MIRA INFORM REPORT

Report No. :	303455
Report Date :	24.01.2015

IDENTIFICATION DETAILS

Name :	GENTRACO CORP
Registered Office :	121 Nguyen Thai Hoc St Thot Not Ward, Thot Not, Can Tho
Country :	Vietnam
Financials (as on) :	December 2013
Date of Incorporation :	22.04.2009
Legal Form :	Joint Stock Company
Line of Business :	Engaged in trading of Rice, Broken Rice, Bran, Soybean Meal, Corn, cassava  & Sea products
No of Employees :	230

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 :	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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Organization Name	:	GENTRACO CORP
Address	:	121 Nguyen Thai Hoc St Thot Not Ward, Thot Not, Can Tho
Country	:	Vietnam
Phone (S)	:	[+84] 710-3855000
Facsimile	:	[+84] 710-3852118
Email	:	info@gentraco.com.vn
Website	:	http://www.gentraco.com.vn
Primary Business Activity	:	Engaged in trading of Rice, Broken Rice, Bran, Soybean Meal, Corn and cassava  & Sea products

Key Facts

Registered Legal Address

:

121 Nguyen Thai Hoc St Thot Not Ward, Thot Not, Can Tho

Operational Address

:

121 Nguyen Thai Hoc St Thot Not Ward, Thot Not, Can Tho

Name History

:

Business Entity Name	Effective Date
THOT NOT GENERAL COMMERCE CO	21 Aug, 1998
GENTRACO CORP	10 Sep, 2007

Issuing Authority

:

Dept. of Planning & Investment - Can Tho

License Number

:

1800241743

License Status

:

License exists - Normal.

Legal Form – Category

:

Joint Stock Company

Legal Form

:

Corporation

Legal Form - Abbreviation

:

CORP

Operational Status of Business

:

Normal

Date of Registration

:

22 Apr, 2009

Employees

:

230

Capital

:

US$ 5,399,340

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.

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Nguyen Trung Kien
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Huynh Thi Ngoc Giau	Vietnamese	Deputy Managing Director	-
2	Mr. Nguyen Trung Kien	Vietnamese	Managing Director	-
3	Ms. Luu Thi Lan	Vietnamese	Deputy Managing Director	-
4	Ms. Tran Vo To Loan	Vietnamese	Chief Accountant	-
5	Mr. Nguyen Van Tong	Vietnamese	Deputy Managing Director	-
6	Mr. Tran Thanh Van	Vietnamese	Deputy Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03815177
Name	:	Ms. Huynh Thi Ngoc Giau
Date of Birth	:	1962

Management Details - 2

Personal Unique Identifier	:	MI01048675
Name	:	Mr. Nguyen Trung Kien
Email	:	gentracohead@hcm.vnn.vn
Tel	:	84-71-851460
Date of Birth	:	1974

Management Details - 3

Personal Unique Identifier	:	MI03815179
Name	:	Ms. Luu Thi Lan

Management Details - 4

Personal Unique Identifier	:	MI02018390
Name	:	Ms. Tran Vo To Loan
Date of Birth	:	1970

Management Details - 5

Personal Unique Identifier	:	MI02018389
Name	:	Mr. Nguyen Van Tong
Date of Birth	:	1958

Management Details - 6

Personal Unique Identifier	:	MI02018388
Name	:	Mr. Tran Thanh Van
Date of Birth	:	1954

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI01048675
Name	:	Mr. Nguyen Trung Kien
Email	:	gentracohead@hcm.vnn.vn
Tel	:	84-71-851460
Date of Birth	:	1974

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing GENTRACO CORP'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

:

₫ 115,000,000,000

Date	Authorized Capital - History
21 Aug, 1998	50,792,400,000
2011	115,000,000,000

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	UNDISCLOSED SHAREHOLDERS	n/a	n/a	n/a	87.06
2	Mr. Nguyen Trung Kien	Vietnam	n/a	n/a	5.06
3	Mr. Nguyen Xuan Tung	Vietnam	n/a	n/a	4.31
4	Ms. Tran Thanh Van	Vietnam	n/a	n/a	3.57
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) 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

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual	145,476,188	59,726,308	2,818,771
2012 Annual	140,297,177	79,905,170	542,482
2013 Annual (*)	201,626,416	90,489,039	834,689

