ASKMORE Plus

Friday, 10 June 2011

PPG VIETNAM COMPANY LIMITED

MORE Credit Rating

C

D

CC CCC

B

BB BBB

A

AA AAA

key

If you want to know more, ASKMORE modeFinance’s credit report.

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Basic

TM

Company name

PPG VIETNAM COMPANY LIMITED

Identification number

mFCR0004136

Country

Vietnam

ZIP code and city

- Ho Chi Minh City

Address

Flr 17, Fedeco Tower, Unit 1701, 81 - 85 Ham Nghi Str, Nguyen Thai Binh Ward - District 1 - Ho Chi Minh City - Vietnam (84 - 8) 38233014 / 38233013 / 38274182 / 38272332 http://www.ppg.com ppgvn@hcm.vnn.vn

Legal form

Foreign invested company

Account

Unconsolidated

Incorporation date

2000

NACE 2 Sector

2030 - Manufacture of paints, varnishes and similar coatings, printing ink and mastics

Listed Status

Active

MORE Credit limit

120,000 e

plans 2 types of reports:

Turnover (th e)

Plus TM

ASKMORE Plus: This is the most comprehensive and detailed report prepared by modeFinance ’ s analysts. It includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit, plus all essential information including financial statements of the last three years and descriptive information. The added value of this report is the deep financial analysis made by modeFinance ’ s analysts, with market overview, industry drivers, trends and competitive enviroment.

This report type is ideally suited for having a deeper knowledge about the financial status of the company.

TM

Rating

31/12/2009

31/12/2008

31/12/2007

4,663

3,672

-

CCC

CC

C

15.00%

41.00%

65.00%

100%

100%

50%

-3.17

-3.45

-3.23

0.68

0.71

0.69

Current Ratio

0.54

0.54

0.54

Quick Ratio

0.24

0.23

0.21

Probability of default Confidence Level

TM

Solvency ratios Leverage ratio Total asset/Total liabilties

TM

Liquidity ratios

Profitability and economic equilibrium ratios Return on investement ROI (%)

-6.00

-13.94

-

-13.59

-37.25

-

Asset turnover

1.48

1.10

-

Interest paid weight

0.00

-0.09

-

Gross Profit/Operating revenue

0.25

0.19

-

+Inf

-1.19

-

Return on equity ROE (%)

Interest Coverage ratios EBIT interest coverage ratio

Analysis and trend of financial strength modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM

key askMORETM is a registered mark of modeFinanceTM

MORE Credit Rating

D not available

non return

C

CC

extremly pathological pathological

CCC

B

BB

BBB

A

AA

AAA

high danger

weak

sufficient

adequate

good

very strong

extremely strong

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Sector Analysis Company

Healthy

Balanced

Vulnerable

Risky

Leverage ratio

-3.17

Total asset/Total liabilties

0.68

0.46

1.10

3.22

9.84

3.18

1.90

1.29

1.06

Current Ratio Quick Ratio

0.54

2.64

1.56

1.13

0.80

0.24

2.08

1.14

0.82

0.54

Solvency ratios

Liquidity ratios

Profitability and economic equilibrium ratios Return on investement ROI (%)

-6.00

9.97

3.83

-0.56

-9.10

Return on equity ROE (%)

-13.59

10.52

3.07

-6.63

-83.33

Asset turnover

1.48

1.11

1.05

1.10

1.10

Interest paid weight

0.00

0.01

0.24

-0.09

-0.10

Gross Profit/Operating revenue

0.25

0.29

0.23

0.15

0.16

+Inf

87.73

3.23

-4.04

-11.29

Days Sales Of Inventory (DIO)

107

34

47

43

51

Days Sales Outstanding (DSO)

55

72

77

62

75

Days Payable Outstanding (DPO)

44

38

43

54

100

Cash Conversion Cycle (DIO + DSO - DPO)

118

63

79

50

32

-

575

1,196

524

89

CCC

A

BBB

B

CC

Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days)

Numer of analyzed companies (Average) Rating

The sector has been chosen according to: international companies in the sector NACE 2 2030 with financial data of year 2009.

modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

key

Sector Analysis - Graphs

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

AA AAA

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Balance Sheet BALANCE SHEET (th e)

