MIRA INFORM REPORT

Report Date :

23.11.2012

IDENTIFICATION DETAILS

Name :	S.P.M CORPORATION

Registered Office :	Lot 51 Road 2, Tan Tao Industrial Park, Tan Tao Ward, Binh Tan District, Ho Chi Minh City

Country :	Vietnam

Financials (as on) :	30.09.2011

Date of Incorporation :	1988

Com. Reg. No.:	0302271207

Legal Form :	Joint stock company

Line of Business :	The subject is specializing in producing pharmaceutical products.

No. of Employees :	250

RATING & COMMENTS

MIRA’s Rating :

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Vietnam

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

vietnam - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM

Current Legal Status
Registered English Name		S.P.M CORPORATION
Registered Vietnamese Name		CONG TY CO PHAN S.P.M
Trade name		SPM CORPORATION
Registered Short name		S.P.M CORP
Type of Business		Joint stock company
Year Established		1988
Business Registration No.		0302271207
Date of latest adjustment (18^th)		15 Jun 2011
Place of Registration		Business registration office - Planning and Investment Department of Hochiminh City
Chartered capital		VND 140,000,000,000
Status		Listed
Stock symbol		SPM
Stock Market		HOSE
Tax code		0302271207
Total Employees		250

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No. 4102004241 Changed to: 4103006089. At present, it is operating under business registration No. 0302271207	26 Mar 2011
2	Subject has got former Registered English Name: S.P.M COMPANY LIMITED Changed to: S.P.M CORPORATION	12 Feb 2007
3	Subject has got former Registered Vietnamese Name: CONG TY TNHH S.P.M Changed to: CONG TY CO PHAN S.P.M	12 Feb 2007
4	Subject has got former Trade Name: S.P.M CO., LTD Changed to: S.P.M CORP	12 Feb 2007
5	Subject has got former chartered capital: 100,000,000,000 VND Changed to: 140,000,000,000 VND	26 Mar 2001
6	Subject has got former chartered capital: 20,000,000,000 VND Changed to: 100,000,000,000 VND	-

ADDRESSES

Head Office
Address		Lot 51 Road 2, Tan Tao Industrial Park, Tan Tao Ward, Binh Tan District, Ho Chi Minh City, Vietnam
Telephone		(84-8) 37507 496/ 3877 1002
Fax		(84-8) 3877 1010
Email		info@spm.com.vn
Website		www.spm.com.vn

Representative office in Ho Chi Minh
Address		C4-C8 Buu Long Street, Ward 15, District 10, Ho Chi Minh City, Vietnam

DIRECTORS

1. NAME		Mr. NGUYEN THE KY
Position		General Director – Legal representative
Date of Birth		15 June 1944
ID Number/Passport		021702806
ID Issue Date		14 Jan 1997
ID Issue Place		Police Station Of Hochiminh City
Resident		No. 96A/3 Truong Vinh Ky Street, Tan Son Nhi Ward, Tan Phu District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Qualification		Managing

2. NAME		Mr. DAO HUU HOANG
Position		Chairman
Date of Birth		17 Feb 1963
ID Number/Passport		021552391
ID Issue Date		04 Oct 1997
ID Issue Place		Police Station Of Hochiminh City
Resident		No. 601 National Road No.1, An Lac Ward, Binh Chanh District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Qualification		Managing

3. NAME		Mr. HUYNH PHU HAI
Position		Deputy General Director
Date of Birth		10 Jul 1974
ID Number/Passport		271499746
ID Issue Date		24 Apr 2005
Resident		My Xuan Commune, Tan Thanh District, Ba Ria-Vung Tau Province, Vietnam
Nationality		Vietnamese
Qualification		Managing

4. NAME		Mr. VAN TAT CHIEN
Position		Deputy General Director
Date of Birth		02 Feb 1966
ID Number/Passport		024686314
ID Issue Date		01 Dec 2007
ID Issue Place		Police Station Of Hochiminh City
Resident		107B/1 Nguyen Son Street, Phu Tho Hoa Ward, Tan Phu District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Qualification		Managing

