MIRA INFORM REPORT

Report Date :

27.07.2011

IDENTIFICATION DETAILS

Correct Name :	BENTRE PHARMACEUTICAL JOINT-STOCK COMPANY
Registered Office :	No. 6A3 National Road No. 60 - Phu Tan Ward - Ben Tre City - Ben Tre Province
Country :	Vietnam
Financials (as on) :	31.03.2011
Year of Establishment :	1976
Com. Reg. No.:	1300382591
Legal Form :	Joint Stock Company
Line of Business :	Import & trade in pharmaceutical raw materials, medicine products, medical equipments and manufacturing non beta-lactam products

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Vietnam	b1	b1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

SUBJECT IDENTIFICATION & LEGAL FORM

Current legal status
Registered English Name	BENTRE PHARMACEUTICAL JOINT-STOCK COMPANY
Registered Vietnamese Name	CONG TY CO PHAN DUOC PHAM BEN TRE
Registered short name	BEPHARCO
Type of Business	Joint stock company
Year Established	1976
Establishment Decision	987/QD-UB
Date of Issuance	01 Dec 1992
Place of Issuance	People’s Committee of Ben Tre Province
Business Registration No.	1300382591
Date of Registration	21 Mar 2011
Place of Registration	Ben Tre Department of Planning and Investment
Current registered capital	30,000,000,000 VND
Status	Listed
Stock symbol	DBT
Stock Market	HNX
Outstanding stock	3,000,000
Tax code	1300382591
Total Employees	360

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Type of Business: State Owned Enterprise Changed to: Joint Stock Company	05 Jul 2004
2	Subject has got former Registered English Name: BENTRE PHARMACEUTICAL AND MEDICAL EQUIPMENT COMPANY Changed to: BEN TRE PHARMACEUTICAL JOINT-STOCK COMPANY	05 Jul 2004
3	Subject has got former registered capital: 20,000,000,000 VND Changed to: 30,000,000,000 VND	Nov 2007
4	Subject has got former Business Registration No. 5503000017 Changed to: 1300382591	21 Mar 2011

company ADDRESSES

Head Office
Address	No. 6A3 National Road No. 60 - Phu Tan Ward - Ben Tre City - Ben Tre Province - Vietnam
Telephone	(84-75) 3822429/3813447/3829528/3827467
Fax	(84-75) 3824248/3827467
Email	bepharco@vnn.vn
Website	www.bepharco.com
Note	- The given address is not exact. The correct address is as above -The given phone numbers and fax number are not correct. The correct phone and fax numbers are above. -The given e-mail is belonged to Ho Chi Minh Branch
Branch in Ho Chi Minh
Address	436B/76 3-2 Str, Ward 12 - 10 District - Ho Chi Minh City - Vietnam
Telephone	(84-8) 38632146/38632117
Fax	(84-8) 8632115
Email	bepharcohcm@hcm.vnn.vn
Branch in Ha Noi
Address	No 9, Branch 12/2 Nguyen Phuc Lai Str, O Cho Dua Ward - Dong Da District - Ha Noi City - Vietnam
Telephone	(84-4) 35147604
Fax	(84-4) 5147605
Email	bepharcohn@fpt.vn
Branch in Da Nang
Address	No.408 Le Duan Str, Chinh Gian Ward - Thanh Khe District - Da Nang City - Vietnam
Telephone	(84-511) 3646548 / 3647289
Fax	(84-511) 3646548
Email	bepharcodng@vnn.vn
Branch in Can Tho
Address	No. 176B Tran Quang Dieu Str, An Thoi Ward - Binh Thuy District - Can Tho City - Vietnam
Telephone	(84-71) 3887859/3888392
Fax	(84-71) 3887859
Branch in Khanh Hoa
Address	No. 18A 2-4 Street - Nha Trang City - Khanh Hoa Province - Vietnam
Telephone	(84-58) 6251565
Fax	(84-58) 6251566
Branch in Ninh Binh
Address	No. 51 1B Street - Nam Thanh Ward - Ninh Binh City - Ninh Binh Province - Vietnam

