MIRA INFORM REPORT

Report Date :

28.09.2007

IDENTIFICATION DETAILS

Name :	TEVA Gyógyszergyár Zártkörűen Működő Részvénytársaság

Registered Office :	4042 Debrecen, Pallagi út 13. sz.

Country :	Hungary

Financials (as on) :	31.12.2005

Date of Incorporation :	12/28/1989

Legal Form :	Company limited by shares

Line of Business :	Manufacture of pharmaceutical preparations. Manufacture of other inorganic basic chemicals

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

name & address

TEVA Gyógyszergyár Zártkörűen Működő Részvénytársaság
4042 Debrecen, Pallagi út 13. sz.
Phone: +36-52-515040
Telefax: +36-52-515142
E-Mail: lajos.hegedus@teva.hu
Web: www.teva.hu

Legal form

Company limited by shares

Established on

12/28/1989 - Company limited by shares

Registered on

12/29/1989 Cj. Hajdú-Bihar megye, 09 10 000016
Tax number: 10318353-2-44
EU Community VAT identification number: HU10318353
KSH number: 10318353

Registered capital

12/06/2001

HUF

4 390 000 000

Shareholder

TEVA Magyarország Gyógyszerforgalmazó Zártkörűen Működő Részvénytársaság
2100 Gödöllő, Repülőtéri út 5.
Shareholder
Beginning of validity: 07/10/1996

Board of directors

Aharon Ya '' ari
IL-49131 Petah Tiqva, Basel Street 5.
Office-bearer
authorized to collective sign
Beginning of legal relation: 05/24/2006
End of legal relation: 05/31/2009
Beginning of validity: 05/24/2006
End of validity: 05/31/2009

Amos Anatot
NL-1082 GM Amsterdam, Van Leijenberglaan 34.
Office-bearer
authorized to collective sign
Beginning of validity: 05/24/2006
End of validity: 05/31/2009
Person in charge for delivery:
Dr. Földi Helga
4024 Debrecen, Teleki u. 34. I/3.

Dr. Leslie L. Dan
CA Canada M1B 2K9 Ontario, Toronto, Novopharm Court 30.
Office-bearer
authorized to collective sign
Beginning of legal relation: 11/03/2005
End of legal relation: 05/31/2008
Beginning of validity: 11/03/2005

Gerard WM van Odijk
NL-3640 AE Mijdrecht, Industrieweg 23.
Office-bearer
authorized to collective sign
Beginning of validity: 05/24/2006
End of validity: 05/31/2009
Person in charge for delivery:
Dr. Földi Helga
4024 Debrecen, Teleki u. 34. I/3.

Hegedűs Lajos
1029 Budapest, Tompa M. u. 15.
Office-bearer
authorized to collective sign
Beginning of legal relation: 05/25/2005
End of legal relation: 05/31/2008
Beginning of validity: 05/25/2005

Jacob Winter
IL-97774 Jerusalem, Har Hotzvim Industrial Area Ha' marpe Str 2.
Office-bearer
authorized to collective sign
Beginning of legal relation: 05/24/2006
End of legal relation: 05/31/2009
Beginning of validity: 05/24/2006
End of validity: 05/31/2009
Person in charge for delivery:
Dr. Földi Helga
4024 Debrecen, Teleki u. 34. I/3.

Theo J. Andriessen
NL-3648 XT Wilnis, Burgemeester Van Baaklaan 22.
Office-bearer
Beginning of legal relation: 05/24/2006
End of legal relation: 05/31/2009
Beginning of validity: 05/24/2006
End of validity: 05/31/2009
Person in charge for delivery:
Dr. Földi Helga
4024 Debrecen, Teleki u. 34. I/3.

Supervisory Board

Andre H. Friedman
1021 Budapest, Hűvösvölgyi u. 119.
member of the supervisory board
Beginning of legal relation: 05/24/2006
End of legal relation: 05/31/2009
Beginning of validity: 05/24/2006
End of validity: 05/31/2009

Kaszás Mihály
4031 Debrecen, Kishegyei út 26. I/5.
member of the supervisory board
Beginning of legal relation: 05/24/2006
End of legal relation: 05/31/2009
Beginning of validity: 01/31/2007

Ron Grupel
IL Ganey Yehuda, Hazait 31.
member of the supervisory board
Beginning of legal relation: 05/24/2006
End of legal relation: 05/31/2009
Beginning of validity: 05/24/2006
End of validity: 05/31/2009
Person in charge for delivery:
Dr. Földi Helga
4024 Debrecen, Teleki u. 34. I/3.

