MIRA INFORM REPORT

Report Date :

11.09.2012

IDENTIFICATION DETAILS

Name :	NATIONAL PHYTOPHARMA JOINT-STOCK COMPANY
Registered Office :	No. 24 Nguyen Thi Nghia Street, Ben Thanh Ward, District 1, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2011
Year of Establishment :	1975
Com. Reg. No.:	0302597576
Legal Form :	Joint Stock Company
Line of Business :	Wholesale of other household products
No. of Employees :	167

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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Viet Nam	B1	B1

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	NATIONAL PHYTOPHARMA JOINT-STOCK COMPANY
Registered Vietnamese Name	CONG TY CO PHAN DUOC LIEU TRUNG UONG 2
Registered Short name	PHYTOPHARMA VN
Type of Business	Joint stock company
Year Established	1975
Establishment Decision	184/QD-TTg
Date of Issuance	04 Mar 2002
Place of Issuance	Prime Minister
Business Registration No.	0302597576
Date of latest adjustment (20^th)	17 Aug 2012
Place of Registration	Business Registration Office- Planning and Investment Department of Ho Chi Minh City
Chartered capital	VND 42,000,000,000
Tax code	0302597576
Total Employees	167
Size	Large

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former chartered capital: 28,000,000,000 VND Changed to: 42,000,000,000 VND	18 Jan 2012
2	Subject has got former Business Registration No: 102664 Issued on: 12 May 1993 Changed to: No. 4103000980 on 08 May 2002 Changed to: 0302597576	19 Jun 2010
3	Subject has got former Registered English Name: NATIONAL PHYTOPHARMA COMPANY NO. 2 Changed to: NATIONAL PHYTOPHARMA JOINT STOCK COMPANY	08 May 2002
4	Subject has got former Registered Vietnamese Name: CONG TY DUOC LIEU TRUNG UONG 2 Changed to: CONG TY CO PHAN DUOC LIEU TRUNG UONG 2	08 May 2002
5	Subject has got former Type of Business: State owned Enterprise Changed to: Joint-Stock Company	08 May 2002

ADDRESSES
Head Office
Address	No. 24 Nguyen Thi Nghia Street, Ben Thanh Ward, District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3832 3009 - 3832 3058
Fax	(84-8) 3832 3012
Email	phytopharma@hcm.vnn.vn
Website	www.phytopharma.vn
Branch in Dong Nai
Address	KM 32- Highway 51, Phuoc Hoa Hamlet, Long Phuoc Commune , , Dong Nai Province, Vietnam
Manager	Mr. NGUYEN DINH TUAN
Note: Business registration:No. 4713000406 Tax code: 0302597576-005 Founded: November 21st 2007
Branch in Ha Noi
Address	28 Doc La, Yen Vien, Gia Lam District, Ha Noi City, Vietnam
Manager	Mr. NGUYEN CONG CHIEN
Note: Business registration: No. 0113000155 Tax code: 0302597576-001 Founded: June 25 2002
Branch in Ha Noi
Address	94 Thuye Khe- Thuy Khe ward, Tay Ho District, Ha Noi City, Vietnam
Warehouse
Address	No. 930 B2 Road B, Cat Lai Industrial Park, District 2, Ho Chi Minh City, Vietnam
Warehouse
Address	No. 97 Quang Trung Street, ward 11, Go Vap District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3895 9964
Fax	(84-8) 3895 9407
Warehouse
Address	No. 124/59 Xom Dat Street, ward 8, District 11, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3858 8806
Warehouse
Address	Lot 5, Road 2, Tan Tao Industrial Park Tan Tao A Ward, Tan Binh District, Ho Chi Minh City, Vietnam
Pharmacy III
Address	No. 42 Chau Van Liem street, ward 10, District 5, Ho Chi Minh City, Vietnam
Pharmacy II
Address	No. 870 Nguyen Chi Thanh Street, ward 4, District 11, Ho Chi Minh City, Vietnam
Pharmacy I
Address	No. 24 Nguyen Thi Nghia Street, Ben Thanh Ward, District 1, Ho Chi Minh City, Vietnam

SUBSIDIARIES AND RELATED COMPANIES
1. PARENT COMPANY - VIETNAM PHARMACEUTICAL CORPORATION
Business Registration	0106001031
Date of Registration	16 Dec 2008
Place of Registration	Ha Noi City Department of Planning and Investment
Registered Capital	VND 1,338,544,248,430
Tax code	0100109385
Address	No.138B Giang Vo Str, Ba Dinh District, Ha Noi City, Vietnam
Tel	(84-4) 3844 3153/ 3844 3151
Fax	(84-4) 3844 3665
Website	http://www.vinapharm.net.vn
2. MEDICINE CENTRAL TWO PHYTOPHARMA SAI GON COMPANY LIMITED
Business Registration	0310774349
Tax code	0310774349
Address	42 Chau Van Liem street, 5 District, Ho Chi Minh City, Vietnam
3. NATIONAL PHYTOPHARMA ONE MEMBER LIABILITY COMPANY
Business Registration	0103053042
Tax code	0103053042
Address	94 Thuy Khe, Tay Ho District, Ha Noi City, Vietnam

