MIRA INFORM REPORT

Report Date :

02.08.2013

IDENTIFICATION DETAILS

Name :	PYMEPHARCO JOINT STOCK COMPANY
Registered Office :	No. 166-170 Nguyen Hue Street, Tuy Hoa City, Phu Yen Province
Country :	Vietnam
Financials (as on) :	31.12.2012
Date of Incorporation :	1989
Com. Reg. No.:	4400116704
Legal Form :	Joint stock company
Line of Business :	Manufacturing and trading, importing, exporting pharmaceutical, medical equipments and materials and related chemical
No. of Employees :	About 1,100

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Vietnam	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 has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 22% in 2012, while industry's share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 40% of GDP. 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 hurt Vietnam's export-oriented economy, with GDP in 2012 growing at 5%, the slowest rate of growth since 1999. In 2012, however, exports increased by more than 18%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in new development assistance for 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the Government shifted policy away from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress had been made by early 2013. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses. In September 2012, the official bad debt ratio climbed to 8.8%, though some independent analysts believe it could be higher than 15%.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM

Current legal status
English Name	PYMEPHARCO JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN PYMEPHARCO
Trade name	PYMEPHARCO
Short name	PMP LABS
Type of Business	Joint stock company
Year Established	1989
Business Registration No.	4400116704
Date of Registration	25 Aug 2009
Place of Registration	Phu Yen Department of Planning and Investment
Chartered capital	VND 89,200,000,000
Tax code	4400116704
Total Employees	About 1,100

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Chartered capital: 85,000,000,000 Changed to: 89,200,000,000	15 Aug 2012
2	Subject has got former Business Registration No: 3603000168 Changed to: 4400116704	25 Aug 2009
3	Subject has got former Registered English Name: PHU YEN MEDICAL EQUIPMENT PHARMACEUTICAL COMPANY Changed to: PYMEPHARCO JOINT STOCK COMPANY	06 Oct 2006
4	Subject has got former Registered Vietnamese Name: CONG TY DUOC VA VAT TU Y TE PHU YEN Changed to: CONG TY CO PHAN PYMEPHARCO	06 Oct 2006
5	Subject has got former Business line: State Owned company Changed to: Joint stock company	06 Oct 2006
6	Subject has got former Business Registration No: 101619 Changed to: 3603000168	06 Oct 2006

ADDRESSES

Head Office
Address	No. 166-170 Nguyen Hue Street, Tuy Hoa City, Phu Yen Province, Vietnam
Telephone	(84-57) 3823228/ 3820663/ 3828413/ 3829165
Fax	(84-57) 3824717
Email	pymepharcopy@dng.vnn.vn
Website	http://www.pymepharco.com
Branch in An Giang
Address	21-23-25 Mai Hac De, Binh Khanh 7 Binh Khanh Ward, Long Xuyen City, An Giang Province, Vietnam
Branch in Ca Mau
Address	No.3, Ly Thai Ton Street, Ward 6, Ca Mau City, Ca Mau Province, Vietnam
Branch in Can Tho
Address	87B1 Tran Van Kheo, Cai Khe Ward, Ninh Kieu District, Can Tho City, Vietnam
Branch in Dong Nai
Address	No. 9A, Quarter 8, Nguyen Ai Quoc, Tan Phong Ward, Bien Hoa City, Dong Nai Province, Vietnam
Branch in Khanh Hoa
Address	45D Quang Trung, Loc Tho Ward, Nha Trang City, Khanh Hoa Province, Vietnam
Branch in Nghe An
Address	L01 - LKD2, Revenue V.I. Lenin Nghi Phu Commune, Vinh City, Nghe An Province, Vietnam
Branch in Ho Chi Minh
Address	No. 44A Dong Nai 15 Ward, 10 District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 39703099
Fax	(84-8) 39702208
Note: This address is also the distribution center of the subject.
Branch in Ha Noi
Address	No. N11A Dich Vong Housing Compound Dich Vong Ward, Cau Giay District, Ha Noi City, Vietnam
Telephone	(84-4) 62670971
Branch in Quang Ngai
Address	No. 25 Tran Hung Dao Street, Quang Ngai City, Quang Ngai Province, Vietnam
Branch in Lam Dong
Address	Lot C49 Pham Ngoc Thach Street, Ward 6, Da Lat City, Lam Dong Province, Vietnam
Branch in Vinh Long
Address	No. 67/2C Pham Thai Buong Street, Ward 4, Vinh Long City, Vinh Long Province, Vietnam