31/12/2009

31/12/2008

31/12/2007

Accounting practice

Local GAAP

Local GAAP

Local GAAP

Exchange rate VND - EUR

3.869E-05

4.232E-05

4.216E-05

Total assets Fixed assets Intangible fixed assets Tangible fixed assets

3,148

3,351

1,912

673

779

409

4

8

12

623

294

333

47

478

64

2,475

2,572

1,503

1,372

1,509

927

Debtors

705

648

432

Other current assets

398

232

17

Cash & cash equivalent

314

183

126

-1,450

-1,369

-858

415

454

453

-1,865

-1,823

-1,310

Other fixed assets Current assets Stocks

Shareholders funds Capital Other shareholders funds Total liabilities

4,598

4,720

2,770

Non current liabilities

0

0

0

Long term debt

0

0

0

Other non-current liabilities

0

0

0

Current liabilities

4,598

4,720

2,770

Loans

2,363

3,366

3,849

Creditors

559

238

94

Other current liabilities

673

633

313

3,148

3,351

1,912

Total shareh. funds & liab.

NET DEBT (th e)

31/12/2009

Short term debts Long term debt Cash & cash equivalent Net debt

31/12/2007

3,849

0

0

0

314

183

126

3,052

3,666

2,237

31/12/2009 Working capital

31/12/2008

3,366

31/12/2008

2,363

31/12/2007

1,518

1,919

1,266

-2,123

-2,149

-1,267

31/12/2009

31/12/2008

31/12/2007

Net Current Assets

Days Sales Of Inventory (DIO)

107

150

-

Days Sales Outstanding (DSO)

55

64

-

Days Payable Outstanding (DPO)

44

24

-

118

190

-

Cash Conversion Cycle (DIO + DSO - DPO)

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

C

D

CC CCC

B

BB BBB

A

AA AAA

key

Income Statement INCOME STATEMENT (th e)

31/12/2009

31/12/2008

31/12/2007

Accounting practice

Local GAAP

Local GAAP

Local GAAP

Exchange rate VND - EUR

3.869E-05

4.232E-05

4.216E-05

4,705

3,672

-

28.1

-

-

-42

0

-

Operating revenue / turnover

4,663

3,672

-

Total operating costs

4,452

3,723

-

Costs growth (%)

-

-

-

Service costs

-

-

-

Material costs

-

-

-

Costs of employees

-

-

-

EBITDA

-

-

-

Depreciation

-

-

-

Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized

EBIT Financial P/L Financial revenue Financial expenses Interest paid P/L before tax Extr. and other P/L Extr. and other revenue Extr. and other expenses P/L before tax + Extr. and other P/L Taxation P/L for period

210

-50

-

-400

-458

-

9

2

-

408

460

-

0

42

-

-189

-509

-

-8

-1

-

0

0

-

8

1

-

-197

-510

-

0

0

-

-197

-510

-

31/12/2009

31/12/2008

31/12/2007

Costs of Good Sold

3,505

2,982

-

Gross Profit

1,158

691

-

948

741

-

Other Operating Expenses

31/12/2009

31/12/2008

31/12/2007

Cash flow

-

-

-

Added value

-

-

-

31/12/2009 Number of employees

-

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31/12/2008

31/12/2007

-

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

-

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

key

Evolutions and trends

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

AA AAA

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Qualitative information Full overview

PPG VIETNAM COMPANY LIMITED (Vietnamese Name: CONG TY TNHH PPG VIETNAM)is a wholly owned foreign company invested by PPG INDUSTRIAL SECURITIES INC based in USA (PPG Industries Inc. is a global manufacturer and supplier of coatings, chemicals and glass that operates 120 manufacturing locations in 23 countries worldwide). It is specialized in manufacturing and distributing paints for automobiles, architecture and industrial products.

Its investment ceritificate no is 472043000648 (granted on 29 Aug 2008 by Dong Nai Industrial Zones Authority).

Tax code is 3600478837. The number of total employees is 40.

History

PPG was established on October, 2000. On August 29th, 2008 the subject changed investment license number from No. 57/GP - KCN - DN to No. 472043000648. On 11 Feb 2009, the subject changed its address from “Floor 10th, Room 5, Sai Gon Centre, No. 65 Le Loi Str, Dist 1, Hochiminh City� to No. 81 - 85, Ham Nghi Str, Nguyen Thai Binh Ward, Dist. 1, Hochiminh City. The total investment capital and the chartered capital were raised to USD 22,333,000 and USD 3,700,000 respectively on March 2010.

