,000	285,294,000,000
Tangible fixed assets	211,541,000,000	194,660,000,000	194,680,000,000
I. Cost	777,617,000,000	772,183,000,000	786,960,000,000
I. Accumulated depreciation	566,076,000,000	577,523,000,000	592,280,000,000
Intangible fixed assets	132,000,000	108,000,000	-
II. Cost	210,000,000	242,000,000	68,000,000
II. Accumulated depreciation	78,000,000	134,000,000	68,000,000
Construction in progress	69,546,000,000	61,992,000,000	90,614,000,000
Investment immovable property	5,422,000,000	5,524,000,000	5,692,000,000
III. Cost	7,417,000,000	7,717,000,000	8,698,000,000
III. Accumulated depreciation	1,995,000,000	2,193,000,000	3,006,000,000
Long term investments	7,064,000,000	19,184,000,000	18,512,000,000
Invest to joint venture company	3,133,000,000	17,407,000,000	16,735,000,000
Other long term investments	3,931,000,000	1,777,000,000	1,777,000,000
Other long term assets	5,441,000,000	16,536,000,000	389,000,000
Long term prepayments	4,231,000,000	12,040,000,000	8,254,000,000
Asset of income tax delay	1,210,000,000	4,496,000,000	-
Total assets	564,681,000,000	566,755,000,000	775,184,000,000
Liabilities	393,175,000,000	404,861,000,000	607,175,000,000
Current liabilities	311,394,000,000	349,472,000,000	420,816,000,000
Short term borrowings	149,243,000,000	155,534,000,000	193,134,000,000
Accounts payables-trade	103,423,000,000	106,166,000,000	142,254,000,000
Advances from customers	2,098,000,000	2,538,000,000	1,045,000,000
Taxes and payable to state budget	1,657,000,000	4,715,000,000	3,344,000,000
Payable to employees	16,592,000,000	13,540,000,000	19,541,000,000
Accrued expenses payable	4,950,000,000	4,762,000,000	4,859,000,000
Other payables	33,431,000,000	61,731,000,000	55,816,000,000
Bonus and welfare funds	-	486,000,000	823,000,000
Long term liabilities	81,781,000,000	55,389,000,000	186,359,000,000
Accounts long term payables-trade	-	-	13,538,000,000
Long term other payables	7,000,000,000	120,000,000	-
Long term borrowings	78,521,000,000	55,269,000,000	172,821,000,000
Provision funds for unemployment	3,253,000,000	-	-
I. Owner's equity	159,895,000,000	-	152,870,000,000
II. Owner's equity	158,800,000,000	147,001,000,000	152,870,000,000
Business capital	136,000,000,000	136,000,000,000	136,000,000,000
Shares	(12,000,000)	(12,000,000)	(12,000,000)
Business development funds	5,863,000,000	7,623,000,000	9,902,000,000
Financial reserved funds	2,374,000,000	3,322,000,000	4,139,000,000
Retained earnings	14,575,000,000	68,000,000	2,841,000,000
Budget sources	1,095,000,000	-	-
Bonus & welfare funds	1,095,000,000	-	-
Minority Interest	11,611,000,000	14,893,000,000	15,139,000,000
Total resources	564,681,000,000	566,755,000,000	775,184,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	824,602,000,000	862,656,000,000	908,733,000,000
Profit (Loss) Before Tax(*)	22,689,000,000	6,734,000,000	30,527,000,000
Profit After Tax attributable to Shareholders(*)	17,526,000,000	5,341,000,000	18,401,000,000
Gross sales	824,602,000,000	862,656,000,000	908,733,000,000
Less deductions	563,000,000	513,000,000	335,000,000
Net income	824,039,000,000	862,143,000,000	908,398,000,000
Cost of goods sold	765,474,000,000	813,627,000,000	816,141,000,000
Gross margin	58,565,000,000	48,516,000,000	92,257,000,000
Income from financial activities	5,461,000,000	8,032,000,000	1,576,000,000
Expenses from financial activities	27,013,000,000	32,882,000,000	21,168,000,000
In which: Interest expenses	-	32,022,000,000	19,885,000,000
Selling expenses	14,437,000,000	13,588,000,000	17,484,000,000
General & administration expenses	15,080,000,000	21,119,000,000	25,443,000,000
Net income from operating activities	7,496,000,000	(11,041,000,000)	29,738,000,000
Extraordinary income	17,108,000,000	25,167,000,000	2,069,000,000
Extraordinary expenses	1,915,000,000	7,392,000,000	1,280,000,000
Extraordinary gains	15,193,000,000	17,775,000,000	789,000,000
Net profit before tax	22,689,000,000	6,734,000,000	30,527,000,000
Income tax	6,373,000,000	4,679,000,000	8,019,000,000
Income tax delay	1,210,000,000	3,286,000,000	(4,107,000,000)
Net profit after tax	17,526,000,000	5,341,000,000	18,401,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	21.79	4.61	5.34
Profitability
Profit Margin (%)	2.13	0.62	2.02
Return on Equity (%)	1,423,453.44	43,380,441.85	-
Return on Assets (%)	3.10	0.94	2.37
Leverage
Total Debt Equity (Times)	329,654.63	34,093,079.92	-
Current Debt Equity (Times)	252,912.74	28,384,665.37	-
Long Term Debt to Equity	76,741.89	5,708,414.55	-
Total Asset To Total Equity	458,631.24	0.00	-
Asset Management
Total Assets Turnover (Times)	1.46	1.52	1.17
Fixed Assets Turnover (Times)	2.76	2.89	2.86
Liquidity
Current Ratio	0.85	0.77	1.09