Auditor

Biczó Péter
1158 Budapest, Klébelsberg Kúnó u. 84.
Beginning of legal relation: 05/24/2007
Beginning of validity: 06/26/2007

PricewaterhouseCoopers Könyvvizsgáló és Gazdasági Tanácsadó Korlátolt Felelősségű Társaság
1077 Budapest, Wesselényi u. 16.
Beginning of legal relation: 05/24/2007
Beginning of validity: 06/26/2007

KPMG Hungária Könyvvizsgáló, Adó- és Közgazdasági Tanácsadó Korlátolt Felelősségű Társaság
1139 Budapest, Váci út 99.
Beginning of legal relation: 05/24/2006
End of legal relation: 05/31/2009
Beginning of validity: 05/24/2006
End of validity: 05/31/2009

General data

Main activity:
Manufacture of pharmaceutical preparations

Other activities:
Manufacture of other food products nec

Manufacture of other inorganic basic chemicals

Manufacture of other organic basic chemicals

Manufacture of pesticides and other agro-chemical products

Manufacture of basic pharmaceutical products

Manufacture of soap and detergents, cleaning and polishing preparation

Manufacture of perfumes and toilet preparations

Manufacture of other chemical products nec

Agents specializing in the sale of particular products or ranges of pr

Wholesale trade of pharmaceutical goods

Other wholesale

Retail sale of medical and orthopaedic goods

Letting of own property

Publishing of software

Other software consultancy and supply

Research and experimental development on natural sciences and engineer

Accounting, and auditing activities; tax consultancy

Market research and public opinion polling

Business and management consultancy activities

Technical testing and analysis

Other business activities nec

Other service activities nec

Brand name
ALLITHERA, ALUSULIN, ASTRIX, AUGMENTIN , BRONCHO-VAXOM, BRULAMYCIN, CONTRAMAL, CRUPODEX, DICYNONE,

DOXIUM, ERYC, HEVIZOS, ISOPRINOSINE, MARIPEN, NEOGRANORMON, OXYBION, PALLAGICIN, PENGLOBE, PEPONEN

PEPONEN, REVALID, SPUTOPUR, TILCOTIL, ULCERAN, VEGACILLIN

PENGLOBE

Former name
BIOGÁL Gyógysezrgyár Rt.
Beginning of validity: 12/08/1989
End of validity: 10/28/2004

TEVA Gyógyszergyár Rt.
Beginning of validity: 10/28/2004
End of validity: 12/22/2005

Full name
TEVA Gyógyszergyár Zártkörűen Működő Részvénytársaság
Beginning of validity: 12/22/2005

Name in foreign language
TEVA Pharmaceutical Works Private Limited Company
Beginning of validity: 12/22/2005

Short name
TEVA ZRt.
Beginning of validity: 12/22/2005

Export:
Belgium
Israel
Netherlands
Netherlands
Switzerland
USA

Import:
Germany
Israel
Netherlands
USA

General contacts:
Phone: +36-52-515040
Telefax: +36-52-515142
E-Mail: lajos.hegedus@teva.hu
Web: www.teva.hu

Residence address:
4042 Debrecen, Pallagi út 13. sz.
Beginning of validity: 12/28/1989

Address of the company premises:
4461 Nyírtelek, Görögszállás

Branch establishment:
2100 Gödöllő, Táncsics Mihály u. 82.
Phone:
+36-28-532100

3792 Sajóbábony, , 024/155. hrsz.

3792 Sajóbábony, 024/171. hrsz.

3792 Sajóbábony, 024/173. hrsz.

3792 Sajóbábony, 024/174. hrsz.

3792 Sajóbábony, 024/36. hrsz.

3792 Sajóbábony, 024/164. hrsz.

3792 Sajóbábony, 024/76. hrsz.

The company has ISO 9001 quality certificate.