DIRECTORS

1. NAME	Mr. HUYNH TAN NAM
Position	Chairman cum General Director
Date of Birth	26 Oct 1957
ID Number/Passport	220007480
ID Issue Date	14 May 2007
ID Issue Place	Khanh Hoa Police Station
Resident	No. 22 Ly Tu Trong Str, Nha Trang City, Khanh Hoa Province, Vietnam
Nationality	Vietnamese
2. NAME	Mr. NGUYEN HUU NIEN
Position	Deputy General Director
Resident	Phu Yen Province, Vietnam
Nationality	Vietnamese
3. NAME	Mr. DO QUANG HOANH
Position	Deputy General Director
Resident	No. 18E Huong Son Str., Nha Trang City, Khanh Hoa Province, Vietnam
Nationality	Vietnamese
4. NAME	Ms. NGUYEN THI MY KHANG
Position	Deputy General Director
Resident	Phu Yen Province, Vietnam
Nationality	Vietnamese
5. NAME	Mr. TRUONG TAN LUC
Position	Deputy General Director
Nationality	Vietnamese
6. NAME	Mr. NGUYEN NGOC TUNG
Position	Deputy General Director
Resident	Group 1 Nguyen Thai Hoc Quarter, Tuy Hoa City, Phu Yen Province, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

Manufacturing and trading, importing, exporting pharmaceutical, medical equipments and materials and related chemical

IMPORT & EXPORT ACTIVITIES

IMPORT:
Types of products	Materials, pharmaceuticals, medical equipments
Market	USA, Australia, India, Spain and France
Mode of payment	LC, TT
EXPORT:
Market	Hongkong, Cambodia, Laos
Mode of payment	LC, TT

BANKERS

VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE PHU YEN BRANCH
Address	No.236 Hung Vuong,No.7 ward, Tuy Hoa City, Phu Yen Province, Vietnam
Telephone	(84-57) 3828007
VND Account	102010000422732 (VND)
Note: The right name of bank is above

SHAREHOLDERS

Following is founding shareholder list as in the subject’s latest business registration
1. NAME	Mr. HUYNH TAN NAM (Representative for State capital)
Position	Chairman cum General Director
Date of Birth	26 Oct 1957
ID Number/Passport	220007480
Issued on	14 May 2007
Issued Place	Khanh Hoa Police Station
Resident	No. 22 Ly Tu Trong Str, Nha Trang City, Khanh Hoa Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 12,545,880,000
Percentage	14.76%
2. NAME	Mr. DO QUANG HOANH
Position	Deputy General Director
Resident	No. 18E Huong Son Str., Nha Trang City, Khanh Hoa Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 352,000,000
Percentage	0.41%
3. NAME	Mr. NGUYEN NGOC TUNG
Position	Deputy General Director
Resident	Group 1 Nguyen Thai Hoc Quarter, Tuy Hoa City, Phu Yen Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 308,000,000
Percentage	0.36%
4. NAME	Other 167 shareholders
Nationality	Vietnam
Value of shares	VND 11,393,880,000
Percentage	13.4%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2012	31/12/2011	31/12/2010
Number of weeks	52	52	52
ASSETS
A – CURRENT ASSETS	752,730,495,991	610,954,451,564	511,844,617,258
I. Cash and cash equivalents	8,561,114,404	7,033,880,977	2,127,349,975
1. Cash	8,561,114,404	7,033,880,977	2,127,349,975
2. Cash equivalents	0	0	0
II. Short-term investments	0	0	0
1. Short-term investments	0	0	0
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	387,573,039,770	340,270,109,090	255,492,791,537
1. Receivable from customers	370,141,420,316	315,420,045,025	247,412,110,960
2. Prepayments to suppliers	22,763,513,950	13,639,621,806	8,260,405,560
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	1,962,021,045	13,436,055,977	1,178,887,931
6. Provisions for bad debts	-7,293,915,541	-2,225,613,718	-1,358,612,914
IV. Inventories	337,029,686,140	245,035,133,831	230,402,292,148
1. Inventories	338,036,983,162	246,464,514,150	231,178,111,281
2. Provisions for devaluation of inventories	-1,007,297,022	-1,429,380,319	-775,819,133
V. Other Current Assets	19,566,655,677	18,615,327,666	23,822,183,598
1. Short-term prepaid expenses	3,213,049,319	3,128,061,101	3,271,035,032
2. VAT to be deducted	1,854,349,334	2,409,632,469	1,918,706,842
3. Taxes and other accounts receivable from the State	0	0	0
4. Other current assets	14,499,257,024	13,077,634,096	18,632,441,724
B. LONG-TERM ASSETS	237,037,643,289	238,873,314,292	244,021,480,342
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	217,245,774,295	230,544,848,072	235,758,703,264
1. Tangible assets	181,875,417,220	191,738,304,999	191,809,305,119
- Historical costs	313,919,320,073	295,814,189,822	268,817,761,835
- Accumulated depreciation	-132,043,902,853	-104,075,884,823	-77,008,456,716
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	29,732,125,133	29,747,555,885	29,762,986,637
- Initial costs	31,472,723,990	31,472,723,990	31,472,723,990
- Accumulated amortization	-1,740,598,857	-1,725,168,105	-1,709,737,353
4. Construction-in-progress	5,638,231,942	9,058,987,188	14,186,411,508
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	6,891,400,000	6,891,400,000	7,191,400,000
1. Investments in affiliates	5,472,000,000	0	0
2. Investments in business concerns and joint ventures	0	5,472,000,000	5,472,000,000
3. Other long-term investments	1,419,400,000	1,419,400,000	1,719,400,000
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	12,900,468,994	1,437,066,220	1,071,377,078
1. Long-term prepaid expenses	10,264,426,418	962,258,016	562,568,874
2. Deferred income tax assets	2,094,677,576	213,443,204	213,443,204
3. Other long-term assets	541,365,000	261,365,000	295,365,000
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	989,768,139,280	849,827,765,856	755,866,097,600
LIABILITIES
A- LIABILITIES	511,102,701,876	482,428,575,975	436,573,417,100
I. Current liabilities	505,341,970,862	454,496,943,728	368,149,812,380
1. Short-term debts and loans	324,410,517,226	287,897,064,109	254,945,585,944
2. Payable to suppliers	83,192,810,188	71,536,944,197	73,190,367,949
3. Advances from customers	381,566,731	8,899,815,871	698,303,307
4. Taxes and other obligations to the State Budget	15,687,075,816	18,116,457,502	13,527,092,566
5. Payable to employees	16,253,606	28,231,801	0
6. Accrued expenses	28,611,040,787	10,406,381,555	991,882,072
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	19,778,288,080	39,864,978,377	24,796,580,542
10. Provisions for short-term accounts payable	0	0	0
11. Bonus and welfare funds	33,264,418,428	17,747,070,316
II. Long-Term Liabilities	5,760,731,014	27,931,632,247	68,423,604,720
1. Long-term accounts payable to suppliers	0	24,472,249,190	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	332,400,000	0	0
4. Long-term debts and loans	2,032,506,582	0	65,625,742,436
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	3,395,824,432	0	2,797,862,284
7. Provisions for long-term accounts payable	0	3,459,383,057	0
8. Unearned Revenue	0	0	0
9. Science and technology development fund	0	0	0
B- OWNER’S EQUITY	478,665,437,404	367,399,189,881	319,292,680,500
I. OWNER’S EQUITY	478,665,437,404	367,399,189,881	313,823,478,523
1. Capital	89,200,000,000	85,000,000,000	85,000,000,000
2. Share premiums	152,189,184,816	150,089,184,816	150,089,184,816
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	0	0	0
7. Business promotion fund	108,246,842,614	57,712,777,500	17,234,932,660
8. Financial reserved fund	6,352,128,849	3,400,289,915	1,171,752,199
9. Other funds	0	0	0
10. Retained earnings	122,677,281,125	71,196,937,650	60,327,608,848
11. Construction investment fund	0	0	0
12. Business arrangement supporting fund	0	0
II. Other sources and funds	0	0	5,469,201,977
1. Bonus and welfare funds (Elder form)	0	0	5,469,201,977
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	989,768,139,280	849,827,765,856	755,866,097,600