SUBSIDIARIES AND RELATED COMPANIES

1. SUBSIDIARIES - MEYER – BPC JOINT VENTURE COMPANY
Registered Capital	1,500,000 USD
Tax code	1300337479
Address	No. 6A3 National Road No. 60, Phu Khuong Ward - Ben Tre City - Ben Tre Province - Vietnam
Tel	(84-75) 3 822 428/3 817 571/3 820 230
Fax	(84-75) 3 817 573
Note: MEYER – BPC JOINT VENTURE COMPANY is a joint venture between the subject and MEYER PHARMACEUTICALS LTD in Hong Kong. MEYER – BPC JOINT VENTURE COMPANY officially operated in 2005

DIRECTORS

1. NAME	Mr. DINH VAN BICH
Position	Chairman
Date of Birth	20 Dec 1949
ID Number/Passport	320001481
ID Issue Date	03 Aug 2004
ID Issue Place	Ben Tre Department of Public Security
Resident	No. 200A/4 Quarter 3 - Phu Khuong Ward - Ben Tre City - Ben Tre Province - Vietnam
Nationality	Vietnamese
Tel/Mobil phone	(84-75) 3813447
2. NAME	Mr. NGUYEN VIET SON
Position	Director
Date of Birth	10 Feb 2005
ID Number/Passport	320044041
ID Issue Date	19 Nov 2002
ID Issue Place	Hanoi Department of Police
Registered resident	No. 09 29/3 Street - Ba Tri Town - Ba Tri District - Ben Tre Province - Vietnam
Current resident	No. 179 Nguyen Dinh Chieu Street - Ward 2 - Ben Tre City - Ben Tre Province - Vietnam
Nationality	Vietnamese
3. NAME	Mr. DUONG THANH DONG
Position	Deputy Director
Date of Birth	22 Nov 1953
ID Number/Passport	321321574
ID Issue Date	18 Jul 2004
ID Issue Place	Ben Tre Department of Police
Resident	No.25 Nguyen Hue Street, Ward 1 - Ben Tre City - Ben Tre Province - Vietnam
Nationality	Vietnamese
4. NAME	Mr. LE PHUOC LE
Position	Deputy Director
Date of Birth	24 May 1964
ID Number/Passport	32049346
ID Issue Date	25 Dec 2003
ID Issue Place	Ben Tre Department of Police
Resident	No.83B, Truong Dinh Street, Ward 6 - Ben Tre City - Ben Tre Province - Vietnam
Nationality	Vietnamese
5. NAME	Ms. TRAN THI THANH PHUONG
Position	Deputy Director
Date of Birth	04 Aug 1964
ID Number/Passport	320494399
ID Issue Date	04 Apr 2002
ID Issue Place	Ben Tre Department of Police
Resident	No. 275 A4 - Quarter 3 Phu Khuong - Ben Tre City - Ben Tre Province - Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

Import & trade in pharmaceutical raw materials, medicine products, medical equipments and manufacturing non beta-lactam products

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products	Medicine
· Market	Hungary, India, France, Korea, Hong Kong, New Zealand, Germany, Thailand, China, Singapore…
EXPORT:
· Market	N.A

BANKERS

1. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE BEN TRE BRANCH
Address	No.142A Nguyen Dinh Chieu - Ben Tre City - Ben Tre Province - Vietnam
Telephone	(84-75) 3824960
Note	Incombank is the former short name of Vietinbank. Since 2008, this bank has changed its English and short name as above.
2. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM BEN TRE BRANCH
Address	No.21 Dong Khoi Boulevard, Ward 3 - Ben Tre City - Ben Tre Province - Vietnam
Telephone	(84-75) 3826084