Regular activity:

Producing and distributing of basic

materials, different kind of

medicines (human, veterinary)

healthgiving products

Employees

2005.

approx. 2400 employees

2006.

approx. 2500 employees

2007.

2106 employees

Annual turnover

1997.

Net income

HUF

18 459 166 000

1998.

Net income

HUF

24 575 995 000

1999.

Net income

HUF

28 718 058 000

2000.

Net income

HUF

36 232 560 000

2001.

Net income

HUF

41 977 902 000

2002.

Net income

HUF

50 852 777 000

2003.

Net income

HUF

85 074 264 000

2004.

Net income

HUF

86 029 000 000

2005.

Net income

HUF

91 770 000 000

Property

Company's property: office building

Book value: 18201000 HUF (According to balance - 2005)

Balance sheets

2005. évi mérleg (hivatalos forrás) (12/31/2005 - 1000000 HUF)
2004. évi mérleg (hivatalos forrás ) (12/31/2004 - 1000000 HUF)
2003. évi teljes mérleg (12/31/2003 - 1000 HUF)

2005. évi "A" eredménykimutatás (hivatalos forrás) (12/31/2005 - 1000000 HUF)
2004. évi teljes "A" eredménykimutatás (hivatalos forrás)) (12/31/2004 - 1000000 HUF)
2003. évi teljes "A" eredménykimutatás (12/31/2003 - 1000 HUF)

Remarks

The enclosed balance sheet for 2004 is originated from official source, it is authenticated by the auditor.
The enclosed balance sheet for 2005 is originated from official source, it is authenticated by the auditor.
There is no available balance sheet of 2006 in our and in other public databases.
The representative of the company refused to provide data verbally and has not responded to our written quest so far.

Interests

Interested party:

9312663399

Amos Anatot

Interest:

9310215845

BIOGAL-TEVA PHARMA Gyógyszerforgalmazó Zártkörűen Működő Részvénytársaság

Board of directors

Interested party:

9312663399

Amos Anatot

Interest:

9310795643

Orvet Kereskedelmi és Szolgáltató Korlátolt Felelősségű Társaság

Manager

Interested party:

9314104771

Gerard WM van Odijk

Interest:

9310002770

TEVA Magyarország Gyógyszerforgalmazó Zártkörűen Működő Részvénytársaság

Board of directors

Interested party:

9315077922

Hegedűs Lajos

Interest:

9315799127

HUMAN BioPlazma Gyártó és Kereskedelmi Korlátolt Felelősségű Társaság

Manager

Interested party:

9310002181

TEVA Gyógyszergyár Zártkörűen Működő Részvénytársaság

Interest:

9310393491

EL-TECH 93. Elektrotechnikai, Szolgáltató és Karbantartó Korlátolt Felelősségű Társaság

Owner

Interested party:

9310002181

TEVA Gyógyszergyár Zártkörűen Működő Részvénytársaság

Interest:

9315799127

HUMAN BioPlazma Gyártó és Kereskedelmi Korlátolt Felelősségű Társaság

Owner

Interested party:

9310002181

TEVA Gyógyszergyár Zártkörűen Működő Részvénytársaság

Interest:

9311191735

Plazmaferezis Állomás Egészségügyi Szolgáltató Közhasznú Társaság

Members

Interested party:

9310002181

TEVA Gyógyszergyár Zártkörűen Működő Részvénytársaság

Interest:

9310116159

TRANS-BIOGAL Fuvarozó, Kereskedelmi és Szolgáltató Korlátolt Felelősségű Társaság

Owner

Bank relations

CIB Bank Zrt. Debreceni fiók:
Central address: HU Debrecen, Simonffy u. 2/a.
Account number: 107001410206290952300002

ING Bank Rt.:
Central address: HU Budapest, Dózsa György út 84/B.
Account number: 137010170339810200000000
Account number: 137000160339801600000000

CIB Bank Zrt. Gödöllői fiók:
Central address: HU Gödöllő, Szabadság tér 16-17.
Account number: 107001960206290952200005