5. NAME		Mr. BUI CONG SON
Position		Chief Accountant
Date of Birth		03 Jul 1973
ID Number/Passport		271748680
ID Issue Date		22 Nov 2002
ID Issue Place		Police Station Of Dong Nai Province
Resident		118A/11 Ly Thuong Kiet Street, Ward 7, District 10, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Qualification		Managing

6. NAME		Mr. DAO HUU KHOI
Position		Member of Board of Directors (BOD)
ID Number/Passport		022733385
Resident		No. 87/7 Nguyen Son Str, Phu Thanh Ward, Tan Phu District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Qualification		Managing

7. NAME		Ms. DO THI MAI
Position		Member of Board of Directors (BOD)
ID Number/Passport		012636547
Resident		No.44 Alley 164/85 Vuong Thua Vu Street, Khuong Trung Ward, Thanh Xuan District, Ha Noi City, Vietnam
Nationality		Vietnamese
Qualification		Managing

BUSINESS NATURE AND ACTIVITIES

The subject is specializing in producing pharmaceutical products.
Registered trading items:
Mining of other non-ferrous metal ores
Manufacture of prepared animal, fish, poultry feeds
Manufacture of soap and detergents, cleaning and polishing preparations
Wholesale of other household products
Wholesale of food
Manufacture of pharmaceuticals, medicinal chemical and botanical products
Real estate activities with own or leased property
Processing and preserving of meat
Wholesale of other machinery and equipment n.e.c
Mining of iron ores
Quarrying of stone, sand and clay
Manufacture of other food products n.e.c.
Wholesle of construction materials, installation supplies
Wholesale of metals and metal ores

IMPORT & EXPORT ACTIVITIES

IMPORT:
Types of products		principal materials source
Market		France, Japan, Germany, Switzerland, Spain, Italy, USA, Canada, India, Korea, Taiwan, China, Malaysia and Thailand
Mode of payment		T/T

EXPORT:
Market		USA market.
Mode of payment		T/T

BANKERS

1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM PHU THO BRANCH
Address			No 572 To Hien Thanh Street, District 10, Ho Chi Minh City, Vietnam
Telephone			(84-8) 3862 4820
Fax			(84-8) 3862 4804
SWIFT Code			BFTVVBVX

2. SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK
Address			No. 275 Nam Ky Khoi Nghia Str, Ward 8, District 3, Ho Chi Minh City, Vietnam
SWIFT Code			SGTTVNVX

3. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE TAN TAO BRANCH
Address			Tan Tao Industrial Park, Tan Tao Village, Binh Chanh District, Hochiminh city - Vietnam
Tel			(84-8) 3750 5376
Fax			(84-8) 3750 5363

SHAREHOLDERS

1. NAME		Mr. DAO HUU HOANG
Position		Chairman
Date of Birth		17 Feb 1963
ID Number/Passport		021552391
Issued on		04 Oct 1997
Issued Place		Police Station Of Hochiminh City
Resident		No. 601 National Road No.1, An Lac Ward, Binh Chanh District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Value of shares		VND 25,500,000,000
Percentage		18.21%

2. NAME		Mr. DAO HUU KHOI
Position		Member of Board of Directors (BOD)
ID Number/Passport		022733385
Resident		No. 87/7 Nguyen Son Str, Phu Thanh Ward, Tan Phu District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Value of shares		VND 1,000,000,000
Percentage		0.71%

3. NAME		Mr. DAO KHIEM KHUE
ID Number/Passport		021552383
Resident		No. 87/17B Nguyen Son Street, Phu Thanh Ward, Tan Phu District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Value of shares		VND 1,500,000,000
Percentage		1.07%

4. NAME		Ms. DAO THI LE DIEM
ID Number/Passport		022613938
Resident		No. 87/17B Phu Thanh Ward, Tan Phu District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Value of shares		VND 1,000,000,000
Percentage		0.71%