Primary business line

The subject is specialized in manufacturing and trading paint and materials for paint production industry.

Secondary business line

Not available.

Main activity

Manufacture and coating.

Secondary activity

Distribution.

Main products and services

Paints and coatings for automobiles, architecture and industrial products.

Size estimate

The total number of the employees is 40.

Strategy, organization and policy

Not available.

Strategic alliances

Not available.

Membership of a network

Not available.

Main brand names

Not available.

Main domestic country

Not available.

Main foreign countries or regions

PPG imports materials from Australia, USA, Japan, Malaysia, Thailand, and China (Payment method is T/T). The subject at the moment does not export.

Main production sites

The company has a factory in the following address: No. 103/5 AMATA Industrial Zone - Bien Hoa City - Dong Nai Province - Vietnam (Tel: (84 - 61) 3936761). The premises and facilities of the subject are normal. Its main factory is located at Amata Industrial Zone with 800m2 and production capacity about 100,000 tons/ a year. It also has a small workshop at Bien Hoa 1 Industrial Zone, Dong Nai Province. The subject co - operates in production with Dong Nai Paint corporation. It has a factory in Yen Phong Industrial Zone, Bac Ninh Province - Northern Province.

Besides, the subject also gets much support from the parent company. The subject has refused the local provider to give them more detailed information about factories.

Main distribution sites

Not available.

Main sales representation sites

Not available.

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Main customers

The subject provided products for many manufacturers such as Blue Corp Steel, Hoa Sen Steel, Pos Vina, BP, LG gas, and Shell gas.

The products of its parent company are supplied for automobile assemblers in Vietnam such as Mercedes, Ford, Truong Hai Auto, VMC, ISUZU, SAMCO, and Daewoo., etc.

Auditor/Advisor/Bank name

type

address

CITI BANK

Bank

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM HO CHI MINH

Bank

No. 115 Nguyen Hue Str, Ben Nghe Ward, District 1 - Ho Chi Minh City Vietnam (Tel:(84 - 8) 8242118 ) No. 29 Ben Chuong Duong - District 1 - Ho Chi Minh City - Vietnam (Tel:(84 - 8) 3829 7245 - 3823 0310 - 3823 0311 )

BRANCH

Board name

date of birth

nationality

function

Mr. SEKMAKAS VIKTORAS RIMAS Mr. NGUYEN DINH LONG Mr. PHAN THU DINH Ms. VO THI THUY HANG

-

Malaysian Vietnamese Vietnamese

General Director Managing Director Purchasing Manager Chief Accountant

Sharehoders (the first twenty shareholders ordered by Direct %)) PPG INDUSTRIES SECURITIES, INC.

Rating:

Country ISO code US NACE Rev. 2, Core code Direct % 100.00 Total % Address: 1, PPG Place, 15272 PITTSBURGH, United States of America, Tel: (412) 434 - 3131

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

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-

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

05/2011

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

key

Subsidiaries (the first twenty subsidiaries ordered by Direct %) Not available.

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

AA AAA

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

modeFinance analyst comments General comment

MORE ratings assigned to PPG Vietnam is CCC for the year 2009. The company is extremely weak in solvency and liquidity. Inspite of the sales’ increase in 2009, high cost structure and financial expenses have led to losses at the end of the year. Even when compared with the sector average values, the company’s situation is quite risky.

Solvency

In terms of solvency, PPG is in a quite risky position (please see negative shareholders’ funds in balance sheet).

Negative shareholders’ funds is due to the negative retained earnings in three years. The liabilities are only composed of current liabilities (mostly short term debts - loans) which makes company’s financial situation even more delicate.

Profitability

The total sales value has increased by 41% (according to the original income statements) from 2008 to 2009 which is an impressive progress; and also the company succeded to increase its gross profit from 691 theto 1,158 th e.