MKB Bank Nyrt.:
Central address: HU Budapest, Szent István tér 11.
Account number: 103000023460302420643285
Account number: 103000023460302420713285
Account number: 103000023460302420883285
Account number: 103000023460302420953285
Account number: 103000023460302420573285
Account number: 103000023460302470143285
Account number: 103000023460302421123285
Account number: 103000023460302476293285
Account number: 103000023460302470213285
Account number: 103000023460302421293285
Account number: 103000023460302476813285
Account number: 103000023460302470453285
Account number: 103000023460302421363285
Account number: 103000023460302473823285
Account number: 103000023460302421433285
Account number: 103000023460302470073285
Account number: 103000023460302475193285
Account number: 103000023460302421503285
Account number: 103000027060201626304014
Account number: 103000027060201626314886

Company development

Company development constant

Business course

good

Terms of payment

in so far as known, punctually

Business connection

The establishing of the business connection is allowed

Credit limit

HUF 99 999 999
EUR 404 000

The above limit is the maximum which can be given.
Referring to the significance of the company, according to our calculation, the credit limit can be extended until HUF 2 355 488 000 (EUR 9 516 172) but for own responsibility.

Number of queries

Duration	Queries
4 weeks	1
4 - 8 weeks	0
8 weeks - 12 months	1

Legal agreement

This information is addressed exclusively to addresse. We don't assume responsibility for negligence referring to the content of this information. On behalf of the objective information, please inform us if you have different observations.

Advertisement

Database of "Hungarian TOP 500 companies" represented in HVG on 03.01.2007. had been revised of more than 6500 companies (from official sources and company data).

A. 2005. évi mérleg (hivatalos forrás) (12/31/2005 - 1000000 HUF)
B. 2004. évi mérleg (hivatalos forrás ) (12/31/2004 - 1000000 HUF)
C. 2003. évi teljes mérleg (12/31/2003 - 1000 HUF)