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
2006 Annual	117,705,112	17,626,926	952,951

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Current Assets(*)	919,524,000,000	1,362,576,000,000	1,468,212,000,000
Non Current Assets(*)	324,575,000,000	301,422,000,000	440,029,000,000
Non Current Liabilities(*)	95,744,000,000	97,046,000,000	180,584,000,000
Share Capital(*)	115,343,000,000	115,343,000,000	115,343,000,000
Other long term assets
Total Assets(*)	1,244,099,000,000	1,663,998,000,000	1,908,241,000,000
Total Liabilities(*)	1,000,644,000,000	1,438,849,000,000	1,729,127,000,000
Current Liabilities(*)	904,900,000,000	1,341,803,000,000	1,548,543,000,000
Long term liabilities
Shareholders Funds(*)	243,455,000,000	225,149,000,000	179,114,000,000
Current assets & short term investments	919,524,000,000	1,362,576,000,000	1,468,212,000,000
Cash & cash equivalents	28,692,000,000	38,355,000,000	39,672,000,000
Cash	28,692,000,000	38,355,000,000	39,672,000,000
Short term investments	18,685,000,000	20,014,000,000	120,014,000,000
Short term securities investments	28,314,000,000	21,175,000,000	121,175,000,000
Provision for short term investments	(9,629,000,000)	(1,161,000,000)	(1,161,000,000)
Accounts receivable	737,792,000,000	1,071,725,000,000	928,674,000,000
Accounts receivable trade	335,822,000,000	221,146,000,000	330,303,000,000
Trade prepayment	266,548,000,000	682,326,000,000	491,726,000,000
Others receivables	149,750,000,000	169,521,000,000	107,983,000,000
Provision for bad debts	(14,328,000,000)	(1,268,000,000)	(1,338,000,000)
Inventories	95,331,000,000	103,777,000,000	214,734,000,000
i. Other short term asset	39,024,000,000	128,705,000,000	165,118,000,000
Prepaid expenses	354,000,000	11,399,000,000	18,625,000,000
VAT deductible	152,000,000	1,900,000,000	17,579,000,000
Other tax receivables	17,000,000	-	2,211,000,000
ii. Other short term asset	38,501,000,000	115,406,000,000	126,703,000,000
Long term assets	324,575,000,000	301,422,000,000	440,029,000,000
Accounts of long term receivable	2,598,000,000	2,301,000,000	2,301,000,000
Other long term receivables	2,598,000,000	2,301,000,000	2,301,000,000
Fixed assets	75,057,000,000	82,572,000,000	373,621,000,000
Tangible fixed assets	36,877,000,000	36,205,000,000	95,853,000,000
i. Cost	50,386,000,000	52,369,000,000	122,968,000,000
i. Accumulated depreciation	13,509,000,000	16,164,000,000	27,115,000,000
Intangible fixed assets	9,500,000,000	8,780,000,000	38,217,000,000
ii. Cost	12,203,000,000	12,203,000,000	41,662,000,000
ii. Accumulated depreciation	2,703,000,000	3,423,000,000	3,445,000,000
Construction in progress	28,680,000,000	37,587,000,000	239,551,000,000
Investment immovable property	127,000,000	117,000,000	117,000,000
iii. Cost	686,000,000	686,000,000	686,000,000
iii. Accumulated depreciation	559,000,000	569,000,000	569,000,000
Long term investments	239,098,000,000	214,969,000,000	58,726,000,000
Invest to subsidiary company	180,918,000,000	163,318,000,000	-
Invest to joint venture company	50,000,000,000	44,200,000,000	46,332,000,000
Other long term investments	16,789,000,000	13,320,000,000	13,320,000,000
Provision for long term investments	(8,609,000,000)	(5,869,000,000)	(926,000,000)
i. Other long term assets	7,695,000,000	1,463,000,000	5,264,000,000
Long term prepayments	584,000,000	1,084,000,000	2,046,000,000
Asset of income tax delay	6,732,000,000	-	2,839,000,000
ii. Other long term assets	379,000,000	379,000,000	379,000,000
Total assets	1,244,099,000,000	1,663,998,000,000	1,908,241,000,000
Liabilities	1,000,644,000,000	1,438,849,000,000	1,729,127,000,000