DIRECTORS
1. NAME	Mr. PHAM ANH KIET
Position	Chairman
Nationality	Vietnamese
2. NAME	Mr. PHAN THANH LAY
Position	General Director
Date of Birth	25 May 1955
ID Number/Passport	022098127
ID Issue Date	19 Apr 2008
ID Issue Place	Police Station of Ho Chi Minh City
Resident	No.13B, Ward 12 Quang Trung, Go Vap District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
3. NAME	Ms. NGUYEN THI THANH PHUONG
Position	Vice General Director
Nationality	Vietnamese
4. NAME	Mr. NGUYEN VAN LUU PHUONG
Position	Chief Accountant
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

Wholesale of other household products
Other transportation support activities
Installation of industrial machinery and equipment
Manufacture of pharmaceuticals, medicinal chemical and botanical products
Freight transport by road
Warehousing and storage
Manufacture of basic chemicals
Manufacture of basic chemicals
Real estate activities with own or leased property
Research and experimental development on natural sciences and engineering
Repair of machinery
Wholesale of waste and scrap and other products n.e.c
Real estate agent, consultant activities;
Wholesale of food
Wholesle of construction materials, installation supplies
Wholesale of agricultural raw materials (except wood, bamboo) and live animals
Other land transport of passenger
Other professional, scientific and technical activities n.e.c
Wholesale on a fee or contract basis
Mixed farming
Other retail sale of new goods in specialized stores
Retail sale of music and video recordings in specialized stores
Retail sale of games and toys in Specialized stores

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Oil, medicinal herbs, southeast of pharmaceutical products
· Market	Europe, France, Korea, India, China, Hongkong, Switzerland, USA...
EXPORT:
Note: Currently, the subject does not export

BANKERS
1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM NAM TAN THUAN BRANCH
Address	Tan Thuan Export Proccessing Zone, District 7, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3770 1634
Fax	(84-8) 3770 1635
2. VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK
Address	8th Floor, VinCom Center, No. 72 Le Thanh Ton street , District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3821 0055
Fax	(84-8) 3829 6063
3. CITY BANK - HOCHIMINH CITY BRANCH

SHAREHOLDERS
1. NAME	Mr. DAM THAN BON
ID Number/Passport	020139118
Issued Place	Police Station Of Ho Chi Minh City
Resident	No. 57, Nguyen Du Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	600
Value of shares	VND 60,000,000
2. NAME	STATE OWNED SHARES
Number of Shares	42,000
Value of shares	VND 4,200,000,000
Representative	Mr. PHAN THANH LAY, Mr. PHAM ANH KIET
3. NAME	Mr. HOANG THE TAN
Resident	No.40 Chau Van Liem Street, Ward 10, District 5, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	760
Value of shares	VND 76,000,000
4. NAME	Mr. LE TAT TUAN
ID Number/Passport	023865785
Issued Place	Police Station of Ho Chi Minh City
Resident	No. 155, Nguyen Duy Duong Street, Ward 3, District 10, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	430
Value of shares	VND 43,000,000
5. NAME	Mr. NGUYEN CONG CHIEN
ID Number/Passport	011410774
Resident	Yen Thuong , Gia Lam District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	250
Value of shares	VND 25,000,000
6. NAME	Mr. PHAM HONG TUAN
ID Number/Passport	021573627
Resident	No.44 Chau Van Liem Street, Ward 10, District 5, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	550
Value of shares	VND 55,000,000

FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2011	31/12/2010	31/12/2009
Number of weeks	52	52	52
ASSETS
A – CURRENT ASSETS	5,529,631,005,785	4,134,700,710,644	2,892,697,121,394
I. Cash and cash equivalents	132,815,561,887	108,566,086,535	2,891,012,649,830
1. Cash	72,716,999,443	108,566,086,535	70,619,148,480
2. Cash equivalents	60,098,562,444	0	0
II. Short-term investments	3,876,000,000	10,642,400,000	6,766,800,000
1. Short-term investments	3,876,000,000	10,642,400,000	6,766,800,000
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	4,912,149,964,364	3,696,254,315,474	2,648,557,169,502
1. Receivable from customers	4,879,543,827,161	3,680,339,167,347	2,592,838,059,576
2. Prepayments to suppliers	30,127,702,584	9,824,653,743	7,974,289,532
3. Inter-company receivable	0	2,846,469,464	9,980,531,835
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	4,292,388,429	3,833,154,837	38,353,418,476
6. Provisions for bad debts	-1,813,953,810	-589,129,917	-589,129,917
IV. Inventories	445,534,531,850	289,779,498,608	194,843,277,787
1. Inventories	445,844,627,552	289,779,498,608	194,843,277,787
2. Provisions for devaluation of inventories	-310,095,702	0	0
V. Other Current Assets	35,254,947,684	29,458,410,027	24,419,156,086
1. Short-term prepaid expenses	765,799,663	765,640,449	1,103,659,709
2. VAT to be deducted	334,520,264	1,831,225,530	1,110,290,762
3. Taxes and other accounts receivable from the State	201,743,772	1,045,078,520	1,154,535,290
4. Other current assets	33,952,883,985	25,816,465,528	21,050,670,325
B. LONG-TERM ASSETS	24,085,704,648	16,123,575,693	16,372,314,894
I. Long term accounts receivable	7,802,635,000	1,310,520,038	1,811,778,264
1. Long term account receivable from customers	0	0	0
2. Working capital in affiliates	0	1,310,520,038	1,811,778,264
3. Long-term inter-company receivable	0	0	0
4. Other long-term receivable	7,802,635,000	0	0
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	12,570,255,986	11,821,728,671	12,654,768,749
1. Tangible assets	10,081,929,234	9,607,158,971	10,853,698,783
- Historical costs	21,350,834,827	20,040,999,845	19,691,997,616
- Accumulated depreciation	-11,268,905,593	-10,433,840,874	-8,838,298,833
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	563,273,925	0	0
- Initial costs	748,515,534	67,058,402	67,058,402
- Accumulated amortization	-185,241,609	-67,058,402	-67,058,402
4. Construction-in-progress	1,925,052,827	2,214,569,700	1,801,069,966
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	0	0	0
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	0	0	0
3. Other long-term investments	0	0	0
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	3,712,813,662	2,991,326,984	1,905,767,881
1. Long-term prepaid expenses	1,220,466,995	1,276,326,984	995,767,881
2. Deferred income tax assets	0	0	910,000,000
3. Other long-term assets	2,492,346,667	1,715,000,000	0
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	5,553,716,710,433	4,150,824,286,337	2,961,577,866,749
LIABILITIES
A- LIABILITIES	5,457,002,851,054	4,058,800,582,475	2,892,698,913,394
I. Current liabilities	5,454,482,826,921	4,056,208,196,915	2,891,014,441,830
1. Short-term debts and loans	932,000,000	0	0
2. Payable to suppliers	5,175,293,468,356	3,833,009,671,058	2,716,711,695,930
3. Advances from customers	95,417,342,740	109,792,708,663	88,731,167,904
4. Taxes and other obligations to the State Budget	60,863,600,409	25,730,243,972	39,850,241,147
5. Payable to employees	4,350,169,053	2,571,470,926	2,702,123,305
6. Accrued expenses	2,006,424,807	0
7. Inter-company payable	2,840,624,428	1,419,269,757	7,464,530,073
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	111,781,187,619	83,565,595,416	35,256,690,078
10. Provisions for short-term accounts payable	0	119,237,123	297,993,393
11. Bonus and welfare funds	998,009,509	0	-1,792,000
II. Long-Term Liabilities	2,520,024,133	2,592,385,560	1,684,471,564
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable		774,320,527	774,320,527
3. Other long-term payable	2,435,000,000	1,715,000,000	910,000,000
4. Long-term debts and loans	0	0	0
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	85,024,133	103,065,033	151,037
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	96,713,859,379	92,023,703,862	68,878,953,355
I. OWNER’S EQUITY	92,930,529,379	88,477,373,862	63,870,415,355
1. Capital	42,000,000,000	28,000,000,000	28,000,000,000
2. Share premiums	0	0	0
3. Other sources of capital	0	0	0
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	-22,628,021,233	-4,112,310,468	-7,412,141,628
7. Business promotion fund	18,268,199,595	20,258,318,468	20,258,318,468
8. Financial reserved fund	16,387,919,619	7,126,718,509	2,449,872,899
9. Other funds	1,491,967,604	9,808,336,389	6,390,708,893
10. Retained earnings	37,410,463,794	27,396,310,964	14,183,656,723
11. Construction investment fund	0	0	0
12. Business arrangement supporting fund	0	0	0
II. Other sources and funds	3,783,330,000	3,546,330,000	5,010,330,000
1. Sources of expenditure	3,783,330,000	3,546,330,000	5,010,330,000
2. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	5,553,716,710,433	4,150,824,286,337	2,961,577,866,749