Balance row	A	A <- B%	B	B <- C%	C
ASSETS INVESTED	113 459	1	109 164	1,3	84 182 596
Intangible assets	22 968	1	24 157	1	25 004 292
- Rights representing assets	11 200	0,9	12 303	0,6	21 742 160
- Goodwill	6 861	0,9	7 623
Advanced money given for intangible assets			122
- Intellectual products	508	1,2	439	1,4	321 537
- Capitalized value of experimental development	4 399	1,2	3 670	1,2	2 940 595
- Capitalized value of incorporation/reorganization
- Adjustment of the value of intangible assets
Tangible assets	45 015	1,1	39 145	2	19 511 468
- Immovables	18 201	1,4	13 271	1,7	7 702 795
- Technological equipment, machinery and vehicles	24 063	1,4	16 904	1,7	9 805 341
- Other equipment, appliances and vehicles	947	0,3	2 816	4,5	627 496
animals for breeding
- Investments	1 772	0,3	6 154	5,3	1 164 364
- Advance payments made towards investments	32				211 472
- Adjustment of the value of tangible assets
Financial means invested	45 476	1	45 862	1,2	39 666 836
Permanent interest in associated company	7	0	898	0,6	1 564 786
Permanent loan given in associated company	42 877	1	41 750	1,2	35 371 760
Other permanent interest	56	1	55	1,7	32 196
Permanent loan given in other participating relation
Other loan given to a longer period	94	1,5	64	1,1	57 388
Security personifying permanent credit relation	2 442	0,8	3 095	1,2	2 640 706
- Adjustment of the value of liquid assets invested
CURRENT ASSETS	197 576	1,2	162 501	1,2	132 628 537
Inventories	23 396	1,1	22 110	1,5	14 343 438
- Materials	8 140	0,7	11 380	1,5	7 656 670
- Commodities	138	0,3	447	5,2	86 030
- Advance payments made towards inventories					199
- Livestock
- Incomplete production and semi-finished products	10 287	1,7	6 170	1,4	4 408 923
- Finished products	4 831	1,2	4 113	1,9	2 191 616
Accounts receivable	130 913	1,5	88 780	0,8	104 794 469
- Receivables from clients on account of deliveries	8 594	2,3	3 759	0,8	4 473 206
Receivables from associated company	29 225	1,2	25 161	1	25 669 243
Receivables from other participating relation	30	7,5	4	1,7	2 286
- Bills receivable
- Other receivables	93 064	1,6	59 856	0,8	74 649 734
Securities	27 473	0,6	43 424	17	2 550 096
Interest in associated company	6 402	0,2	33 172
Other interest	1	1	1	0,8	1 200
Securities personifying circulational credit relation aim	21 070	2,1	10 251	4	2 548 896
Treasury stock, business quotas
Liquid assets	15 794	1,9	8 187	0,7	10 940 534
- Cash at hand and cheques	2	1	2	2,5	799
- Bank deposits	15 792	1,9	8 185	0,7	10 939 735
ACCRUED AND DEFERRED ASSETS	2 692	0,7	3 715	0,3	11 279 885
Accrued and deferred assets of revenues	2 426	0,7	3 554	0,3	11 137 867
Accrued and deferred assets of expenses, expenditures	266	1,7	161	1,1	142 018
Postponed expenditures
TOTAL ASSETS	313 727	1,1	275 380	1,2	228 091 018
SHAREHOLDERS' EQUITY	194 538	1,3	152 347	1,3	121 808 856
Capital subscribed	4 390	1	4 390	1	4 390 000
own shares redeemed at par value
Capital subscribed but not yet paid
Capital reserve	9	1	9	1	9 364
Profit reserve	139 607	1,2	113 739	1,6	70 433 987
Locked-up reserve	4 399	1,2	3 670	1,2	2 940 595
Provision for re-evaluation differences
Result as per balance-sheet	46 133	1,5	30 539	0,7	44 034 910
SPECIFIC RESERVES	8 103	15,3	530	1,4	377 208
Specific reserves for anticipated liabilities	7 849	42,9	183	2,6	70 550
Provisions for the future expenses	254	0,7	347	1,1	306 658
Other provisions
LIABILITIES	96 903	0,8	117 384	1,2	96 468 238
Other liabilities
Long-term liabilities	46 462	1,5	30 048	1,5	20 298 505
- Investment and development credits
- Other long-term credits
- Long-term loans received	1 027	0,9	1 155
Convertible securities
- Debts assumed on the issue of bonds
Permanent liabilities to associated company	45 435	1,6	28 893	1,4	20 298 505
Permanent liabilities to other participating relation
- Other long-term liabilities
Short-term liabilities	50 441	0,6	87 336	1,1	76 169 733
- Advance payments received from customers	16	1	16	4,6	3 447
- Liabilities from deliveries and services (suppliers)	5 442	1,1	5 105	1,5	3 297 135
- Bills payable
Short-term liabilities towards affiliated companies	39 257	0,6	70 156	1	71 153 134
Short-term liabilities towards companies in which other participations are held	137	0,5	269	0,9	294 140
- Short-term credits	5 132	0,6	9 021
- Short-term loans	342	1,2	289
from this: convertible securities
- Other short-term liabilities	115	0,0	2 480	1,7	1 421 877
ACCRUED EXPENSES	14 183	2,8	5 119	0,5	9 436 716
Accrued expenses of revenues	870	1	843	1,9	454 515
Accrued expenses of costs, expenditures	13 308	3,1	4 273	0,5	8 981 512
Postponed revenues	5	1,7	3	4,4	689
TOTAL LIABILITIES	313 727	1,1	275 380	1,2	228 091 018

Balance indices	A	B	C
Liquidity 1	3.9170	1.8606	1.7412
Liquidity 2	3.4531	1.6075	1.5529
Rate of sources (Liabilities/Shareholders' equity)	49.81%	77.05%	79.20%
Rate of tangible assets (Tangible assets/Fixed assets)	14.35%	14.21%	8.55%
Rate of current assets (Current assets/Fixed assets)	62.98%	59.01%	58.15%
Capital (Shareholders' equity/Sources)	62.01%	55.32%	53.40%
Measure of indebtedness (liability / all sources)	30.89%	42.63%	42.29%
Security of fixed assets (shrhldr's equity / fixed assets)	171.46%	139.56%	144.70%
Liquidation acid test ratio: financial assets/ current liabilities	31.31%	9.37%	14.36%