SHAREHOLDERS

This is the list of foundation shareholders:
1. NAME	STATE CAPITAL INVESTMENT CORPORATION
Business Registration	0101992921
Date of Registration	09 Jul 2010
Place of Registration	Ha Noi Planning and Investment Department
Representative	Mr. DINH VAN BICH
Registered Capital	19,000,000,000,000 VND
Tax code	0101992921
Address	No. 15A Tran Khanh Du Str., - Hoan Kiem District - Ha Noi City - Vietnam
Tel	(84-4) 62780126
Fax	(84-4) 62780136
Number of shares	1,020,000
Percentage	34%
Representative	Mr. DINH VAN BICH
Position	Chairman
Date of Birth	20 Dec 1949
ID Number/Passport	320001481
Issued on	03 Aug 2004
Issued Place	Ben Tre Department of Public Security
Resident	No. 200A/4 Quarter 3 - Phu Khuong Ward - Ben Tre City - Ben Tre Province - Vietnam
Work phone	(84-75) 3813447
Nationality	Vietnamese
2. NAME	Mr. DINH VAN BICH
Position	Chairman
Date of Birth	20 Dec 1949
ID Number/Passport	320001481
Issued on	03 Aug 2004
Issued Place	Ben Tre Department of Public Security
Resident	No. 200A/4 Quarter 3 - Phu Khuong Ward - Ben Tre City - Ben Tre Province - Vietnam
Work phone	(84-75) 3813447
Nationality	Vietnamese
Number of Shares	25,410
Percentage	0.847%
3. NAME	Mr. NGUYEN VAN NEN
Date of Birth	21 Oct 1954
Resident	No. 91A Road No. 30/4, Ward 3 - Ben Tre City - Ben Tre Province - Vietnam
Number of Shares	20,220
Percentage	0.674%
4. NAME	Mr. LE PHUOC LE
Position	Deputy Director
Date of Birth	24 May 1964
ID Number/Passport	32049346
Issued on	25 Dec 2003
Issued Place	Ben Tre Department of Police
Resident	No.83B, Truong Dinh Street, Ward 6 - Ben Tre City - Ben Tre Province - Vietnam
Nationality	Vietnamese
Number of Shares	4,899
Percentage	0.1633%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/03/2011	31/12/2010	31/12/2009
Number of weeks	-	52	52
ASSETS
A – CURRENT ASSETS	202,902,396,796	212,651,869,678	225,746,111,153
I. Cash and cash equivalents	6,838,344,427	10,276,789,023	6,165,040,644
1. Cash	6,838,344,427	10,276,789,023	6,165,040,644
2. Cash equivalents	0	0	0
II. Short-term investments	975,099,913	1,104,691,073	1,589,629,997
1. Short-term investments	1,585,195,618	1,554,518,827	1,804,752,673
2. Provisions for devaluation of short-term investments	-610,095,705	-449,827,754	-215,122,676
III. Accounts receivable	82,079,738,582	83,362,773,230	70,815,566,877
1. Receivable from customers	78,829,846,795	78,047,847,201	69,106,918,166
2. Prepayments to suppliers	2,722,980,046	3,678,787,026	2,042,626,046
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	880,437,992	1,989,665,254	-333,977,335
6. Provisions for bad debts	-353,526,251	-353,526,251	0
IV. Inventories	102,900,139,781	110,005,527,347	137,788,669,471
1. Inventories	104,228,714,348	111,334,101,914	138,299,230,171
2. Provisions for devaluation of inventories	-1,328,574,567	-1,328,574,567	-510,560,700
V. Other Current Assets	10,109,074,093	7,902,089,005	9,387,204,164
1. Short-term prepaid expenses	109,518,243	13,153,133	601,849,019
2. VAT to be deducted	1,208,422,746	1,771,316,533	3,334,280,598
3. Taxes and other accounts receivable from the State	0	0	924,772
4. Other current assets	8,791,133,104	6,117,619,339	5,450,149,775
B. LONG-TERM ASSETS	43,311,573,502	43,688,775,483	39,130,084,802
I. Long term account receivable	0	0	0
1. Long term account receivable from customers	0	0	0
2. Working capital in affiliates	0	0	0
3. Long-term inter-company receivable	0	0	0
4. Other long-term receivable	0	0	0
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	38,643,268,819	38,762,512,524	34,632,766,961
1. Tangible assets	30,413,403,385	31,486,113,789	30,169,733,702
- Historical costs	54,130,518,198	54,621,061,046	49,337,876,978
- Accumulated depreciation	-23,717,114,813	-23,134,947,257	-19,168,143,276
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	5,684,882,555	5,441,393,718	3,749,775,070
- Initial costs	5,932,192,959	5,659,160,559	3,909,160,559
- Accumulated amortization	-247,310,404	-217,766,841	-159,385,489
4. Construction-in-progress	2,544,982,879	1,835,005,017	713,258,189
III. Investment property	26,140,017	29,156,172	41,220,792
Historical costs	125,214,090	125,214,090	125,214,090
Accumulated depreciation	-99,074,073	-96,057,918	-83,993,298
IV. Long-term investments	1,109,222,481	216,710,000	286,910,000
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	0	0	0
3. Other long-term investments	1,109,222,481	216,710,000	286,910,000
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	3,532,942,185	4,680,396,787	4,169,187,049
1. Long-term prepaid expenses	3,528,396,731	3,553,420,823	4,157,823,413
2. Deferred income tax assets	4,545,454	234,463,483	11,363,636
3. Other long-term assets	0	892,512,481	0
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	246,213,970,298	256,340,645,161	264,876,195,955
LIABILITIES
A- LIABILITIES	161,501,273,284	172,253,780,783	186,144,312,571
I. Current liabilities	157,188,313,639	167,611,636,055	182,457,893,198
1. Short-term debts and loans	107,513,747,162	99,545,467,194	114,366,101,398
2. Payable to suppliers	42,192,836,030	59,231,671,961	61,348,347,220
3. Advances from customers	1,668,951,762	1,595,143,566	1,686,698,442
4. Taxes and other obligations to the State Budget	1,533,503,912	4,177,485,973	3,407,717,396
5. Payable to employees	2,308,242,556	1,448,847,370	819,545,783
6. Accrued expenses	385,000,000	0	0
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	1,586,032,217	1,613,019,991	829,482,959
10. Provisions for short-term accounts payable	0	0	0
II. Long-Term Liabilities	4,312,959,645	4,642,144,728	3,686,419,373
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	232,754,261	262,754,261	0
4. Long-term debts and loans	4,034,306,273	4,302,556,273	3,519,226,592
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	45,899,111	76,834,194	167,192,781
7. Provisions for long-term accounts payable	0	0	0
B- OWNER’S EQUITY	75,586,699,893	74,319,021,988	69,671,096,958
I. OWNER’S EQUITY	75,192,961,689	74,200,017,882	69,571,271,197
1. Capital	30,000,000,000	30,000,000,000	30,000,000,000
2. Share premiums	26,493,488,000	26,493,488,000	26,493,488,000
3. Other sources of capital	0	0	0
4. Treasury stocks	-1,264,443,840	-1,264,443,840	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	328,034,379	0	55,114
7. Business promotion fund	3,907,323,020	3,907,323,020	3,907,323,020
8. Financial reserved fund	1,746,914,407	1,746,914,407	1,746,914,407
9. Other funds	1,518,242,922	1,518,242,922	1,213,457,204
10. Retained earnings	12,763,402,801	11,798,493,373	6,210,033,452
11. Construction investment fund	0	0	0
II. Other sources and funds	93,738,204	119,004,106	99,825,761
1. Bonus and welfare funds	43,738,204	69,004,106	49,825,761
2. Sources of expenditure	50,000,000	50,000,000	50,000,000
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	9,125,997,121	9,767,842,390	9,060,786,426
TOTAL LIABILITIES AND OWNER’S EQUITY	246,213,970,298	256,340,645,161	264,876,195,955