5. NAME		Ms. DAO THI NGOC ANH
ID Number/Passport		021552412
Resident		No.253 Nguyen Son Str, Phu Thanh Ward, Tan Phu District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Value of shares		VND 2,000,000,000
Percentage		1.43%

6. NAME		Ms. DO THI MAI
ID Number/Passport		012636547
Resident		No.44 Alley 164/85 Vuong Thua Vu Street, Khuong Trung Ward, Thanh Xuan District, Ha Noi City, Vietnam
Nationality		Vietnamese
Value of shares		VND 10,000,000,000
Percentage		7.14%

7. NAME		Ms. NGUYEN THI QUYNH HUONG
ID Number/Passport		022250789
Resident		D17/27A2 Area 13 Binh Tri Dong Ward, Binh Tan District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Value of shares		VND 9,000,000,000
Percentage		6.43%

And 170 Other shareholders
Value of shares		VND 50,000,000,000
Percentage		35.71%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	30/09/2012	31/12/2011	31/12/2010
Number of weeks	39	52	52
ASSETS
A – CURRENT ASSETS	581,359,321,013	449,292,002,339	469,199,810,577
I. Cash and cash equivalents	1,187,353,304	8,767,076,837	4,246,575,099
1. Cash	1,187,353,304	3,927,076,837	4,246,575,099
2. Cash equivalents	0	4,840,000,000
II. Short-term investments	133,915,785,674	158,398,223,149	129,185,640,000
1. Short-term investments	133,915,785,674	158,398,223,149	129,185,640,000
2. Provisions for devaluation of short-term investments	0	0
III. Accounts receivable	409,525,436,168	235,148,939,676	308,169,500,621
1. Receivable from customers	352,950,941,944	201,672,863,052	177,737,015,232
2. Prepayments to suppliers	9,084,818,510	8,453,891,195	8,475,668,111
3. Inter-company receivable	0	0
4. Receivable according to the progress of construction	0	0
5. Other receivable	47,884,225,620	25,545,582,679	121,956,817,278
6. Provisions for bad debts	-394,549,906	-523,397,250
IV. Inventories	35,159,704,080	44,379,395,281	26,302,988,044
1. Inventories	35,875,402,871	45,240,670,228	26,597,426,441
2. Provisions for devaluation of inventories	-715,698,791	-861,274,947	-294,438,397
V. Other Current Assets	1,571,041,787	2,598,367,396	1,295,106,813
1. Short-term prepaid expenses	954,844,681	745,987,988	570,951,292
2. VAT to be deducted	200,125,942	1,447,190,945	325,302,113
3. Taxes and other accounts receivable from the State	0	0
4. Other current assets	416,071,164	405,188,463	398,853,408
B. LONG-TERM ASSETS	518,542,812,720	593,849,414,617	517,062,205,690
I. Long term accounts 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	401,714,407,025	412,276,159,927	424,129,110,690
1. Tangible assets	111,629,362,293	122,675,435,323	136,451,325,460
- Historical costs	194,060,529,512	193,816,783,524	192,002,252,146
- Accumulated depreciation	-82,431,167,219	-71,141,348,201	-55,550,926,686
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	6,268,617,506	6,472,146,818	6,740,949,790
- Initial costs	8,240,916,178	8,240,916,178	8,238,416,178
- Accumulated amortization	-1,972,298,672	-1,768,769,360	-1,497,466,388
4. Construction-in-progress	283,816,427,226	283,128,577,786	280,936,835,440
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	116,784,575,510	181,529,424,505	92,933,095,000
1. Investments in affiliates		0	0
2. Investments in business concerns and joint ventures	50,143,545,510	69,968,728,660	0
3. Other long-term investments	66,641,030,000	111,560,695,845	92,933,095,000
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	43,830,185	43,830,185	0
1. Long-term prepaid expenses	0	0	0
2. Deferred income tax assets	43,830,185	43,830,185	0
3. Other long-term assets	0	0	0
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	1,099,902,133,733	1,043,141,416,956	986,262,016,267