A. 2005. évi "A" eredménykimutatás (hivatalos forrás) (12/31/2005 - 1000000 HUF)
B. 2004. évi teljes "A" eredménykimutatás (hivatalos forrás)) (12/31/2004 - 1000000 HUF)
C. 2003. évi teljes "A" eredménykimutatás (12/31/2003 - 1000 HUF)

Balance row	A	A <- B%	B	B <- C%	C
- Net returns from domestic sales	24 278	1,8	13 250	1,1	11 989 788
- Net returns from export sales	67 492	0,9	72 779	1	73 084 476
Net returns from sales	91 770	1,1	86 029	1	85 074 264
Other revenues	895	3	295	1,7	173 275
- Capitalized value of assets of own production	2 793	0,8	3 682	2,5	1 465 864
- Changes in the stock of inventories compiled from own products	4 835	2,7	1 812	1	1 902 458
Capitalized value of own performance	7 628	1,4	5 494	1,6	3 368 322
Depreciation	1				1 493
- Material costs	30 131	1,2	25 832	1,4	19 009 146
- Value of material-type services the Company availed itself of	12 739	1,1	11 953	0,9	13 869 472
Value of other deliveries	684	1,4	506	1	492 769
- Purchase value of the goods sold	628	1,1	557	1,5	369 843
Value of sold (intermediate) services	300	1,8	171	1,2	148 650
Material--type costs	44 482	1,1	39 019	1,2	33 889 880
- Wages and salaries	6 252	1,5	4 121	1,1	3 692 693
- Other staff emoluments	1 043	1,6	651	1,2	530 628
Payment contributions	2 260	1,5	1 495	1,1	1 326 884
Staff costs	9 555	1,5	6 267	1,1	5 550 205
Depreciation	7 685	1,3	6 098	1,6	3 706 962
Other expenditures	11 693	0,7	15 901	2,4	6 749 731
Depreciation	1 534	0,2	7 572	13,3	567 205
TRADING PROFIT/INCOME FROM OPERATIONS	26 878	1,1	24 533	0,6	38 719 083
Interest receivable and similar income			819	1,6	499 477
Given to associated company			15	0,1	156 146
Dividends received and profit sharing	145	9,7	15	0,2	78 085
Received from associated company	145				9 295
Depreciation of selling the interests
Received from associated company			367
Exchange profit and interest of the invested liquid assets	4 496	2	2 230	1,1	1 994 224
Received from associated company	4 237	2,3	1 858	1	1 886 150
Other revenues from financial transactions	48 104	1,7	28 029	1,1	24 772 244
Revenues from financial transactions	54 133	1,7	31 093	1,1	27 344 030
Depreciation of the invested liquid assets			29	15,2	1 906
Given to associated company
Interest paid and interest related expenses	5 768	2,8	2 082	1	1 985 382
Given to associated company	5 539	2,7	2 050	1	1 982 593
Depreciation of interests, shares and bank deposits					-41
Other expenditures on financial. transactions	28 263	1,3	22 414	1,2	19 196 740
Expenses on financial transactions	34 031	1,4	24 525	1,2	21 183 987
PROFIT FROM FINANCIAL TRANSACTIONS	20 102	3,1	6 568	1,1	6 160 043
PROFIT FROM ORDINARY ACTIVITIES	46 980	1,5	31 101	0,7	44 879 126
Extraordinary incomes	98	7,5	13	0,1	200 687
Extraordinary expenditures	45	1	47	0,8	60 386
EXTRAORDINARY PROFITS	53	-1,6	-34	-0,2	140 301
PRE-TAX PROFITS	47 033	1,5	31 067	0,7	45 019 427
Tax payable	900	1,7	528	0,5	984 517
AFTER-TAX PROFIT	46 133	1,5	30 539	0,7	44 034 910
Use of accumulated profit reserve for dividends and profit sharing
Dividend and profit sharing approved and paid
PROFIT AS PER BALANCE-SHEET	46 133	1,5	30 539	0,7	44 034 910

Balance indices	A	B	C
Rentability	51.25%	36.11%	52.92%
Annual change of the net return of sales	6.67%	-99.90%	67.30%

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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