PROFIT & LOSS STATEMENT
Description	The first 3 months of 2011	FY2010	FY2009
1. Total Sale	114,963,669,348	491,736,275,170	424,841,103,018
2. Deduction item	145,473,770	1,210,494,370	1,504,314,492
3. Net sale	114,818,195,578	490,525,780,800	423,336,788,526
4. Costs of goods sold	88,402,967,026	386,405,748,889	337,575,574,648
5. Gross profit	26,415,228,552	104,120,031,911	85,761,213,878
6. Financial income	641,079,061	4,133,638,012	9,389,460,889
7. Financial expenses	9,091,300,712	21,047,500,185	27,139,517,184
- In which: Loan interest expenses		16,193,614,508	10,224,326,436
8. Selling expenses	12,547,869,372	60,182,185,412	51,726,555,240
9. Administrative overheads	3,801,655,410	20,891,560,285	14,520,857,276
10. Net operating profit	1,615,482,119	6,132,424,041	1,763,745,067
11. Other income	6,360,481,532	21,180,090,386	25,395,888,784
12. Other expenses	4,548,445,545	10,054,617,506	18,950,985,034
13. Other profit /(loss)	1,812,035,987	11,125,472,880	6,444,903,750
14. Total accounting profit before tax	3,427,518,106	17,257,896,921	8,208,648,817
15. Current corporate income tax	779,897,840	4,490,141,425	1,007,873,006
16. Deferred corporate income tax	0	185,492,108	-22,002,753
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	2,647,620,266	12,582,263,388	7,178,773,058