LIABILITIES
A- LIABILITIES	450,425,400,869	452,689,772,706	385,060,289,781
I. Current liabilities	450,366,907,649	452,631,279,486	384,956,878,561
1. Short-term debts and loans	150,322,794,267	148,410,963,356	91,048,280,149
2. Payable to suppliers	29,043,851,991	36,793,081,426	47,267,807,487
3. Advances from customers	2,144,420,929	2,033,204,628	0
4. Taxes and other obligations to the State Budget	13,616,084,495	6,803,127,456	17,863,263,072
5. Payable to employees	950,275,926	994,985,606	684,424,385
6. Accrued expenses	1,000,571,717	689,065,182	1,241,784,251
7. Inter-company payable		0	0
8. Payable according to the progress of construction contracts		0	0
9. Other payable	253,288,908,324	256,906,851,832	226,851,319,217
10. Provisions for short-term accounts payable	0	0	0
11. Bonus and welfare funds	0	0	0
II. Long-Term Liabilities	58,493,220	58,493,220	103,411,220
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	0	0	0
4. Long-term debts and loans	0	0	0
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	58,493,220	58,493,220	103,411,220
7. Provisions for long-term accounts payable	0	0	0
8. Unearned Revenue	0	0	0
9. Science and technology development fund	0	0	0
B- OWNER’S EQUITY	649,476,732,864	590,451,644,250	601,201,726,486
I. OWNER’S EQUITY	649,476,732,864	590,451,644,250	601,201,726,486
1. Capital	140,000,000,000	140,000,000,000	140,000,000,000
2. Share premiums	210,885,368,500	210,885,368,500	210,885,368,500
3. Other sources of capital	0	0	0
4. Treasury stocks	-10,036,370,000	-10,036,370,000	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	0	0	-227,235,015
7. Business promotion fund	0	0	0
8. Financial reserved fund	0	0	0
9. Other funds	0	0	0
10. Retained earnings	308,627,734,364	249,602,645,750	250,543,593,001
11. Construction investment fund	0	0	0
12. Business arrangement supporting fund	0	0	0
II. Other sources and funds	0	0	0
1. Bonus and welfare funds (Elder form)	0	0	0
2. Sources of expenditure	0	0	0
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	1,099,902,133,733	1,043,141,416,956	986,262,016,267

PROFIT & LOSS STATEMENT

Description	01/01/2012 - 30/09/2012	FY2011	FY2010
1. Total Sales	338,005,754,679	350,603,159,739	369,186,705,651
2. Deduction item	17,818,791,171	28,404,215,675	19,514,169,673
3. Net revenue	320,186,963,508	322,198,944,064	349,672,535,978
4. Costs of goods sold	247,651,391,784	224,092,601,698	231,033,499,438
5. Gross profit	72,535,571,724	98,106,342,366	118,639,036,540
6. Financial income	36,151,133,255	29,079,018,475	68,270,269,980
7. Financial expenses	18,847,469,822	23,504,364,628	13,323,335,111
- In which: Loan interest expenses	17,991,290,090	-	8,311,197,727
8. Selling expenses	17,990,136,838	33,414,299,886	18,501,324,897
9. Administrative overheads	7,417,315,609	8,798,233,327	8,506,358,773
10. Net operating profit	64,431,782,710	61,468,463,000	146,578,287,739
11. Other income	114,010,984	275,988,527	720,108,785
12. Other expenses	1,077,539	172,289,194	358,445,746
13. Other profit /(loss)	112,933,445	103,699,333	361,663,039
14. Total accounting profit before tax	64,544,716,155	61,572,162,333	146,939,950,778
15. Current corporate income tax	5,519,627,541	2,103,043,981	16,539,729,174
16. Deferred corporate income tax		-139,184,470	0
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	59,025,088,614	59,608,302,822	130,400,221,604