Current liabilities	904,900,000,000	1,341,803,000,000	1,548,543,000,000
Short term borrowings	690,715,000,000	731,578,000,000	1,227,559,000,000
Accounts payables-trade	164,879,000,000	95,117,000,000	121,569,000,000
Advances from customers	27,632,000,000	506,586,000,000	189,706,000,000
Taxes and payable to state budget	4,355,000,000	1,317,000,000	1,331,000,000
Payable to employees	2,047,000,000	273,000,000	273,000,000
Accrued expenses payable	8,473,000,000	4,880,000,000	5,867,000,000
Other payables	6,799,000,000	229,000,000	415,000,000
Bonus and welfare funds	1,328,000,000	-	-
Long term liabilities	95,744,000,000	97,046,000,000	180,584,000,000
Long term other payables	583,000,000	578,000,000	578,000,000
Long term borrowings	66,334,000,000	72,626,000,000	167,626,000,000
Payable income tax delay	28,777,000,000	23,842,000,000	12,328,000,000
Provision funds for unemployment	50,000,000	-	-
Deffered revenue	-	-	52,000,000
i. Owner's equity	243,455,000,000	225,149,000,000	179,114,000,000
ii. Owner's equity	242,127,000,000	225,149,000,000	179,114,000,000
Business capital	115,343,000,000	115,343,000,000	115,343,000,000
Share capital's surplus	3,226,000,000	3,170,000,000	3,170,000,000
Shares	(1,864,000,000)	(1,258,000,000)	(1,258,000,000)
Business development funds	1,538,000,000	3,433,000,000	3,432,000,000
Financial reserved funds	17,130,000,000	19,024,000,000	19,024,000,000
Retained earnings	106,754,000,000	85,437,000,000	39,403,000,000
Budget sources	1,328,000,000	-	-
Total resources	1,244,099,000,000	1,663,998,000,000	1,908,241,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	3,030,269,000,000	2,921,641,000,000	4,251,916,000,000
Profit (Loss) Before Tax(*)	72,782,000,000	16,089,000,000	21,050,000,000
Profit After Tax attributable to Shareholders(*)	58,715,000,000	11,297,000,000	17,602,000,000
Gross sales	3,030,269,000,000	2,921,641,000,000	4,251,916,000,000
Less deductions	107,000,000	25,727,000,000	26,910,000,000
Net income	3,030,162,000,000	2,895,914,000,000	4,225,006,000,000
Cost of goods sold	2,962,395,000,000	2,770,608,000,000	4,073,617,000,000
Gross margin	67,767,000,000	125,306,000,000	151,389,000,000
Income from financial activities	122,250,000,000	46,101,000,000	137,534,000,000
Expenses from financial activities	123,248,000,000	77,571,000,000	144,236,000,000
In which: Interest expenses	94,585,000,000	78,973,000,000	135,044,000,000
Selling expenses	38,760,000,000	70,296,000,000	106,801,000,000
General & administration expenses	24,583,000,000	14,856,000,000	30,101,000,000
Net income from operating activities	3,427,000,000	8,684,000,000	7,785,000,000
Extraordinary income	120,427,000,000	62,712,000,000	20,201,000,000
Extraordinary expenses	51,073,000,000	55,307,000,000	6,936,000,000
Extraordinary gains	69,354,000,000	7,405,000,000	13,265,000,000
Net profit before tax	72,782,000,000	16,089,000,000	21,050,000,000
Income tax	5,913,000,000	2,995,000,000	3,295,000,000
Income tax delay	(8,153,000,000)	(1,797,000,000)	(153,000,000)
Net profit after tax	58,715,000,000	11,297,000,000	17,602,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	(3.58)	45.53
Profitability
Profit Margin (%)	1.94	0.39	0.41
Return on Equity (%)	24.12	5.02	9.83
Return on Assets (%)	4.72	0.68	0.92
Leverage
Total Debt Equity (Times)	4.11	6.39	9.65
Current Debt Equity (Times)	3.72	5.96	8.65
Long Term Debt to Equity	0.39	0.43	1.01
Total Asset To Total Equity	5.11	7.39	10.65
Asset Management
Total Assets Turnover (Times)	2.44	1.76	2.23
Fixed Assets Turnover (Times)	9.34	9.69	9.66
Liquidity
Current Ratio	1.02	1.02	0.95