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	The first 3 months of 2011	FY2010	FY2009	Average Industry
Current liquidity ratio	1.29	1.27	1.24	2.19
Quick liquidity ratio	0.64	0.61	0.48	1.41
Inventory circle	0.83	3.51	2.45	4.67
Average receive period	260.93	62.03	61.06	79.16
Utilizing asset performance	0.47	1.91	1.60	1.91
Liability by total asset	65.59	67.20	70.28	56.82
Liability by owner equity	213.66	231.78	267.18	486.78
Ebit / Total asset (ROA)	1.39	13.05	6.96	10.47
Ebit / Owner's equity (ROE)	4.53	45.01	26.46	34.50
Ebit / Total sale (NPM)	2.98	6.80	4.34	6.80
Gross profit / Total sale (GPM)	22.98	21.17	20.19	20.29
Note: The Average Industry was calculated by Vietnam Credit based on our owned statistical data

CASH FLOW STATEMENT
(Indirect method)
Items	The first 3 months of 2011	FY2010
I. Cash flows from operating activities
1. Profit before tax	3,368,407,862	17,257,896,921
2. Adjustments
- Depreciation and amortization	1,132,642,122	4,141,547,799
- Provisions	132,797,249	1,391,961,556
- Unrealized foreign exchange difference	328,034,379	850,612,980
- Gain/loss from investing activities	-96,777,726	-605,270,143
- Interest expense	4,197,809,421	16,193,614,508
3. Operating profit before movements in working capital	9,062,913,307	39,230,363,621
- (Increase)/Decrease in receivables	7,739,015,265	-1,522,215,772
- (Increase)/Decrease in inventories	8,173,537,132	29,148,138,584
- Increase/(Decrease) in accounts payable	-24,795,156,204	-11,766,699,004
- (Increase)/Decrease in prepaid expenses	175,024,092	1,140,237,230
- Interest paid	-4,197,809,421	-16,048,901,267
- Corporate income tax paid	-3,227,835,406	-3,428,493,857
- Other cash inflows	-581,653,274	635,188,414
- Other cash outflows	375,594,481	-2,594,439,838
Net cash from (used in) operating activities	-7,276,370,028	34,793,178,111
II. Cash flows from investing activities
1. Acquisition of fixed assets and other long - term assets	-1,010,382,262	-8,634,480,073
2. Proceeds from fixed assets and long - term assets disposal	0	0
3. Cash outflow for lending, buying debt instruments of other companies	0	-3,283,334,965
4. Cash recovered from lending, selling debt instruments of other companies	0	3,270,046,156
5. Investment in other entities	0	0
6. Cash recovered from investments in other entities	0	0
7. Interest income, dividend and profit paid	96,777,726	452,805,020
Net cash from (used in) investing activities	-913,604,536	-8,194,963,862
III. Cash flows from financing activities
1. Proceeds from issuing stocks, receiving capital from owners	0	0
2. Capital withdrawal, buying back issued stocks	0	-1,264,443,840
3. Proceeds from borrowings	106,959,826,277	354,212,924,622
4. Repayment of borrowings	-99,259,796,309	-368,637,235,511
5. Repayment of obligations under finance leased	0	-199,584,684
6. Dividends paid	-2,948,500,000	-6,998,790,000
Net cash from (used in) financing activities	4,751,529,968	-22,887,129,413
Net increase/(decrease) in cash and cash equivalents	-3,438,444,596	3,711,084,836
Cash and cash equivalents at beginning of year	10,276,789,023	6,165,040,644
Effect from changing foreign exchange rate	0	400,663,543
Cash and cash equivalents at end of year	6,838,344,427	10,276,789,023

pAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Good
Liquidity	Medium
Payment status	Above Average
Financial Situation	Above Average
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	LC,TT, DP, DA
Sale Methods	Wholesaler

CREDIT INQUIRY: 125,000 USD against DA in terms.

The company can meet this commitment.