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS

Description	FY2011	FY2010	Average Industry
Current liquidity ratio	0.99	1.22	1.65
Quick liquidity ratio	0.89	1.15	1.04
Inventory circle	5.05	8.30	4.14
Average receive period	266.39	321.68	105.37
Utilizing asset performance	0.31	0.35	1.20
Liability by total assets	43.40	39.04	53.11
Liability by owner's equity	76.67	64.05	159.74
Ebit / Total assets (ROA)	5.90	15.74	10.37
Ebit / Owner's equity (ROE)	10.43	25.82	23.03
Ebit / Total revenue (NPM)	17.56	42.05	10.15
Gross profit / Total revenue (GPM)	27.98	32.14	25.88
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality		Fair
Liquidity		Medium
Payment status		Average
Financial Situation		Fairly Good
Development trend		Positive
Litigation data		No Recorded
Bankruptcy		No Recorded
Payment Methods		LC,TT
Sale Methods		Retailer and Wholesaler

INTERPRETATION ON THE SCORES

Originally, the subject was CONG TY DUOC PHAM DO THANH was established in 1988 as pharmaceutical distributor- subsidiary of Tendipharco (Cong Ty Duoc Quan 10). In 1995, the subject has changed name into Cong Ty TNHH Duoc Pham Do Thanh with trade name “Saigon Pharma”. In 1988, the subject has become branch of Saigon Pharma in Hanoi City. Since 2001, S.P.M Corporation was officially established. In February 2007, the subject changed into Joint Stock Company and listed in Hochiminh Stock Exchange on 07 May 2010. At present, the subject is operating under Business registration No. 0302271207 (the same with tax code) with chartered capital 140 billion VND.

The subject specializes in producing pharmaceutical products such as analgesic (My Para), Vitamin (My Vita), cardiovascular medicine… The principal materials source of the subject comes from France, Germany, Switzerland, Spain, Italy, USA, Canada, India, Korea, Taiwan, China, Malaysia and Thailand. Main market of the subject is domestic market. The market share of the subject is remarkable. S.P.M has gained certificate ISO 9001:2000, ISO 14001:2004, GMP-WHO. Currently, some of subject’s products are very large consuming at Vietnam market.

The subject has a factory following GMP standard of USA with investment capital 180 billion VND. The subject’s factory has total area of more than 7,069 m2. The position of the subject in the industry is medium. Competitive capability of the subject is relative. Management capacity of the subject is fairly good. Its director - Mr. Nguyen The Ki has many experiences in this field since 1988. Now, he is also director of Hoang Ha Label Printing Joint Stock Company.

According to reported financial data, its financial capacity is fair. Its revenue and profit in 9 months of 2012 has nearly equal compared with 2011. As plan, its net revenue and profit after tax in 2012 will get VND 380 billion and VND 75 billion, increase 17.94% and 25.82% compared with 2011.

In overview, it is operating rather effectively. Its business activities of the subject are busy with 250 employees. The subject has the potential development in the future. The Subject has capacity to meet small and normal financial commitment.

INDUSTRY DATA

Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,887		24,362.9	95,227
Industry and Construction	5.53	7.70	95,217		10,718.9	3,641,376
Trade and Services	6.69	7.52	187,195		15,270.2	6,957,082

ECONOMIC INDICATORS

			2011	2010		2009
Population (Million person)			87.84	86.93		86.02
Gross Domestic Products (USD billion)			119	102.2		91
GDP Growth (%)			5.89	6.78		5.32
GDP Per Capita (USD/person/year)			1,300	1,160		1,080
Inflation (% Change in Composite CPI)			18.58	11.75		6.88
State Budget Deficit compared with GDP (%)			4.9	5.8		6.9

SERVICE TRADE PERFORMANCE

Billion USD			2011	2010		2009
Exports			96.3	72.2		57.1
Imports			105.8	84.8		69.9
Trade Balance			-9.5	-12.6		-12.8

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.16
UK Pound	1	Rs.88.03
Euro	1	Rs.70.86

INFORMATION DETAILS

Report Prepared by :

SDA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.