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

Report Details

Country	:	Vietnam
Business Entity Name	:	GENTRACO CORP
Primary Business Activity	:	Trader
Primary Industry	:	Agricultural Products
Office Contact Details
Operating Address	:	121 Nguyen Thai Hoc St Thot Not Ward, Thot Not, Can Tho
Tel	:	[+84] 710-3855000
	:	[+84] 710-3851246
Fax	:	[+84] 710-3852118
Email	:	info@gentraco.com.vn gentracohead@hcm.vnn.vn
Website Details
Website	:	http://www.gentraco.com.vn
Status	:	Normal - operational
Owner Country	:	Vietnam
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	:	1800241743
Date of Issuance	:	16 Sep, 1998

Primary Products

Products / Materials / Services Description	Activity
Rice	Trading
Sea products	Trading

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

Year	Imports	Exports	Total
2011	n/a	87,285,713	87,285,713
2012	n/a	84,178,306	84,178,306
2013	n/a	120,975,849	120,975,849

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Agricultural Production-Crops	0100	Trading
Fish & Seafoods	5146	Trading
Miscellaneous marine products, nspf	0919	Trading
Rice	0112	Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fish & crustaceans	0300	Trading
Fish, frozen (no fish fillets or other fish meat)	0303	Trading
Miscellaneous manufactured articles	9600	Trading
Rice	1006	Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of GENTRACO CORP is Trading - Finished products.

Key products include :

· Rice

· Broken Rice,

· Bran,

· Soybean Meal,

· Corn

· cassava 

· & Sea products

Supplementary Business

In addition to the core business, GENTRACO CORP also is engaged in the following areas of business:

1. Exporting

· Exporting - Finished products

2. Importing

· Importing - Finished products

DOMESTIC SALES & PURCHASES

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

Annual Purchases Analysis	Percentage
Local Purchases	60%
Imports	40%

BANK DETAILS

Bank Name	:	AN BINH COMMERCIAL JOINT STOCK BANK JSC
Global Identifier	:	P1155469
Branch	:	District 1,Ho Chi Minh
Branch Address	:	AN BINH COMMERCIAL JOINT STOCK BANK JSC - CAN THO
SWIFT Code	:	ABBKVNVX
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 - CAN THO
SWIFT Code	:	BFTVVNVX
Bank Name	:	OCEAN COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P1106738
Branch	:	Cau Giay Dist,Hanoi
Branch Address	:	OCEAN COMMERCIAL JOINT STOCK BANK - CAN THO
SWIFT Code	:	OJBAVNVX
Bank Name	:	VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT
Global Identifier	:	32408794
Branch	:	Tu Liem,Hanoi
Branch Address	:	Can Tho
SWIFT Code	:	VBAAVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	GENTRACO CORP - DISTRICT 7, HO CHI MINH
Branch Address	:	Rm 3, 3Fl Broadway A 100 Nguyen Luong Bang St, District 7, Ho Chi Minh
Branch Tel	:	84-8-54138138
Branch Fax	:	84-8-54148148
Branch	:	GENTRACO CORP - LONG XUYEN, AN GIANG
Branch Address	:	1 Nguyen Du My Binh Ward, Long Xuyen, An Giang
Branch	:	GENTRACO CORP - LONG XUYEN, AN GIANG
Branch Address	:	621/46 National Highway 91 Binh Duc Ward, Long Xuyen, An Giang
Branch	:	GENTRACO CORP - NINH KIEU DIST, CAN THO
Branch Address	:	LK 12 - 41 KV3 Con Khuong Cai Khe Ward, Ninh Kieu Dist, Can Tho

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2006	n/a	70,623,067	70,623,067

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Africa	Medium	Importing
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Exporting
Middle-East	Medium	Exporting
India	Medium	Importing
Russia	Medium	Exporting

OFFICE & FACILITIES

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

Name	:	GENTRACO CORP - THOT NOT, CAN THO
Primary Use	:	Office & Administration facilities
Employees	:	230
Address	:	121 Nguyen Thai Hoc St Thot Not Ward, Thot Not, Can Tho
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
n/a	5703000077
21 Aug, 1998	063654

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	MNL

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.