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modeFinance ASKMORE Credit Report Plus versionTRANSCRIPT
If you want to know more, ASKMORE TM
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PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
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
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
31/12/2009 31/12/2008 31/12/2007
Turnover (th e) 4,663 3,672 -
Rating CCC CC C
Probability of default 15.00% 41.00% 65.00%
Confidence Level 100% 100% 50%
Solvency ratios
Leverage ratio -3.17 -3.45 -3.23
Total asset/Total liabilties 0.68 0.71 0.69
Liquidity ratios
Current Ratio 0.54 0.54 0.54
Quick Ratio 0.24 0.23 0.21
Profitability and economic equili-
brium ratios
Return on investement ROI (%) -6.00 -13.94 -
Return on equity ROE (%) -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 -
Interest Coverage ratios
EBIT interest coverage ratio +Inf -1.19 -
Analysis and trend of financial
strength
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis
Company Healthy Balanced Vulnerable Risky
Solvency ratios
Leverage ratio -3.17 0.46 1.10 3.22 9.84
Total asset/Total liabilties 0.68 3.18 1.90 1.29 1.06
Liquidity ratios
Current Ratio 0.54 2.64 1.56 1.13 0.80
Quick Ratio 0.24 2.08 1.14 0.82 0.54
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
Interest Coverage ratios
EBIT interest coverage ratio +Inf 87.73 3.23 -4.04 -11.29
Cash Conversion Cycle (days)
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
Numer of analyzed companies - 575 1,196 524 89
(Average) Rating CCC A BBB B CC
The sector has been chosen according to:
international companies in the sector NACE 2 2030 with financial data of year 2009.
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 3,148 3,351 1,912
Fixed assets 673 779 409
Intangible fixed assets 4 8 12
Tangible fixed assets 623 294 333
Other fixed assets 47 478 64
Current assets 2,475 2,572 1,503
Stocks 1,372 1,509 927
Debtors 705 648 432
Other current assets 398 232 17
Cash & cash equivalent 314 183 126
Shareholders funds -1,450 -1,369 -858
Capital 415 454 453
Other shareholders funds -1,865 -1,823 -1,310
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 3,366 3,849 2,363
Creditors 559 238 94
Other current liabilities 673 633 313
Total shareh. funds & liab. 3,148 3,351 1,912
NET DEBT (th e) 31/12/2009 31/12/2008 31/12/2007
Short term debts 3,366 3,849 2,363
Long term debt 0 0 0
Cash & cash equivalent 314 183 126
Net debt 3,052 3,666 2,237
31/12/2009 31/12/2008 31/12/2007
Working capital 1,518 1,919 1,266
Net Current Assets -2,123 -2,149 -1,267
31/12/2009 31/12/2008 31/12/2007
Days Sales Of Inventory (DIO) 107 150 -
Days Sales Outstanding (DSO) 55 64 -
Days Payable Outstanding (DPO) 44 24 -
Cash Conversion Cycle (DIO + DSO - DPO) 118 190 -
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Sales 4,705 3,672 -
Revenues growth (%) 28.1 - -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized-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 - - -
EBIT 210 -50 -
Financial P/L -400 -458 -
Financial revenue 9 2 -
Financial expenses 408 460 -
Interest paid 0 42 -
P/L before tax -189 -509 -
Extr. and other P/L -8 -1 -
Extr. and other revenue 0 0 -
Extr. and other expenses 8 1 -
P/L before tax + Extr. and other P/L -197 -510 -
Taxation 0 0 -
P/L for period -197 -510 -
31/12/2009 31/12/2008 31/12/2007
Costs of Good Sold 3,505 2,982 -
Gross Profit 1,158 691 -
Other Operating Expenses 948 741 -
31/12/2009 31/12/2008 31/12/2007
Cash flow - - -
Added value - - -
31/12/2009 31/12/2008 31/12/2007
Number of employees - - -
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 worldwi-
de). 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.
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 No. 115 Nguyen Hue Str, Ben Nghe Ward, District 1 - Ho Chi Minh City -
Vietnam (Tel:(84 - 8) 8242118 )
JOINT STOCK COMMERCIAL BANK FOR FO-
REIGN TRADE OF VIETNAM HO CHI MINH
BRANCH
Bank No. 29 Ben Chuong Duong - District 1 - Ho Chi Minh City - Vietnam
(Tel:(84 - 8) 3829 7245 - 3823 0310 - 3823 0311 )
Board
name date of birth nationality function
Mr. SEKMAKAS VIKTORAS RIMAS - Malaysian General Director
Mr. NGUYEN DINH LONG - Vietnamese Managing Director
Mr. PHAN THU DINH - - Purchasing Manager
Ms. VO THI THUY HANG - Vietnamese Chief Accountant
Sharehoders (the first twenty shareholders ordered by Direct %))
PPG INDUSTRIES SECURITIES, INC. Rating: -
Country ISO code US Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 100.00 Number of Employees -
Total % - Information date 05/2011
Address: 1, PPG Place, 15272 PITTSBURGH, United States of America, Tel: (412) 434 - 3131
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
Not available.
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 com-
posed 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).
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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.
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
economic and financial flow and fund equilibrium.
AAThe company has very strong creditworthiness. It also has a good capital structure and economic and financial
equilibrium. Difference from AAA is slight.
AThe company has a high solvency. The company is however more susceptible to the adverse effects of changes in
circumstances and economic conditions than companies in higher rated categories.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial
commitments could be affected by serious unfavourable events.
BBA 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.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments.
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
Risky
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the
company’s strong disequilibrium could increase.
CThe company shows considerable pathological situations. The company’s capacity to meet its financial
commitments is very low.
D The company has not any longer the capacity to meet its financial commitments.
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
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 coverage ratio 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.
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 =
∑Available Information∑
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.
PPG VIETNAM COMPANYLIMITEDFriday, 10 June 2011
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 MORE rating
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web www.modefinance.com
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