The EBIT value was negative (- 50 the) in 2008 and turned into a positive value (210 the). However, the financial expenses lead to a financial loss in 2009 as well as the situation in 2008. Finally, the company finishes the year 2009 with a loss of - 197 the(that is less than the loss of - 510 thein 2008); hence both ROI and ROE keep their negative values. The progress in asset turnover (from 1,10 to 1,48) can be explained by the increase in the sales showing that the company increased its efficiency in using the assets to increase the sales. Gross Profit margin has improved by a rise from sufficient levels to adequate levels.

Comparison with the sector

Both solvency (leverage: - 3,17 and total assets/total liabilities: 0,68) and liquidity (current ratio: 0,54 and quick ratio: 0,24) indicators show that the subject is closer to the risky levels in the sector. Both ROI and ROE indicators are also around risky levels. The company having a gross profit margin with a value of 0,25 is between healthy levels and balanced levels explanining that it is closer to the succesful companies within the same sector. Cash Conversion Cycle (118 days) is longer than the sector, this is mainly due to the long day sales of inventory (107 days).

Other comments

Both current (0,54) and quick ratio (0,24) are in high danger levels. Also in comparison with the sector, these levels are even below risky levels indicating the company is not in a liquid position at all. One other piece of information is that the given website (www. ppg. com) belongs to the parent company of the subject.

Comments from local provider

The rating assigned by local provider to the company is B (Average: The company’s stability is expected to be IMPAIRED by adverse changes in circumstances and economic conditions). The local provider stated as: Based on the financial data, the total sales were considerably increased from VND 86,820,000,000 in 2008 to VND 121,614,000,000 in 2009. The subject made loss over the last few years in a decreasing trend. The global recession and credit crisis could continue to have negative impact on its results of operations and cash flows. It has been facing with difficulties in business in economic crisis. However now the subject’s business status is stable again. Moreover, there is also another aspect related to the loss at the end of the year. The FDI (foreign direct investment) companies operating in Vietnam which is that they accept to make loss on accounting basis to transfer profit back to the parent company in the foreign market and to avoid paying corporate tax in Vietnam.

Payment history

According to the provider, the Trade morality is “Normal“; liquidity is “Low“, Payment Status is “Limited” and Financial Situation is “Below Average“. There were no records found regarding Litigation and Bankruptcy. The subject has the capacity to meet small financial commitments. The payment methods of the subject are Document Against Payment (D/P) and Letter of Credit (L/C).

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

ASKMORE rating guide General vision

A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors.

The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements.

The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm.

The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company’s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge.

The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating.

This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Rating scale Rating class

Rating macro class

The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent

AAA

AA

Assessment

economic and financial flow and fund equilibrium.

Healthy

The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight.

The company has a high solvency. The company is however more susceptible to the adverse effects of changes in

A

circumstances and economic conditions than companies in higher rated categories.

Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.

BBB Balanced

A company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions.

BB

The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic

B

conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments.

Vulnerable

CCC

A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency.

CC

The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase.

Risky

C

The company shows considerable pathological situations. commitments is very low.

D

The company has not any longer the capacity to meet its financial commitments.

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The company’s capacity to meet its financial

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Fundamental Credit Rating Ratios Analysis area

Ratio

Assessment This measures the level of total liabilities of the company in comparison

Leverage ratio

with equity.

Solvency ratios

Financial ratios

Assets to debt

This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.

Fixed Assets coverage ratio

This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.

Current ratio

This measures whether a company has sufficient short-term assets to cover its short-term liabilities.

Liquidity ratios This compares current liabilities only to those assets that can be readily

Quick ratio

turned into cash.

Return on Investement(ROI)

This measures the profitability of company investments without regard to the way the investment is financed.

Return on Equity(ROE)

This measures the profitability of the equity.

Asset turnover

This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.

Profit margin

This indicates the profitability of sales.

Interest Paid coverage

This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.

Profitability and economic ratios

Interest coverage ratio

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit

MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:

• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).

The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.

Probability of default e Confidence Level

In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default.

As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default.

The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:

Confidence =

P Available Information P Total Information

The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company.

For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

PPG VIETNAM COMPANY LIMITED

Friday, 10 June 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Notes and disclaimer NOTES

The present analysis was based on the company available financial statements as provided by Bureau Van Dijk Electronic Publishing - ORBIS database (lack of both Notes to financial statements and Report on operations).

DISCLAIMER

All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.

Contacts Company

modeFinance

Products Where

MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com +39 040 3755337

Info web Phone

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