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

=

0.000047 USD United States Dollars

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Blouses	Manufacturing, Exporting
Coats	Manufacturing, Exporting
Garment products	Manufacturing, Exporting
Jackets	Manufacturing, Exporting
Shirts	Manufacturing, Exporting

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

Year	Imports	Exports	Total
2012	n/a	16,569,894	16,569,894
2013	n/a	17,236,895	17,236,895

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Apparel/Other Textile Products	2300	Manufacturing, Exporting
Dresses/Blouses/Shirts, child	2361	Manufacturing, Exporting
Fabricated textile products, nspf	2399	Manufacturing, Exporting
Men's and boys' shirts	2321	Manufacturing, Exporting
Men's and boys' suits and coats, except raincoats	2311	Manufacturing, Exporting
Women's and misses' blouses and shirts	2331	Manufacturing, Exporting
Women's and misses' suits, skirts, and coats	2337	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Coats & jackets (not of reptile leather)	4203100010	Manufacturing, Exporting
Garments nesoi, knitted or crocheted	6114	Manufacturing, Exporting
Men's or boys' suits, ensembles etc, knit or crocheted	6103	Manufacturing, Exporting
Sweaters, pullovers, vests etc, knit or crocheted	6110	Manufacturing, Exporting
T-shirts, singlets, tank tops etc, knit or crocheted	6109	Manufacturing, Exporting
Textile products etc. for specific tech uses	5911	Manufacturing, Exporting
Women's or girls' suits, ensemb etc, knit or crocheted	6104	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Suits	Primary	Manufacturing, Exporting
Sweaters	Primary	Manufacturing, Exporting
T-shirts	Primary	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of NAM DINH TEXTILE GARMENT JSC is Manufacturing - Finished products.

Key products include :

Blouses

Coats

Garment products

Jackets

Shirts

Suits

Sweaters

T-shirts

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, NAM DINH TEXTILE GARMENT JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

DOMESTIC SALES & PURCHASES

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

Annual Purchases Analysis	Percentage
Local Purchases	60%
Imports	40%

BRANDS & TRADEMARKS

Brands & Trademarks	Application Category
NATEXCO	n/a

BANK DETAILS

Bank Name	:	SAIGON - HANOI COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P2596205
SWIFT Code	:	This bank does not have a SWIFT Code
Bank Name	:	VIETNAM DEVELOPMENT BANK , THE
Global Identifier	:	P2215949
Branch Address	:	VIETNAM DEVELOPMENT BANK , THE - NAM DINH
SWIFT Code	:	This bank does not have a SWIFT Code
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 - NAM DINH
SWIFT Code	:	ICBVVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	NAM DINH TEXTILE GARMENT JSC - HAI BA TRUNG DIST, HANOI
Branch Address	:	26 Le Dai Hanh St, Hai Ba Trung Dist, Hanoi

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Exporting
Middle-East	Medium	Exporting
North America	Medium	Importing
China	Medium	Importing
Hong Kong	Medium	Exporting
Japan	Medium	Importing, Exporting
Korea, South (Republic of Korea)	Medium	Exporting
Taiwan	Medium	Importing, Exporting
Turkey	Medium	Exporting
USA	Medium	Importing

COMPANY HISTORY

Date	Details
2005 - Dec	Changed its Legal structure from Government enterprise to Limited liability company.
2007 - Dec	Changed its Legal structure from Limited liability company to Joint stock company.

QUALITY ACCREDITATION

Quality Accreditation Listings

#	Name	Accreditation Category
1	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	2000:2008
2	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9002:2000

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
21 Jan, 1995	111286
23 Dec, 2005	0704000019
25 Dec, 2007	0703000948

REAL ESTATE OWNERSHIP

The following property / ies are owned by NAM DINH TEXTILE GARMENT JSC :

Property Name	:	NAM DINH TEXTILE GARMENT JSC - NAM DINH, NAM DINH
Type of Property	:	Office & Administration
Address	:	43 To Hieu St Ngo Quyen Ward, Nam Dinh, Nam Dinh
Office Size	:	300,000 Square meters

NOTES & COMMENTS

NA

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.69
UK Pound	1	Rs.93.33
Euro	1	Rs.71.49

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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.