PROFIT & LOSS STATEMENT
Description	FY2011	FY2010	FY2009
1. Total Sales	9,264,088,884,870	7,453,870,027,364	6,453,114,944,366
2. Deduction item	13,659,523,276	30,942,280,326	139,702,168,886
3. Net revenue	9,250,429,361,594	7,422,927,747,038	6,313,412,775,480
4. Costs of goods sold	9,118,816,163,380	7,298,477,657,727	6,201,159,737,925
5. Gross profit	131,613,198,214	124,450,089,311	112,253,037,555
6. Financial income	42,958,470,736	25,319,580,475	34,499,712,251
7. Financial expenses	63,141,335,927	61,444,697,877	76,928,571,176
- In which: Loan interest expenses	-	-	-
8. Selling expenses	37,430,448,894	23,895,076,132	23,626,298,285
9. Administrative overheads	43,084,358,720	30,257,907,165	26,990,168,031
10. Net operating profit	30,915,525,409	34,171,988,612	19,207,712,314
11. Other income	18,929,184,714	7,460,413,243	7,227,416,527
12. Other expenses	3,558,530,724	245,057,904	219,998,076
13. Other profit /(loss)	15,370,653,990	7,215,355,339	7,007,418,451
14. Total accounting profit before tax	46,286,179,399	41,387,343,951	26,215,130,765
15. Current corporate income tax	13,546,922,864	10,365,000,004	4,622,560,141
16. Deferred corporate income tax	0	0	0
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	32,739,256,635	31,022,343,947	21,592,570,624

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2011	FY2010	FY2009	Average Industry
Current liquidity ratio	1.01	1.02	1.02	1.32
Quick liquidity ratio	0.93	0.95	0.95	0.79
Inventory circle	20.47	30.12	31.83	5.10
Average receive period	193.82	181.75	153.12	106.45
Utilizing asset performance	1.67	1.79	2.13	1.57
Liability by total assets	98.26	97.78	97.67	71.38
Liability by owner's equity	5,642.42	4,410.60	4,199.68	337.52
Ebit / Total assets (ROA)	0.83	1.00	0.89	6.72
Ebit / Owner's equity (ROE)	47.86	44.97	38.06	28.18
Ebit / Total revenue (NPM)	0.50	0.56	0.41	4.85
Gross profit / Total revenue (GPM)	1.42	1.67	1.74	12.56
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	Medium
Payment status	Limited
Financial Situation	Above Average
Development trend	Stable
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Cash, through the bank, L/C or TT
Sale Methods	Retailer and Wholesaler

INTERPRETATION ON THE SCORES

Being established since 1970’s. The subject was a state owned company. Recently, it has been operated under the type of joint stock company, named NATIONAL PHYTOPHARMA JOINT-STOCK COMPANY.

Premises and facilities of the subject are acceptable. Head office of the subject is located at No. 24 Nguyen Thi Nghia Street - Ho Chi Minh City. Besides branches in Hanoi City and Dong Nai province, the subject also has warehouses and trading centers in Ho Chi Minh City.

In order to strengthen its competiveness, the subject has tried its best to upgrade warehouse, meeting standards, such as Good Distribution Practice (GDP) and Good Storage Practice (GSP). The subject improved Xom Dat warehouse. It is also doing procedure for 1,000 square meter warehouse locating at 97 Quang Trung street- Go Vap district. The subject has had plans to co-operate with partners in order to develop premises which locate at 24 Nguyen Thi Nghia street and at 97 Quang Trung Street.

The subject is considered large company in trading pharmaceutical production in Vietnam. It specializes in production, trading pharmaceutical products, medicinal herbs, essential oil flavors, cosmetics, oriental & western medicines, medical instruments, chemicals, detergent, hygiene products, nutrition products etc. Its materials are imported from many countries such as Spain, France, Korea, India, China, Hong Kong, Switzerland and USA. At present, its doesn’t export.

The subject has licensed to import and distribute special drug with high demand in local market so the annual turnover of the subject is large. This amount is considered very high in the pharmaceutical industry of Vietnam.

According to the financial statement in year 2011, its revenue was VND 9,264,088,884,870 (increased 24% compared to 2010) and profit aftex tax was VND 32,739,256,635 (increased 6% compared to 2010). Its liquidity ratio was accepted. Liability by owner's equity of subject was high so its capital structure was fairly risky. ROE was good. The financial situation of the subject is above average.

In general, the subject is considered large scale company in the industry. The operation of the subject is stable and development. The subject has capacity to meet the small-medium financial commitment

------------ APPENDIX ----------

INDUSTRY DATA
Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2009		Total employees 2010 (Thous.pers.)	Annual average capital of enterprises 2009 (billion dongs)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,749		23,896.3	81,559
Industry and Construction	5.53	7.70	85,115		10,630	2,751,975
Trade and Services	6.69	7.52	154,978		14,522	4,939,069
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.55.34
UK Pound	1	Rs.88.50
Euro	1	Rs.70.74

INFORMATION DETAILS

Report Prepared by :

PRL

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.