INTERPRETATION ON THE SCORES

BENTRE PHARMACEUTICAL JOINT-STOCK COMPANY formerly was a 100% State owned company. It has a quite long
history of developing. In 1983, Ben Tre Pharmaceutical Conjugate Enterprise was founded following the merging of Ben Tre Pharmaceutical Company (founded in 1976) and Ben Tre Pharmaceutical Enterprise (founded in 1978). In 1992, Ben Tre Pharmaceutical Conjugate Enterprise was changed its name to Bentre Pharmaceutical and Medical Equipment Company following the decision No. 987/QD-UB issued by Ben Tre People's Committee. At that time, the company had former registered capital of 5.59 billion VND. In 2004, Bentre Pharmaceutical and Medical Equipment Company was capitalized following the decision No. 1541/QD-UB and the subject also was changed the name to BENTRE PHARMACEUTICAL JOINT-STOCK COMPANY. When it capitalized, the company had registered capital of 20 billion VND following the business registration No. 5503000017. In 2007, the subject issued 1,000,000 extra shares to raise its registered capital to 30 billion VND. Currently, the company is operating under the business registration No. 1300382591 which also is the company's tax code. Until now, the company still remains registered capital of 30 billion VND in which state shareholder takes 34%. Currently, its stock is listed on Hanoi Stock Exchange with stock code of DBT.

The company has its head office located at No. 6A3, National Road 60, Phu Tan Ward, Ben Tre City, Ben Tre Province, Viet Nam. Besides, the subject also has 6 branches in Ho Chi Minh City, Ha Noi City, Da Nang City, Can Tho City, Khanh Hoa Province, Ninh Binh Province, etc.

The company currently focuses on commercial field. The subject specializes in trading and importing pharmaceutical products. The subject trades many kinds of medicine including normal medicine and cure. Its suppliers include both foreign and domestic manufacturers.

The subject is operating as a distributor for Egis, Helm, AG, Cipla, Raptakos, Meyer, Gedeon Ruchter, Lactose, etc. The subject also imports medicines from Hungary, India, France, Korea, etc. But Mr. Bich said the main import markets of the subject are Hungary and India. The company now does not have manufacturing activities. But in the interview with Ms. Tien in Administration Department, she said: the subject is building its own factory in No. 6A3 National Road 60, Phu Tan Ward, Ben Tre City – the head office address.

The financial situation of the subject is above average. In 2010, the subject’s total asset was 256.3 billion VND, decreased slightly compared with year 2009. The main reason was the decrease of inventories. In 2010, the value of inventories was 110 billion VND decreased nearly 27.8 billion VND. It made its inventory circle went up from 2.45 to 3.51. Although the total asset went down but its total sale and profit after tax has opposite changes. In 2010, the company total sales reached to 491.7 billion VND, increased 66.9 billion VND compared to 2009. As a result, its profit after tax increased from 7.2 billion VND to 12.6 billion VND. It made its profitable ratios was quite good and higher than average industry. ROA in 2010 was 13.05% while average industry was 10.47%. Especially, the company’s ROE in 2010 reached to 45.01%. The company used owner equity effectively.

In general, this is a large-size company in this industry. Its future prospect seems bright. It can meet small and medium financial transactions.

APPENDIXES

INDUSTRY DATA
Industry code	Growth speed (%)		Total employees 2009 (Thousand)		Total enterprises	Annual average capital of enterprises
	Predict 2010	2009
Agriculture, Forestry and Fishing	2.8	3.0	24,788.5		2,399	50,530
Trade and Services	7.5	11	10,517.9		79,181	1,754,973
Construction	7	11.3	2,692.8		17,783	248,268
Manufacturing	12	7.6	7,591.2		30,786	967,068
ECONOMIC INDICATORS
			2010	2009		2008
Population (Million person)			86.93	86.02		86.1
Gross Domestic Products (US$ billion)			102.2	91		84.9
GDP Growth (%)			6.78	5.32		6.2
GDP Per Capita (US$)			1,160	1,080		1,040
Inflation (% Change in Composite CPI)			11.75	6.88		24.4
SERVICE TRADE PERFORMANCE
Billion USD			2010	2009		2008
Exports			71.6	56.6		62.9
Imports			84	68.8		76.6
Trade Balance			-12.4	-12.2		-14.6

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.29
UK Pound	1	Rs.72.37
Euro	1	Rs.64.17

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%)

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