PROFIT & LOSS STATEMENT
Description	FY2012	FY2011	FY2010
1. Total Sales	1,024,001,149,566	868,061,769,552	792,186,837,777
2. Deduction item	13,307,605,234	16,827,714,415	11,447,049,334
3. Net revenue	1,010,693,544,332	851,234,055,137	780,739,788,443
4. Costs of goods sold	486,159,567,797	407,262,447,052	473,477,940,816
5. Gross profit	524,533,976,535	443,971,608,085	307,261,847,627
6. Financial income	622,592,481	2,118,687,423	3,193,093,952
7. Financial expenses	44,142,541,838	49,843,118,503	46,084,766,631
- In which: Loan interest expenses	42,053,632,256	-	-
8. Selling expenses	297,045,573,472	226,238,389,635	148,395,978,392
9. Administrative overheads	48,253,324,733	34,411,910,765	22,488,640,000
10. Net operating profit	135,715,128,973	135,596,876,605	93,485,556,556
11. Other income	7,817,748,679	0	0
12. Other expenses	9,494,017,576	26,352,927,243	0
13. Other profit /(loss)	-1,676,268,897	-26,352,927,243	1,491,744,841
14. Total accounting profit before tax	134,038,860,076	109,243,949,362	94,977,301,397
15. Current corporate income tax	13,242,813,323	12,547,011,712	12,380,360,753
16. Deferred corporate income tax	-1,881,234,372	0	1,019,331,796
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	122,677,281,125	96,696,937,650	81,577,608,848

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2012	FY2011	FY2010	Average Industry
Current liquidity ratio	1.49	1.34	1.39	1.80
Quick liquidity ratio	0.82	0.81	0.76	1.12
Inventory circle	1.67	1.66	2.06	3.56
Average receive period	139.97	145.90	119.44	117.46
Utilizing asset performance	1.02	1.00	1.03	1.10
Liability by total assets	51.64	56.77	57.76	50.87
Liability by owner's equity	106.78	131.31	136.73	169.03
Ebit / Total assets (ROA)	17.79	12.85	12.57	12.05
Ebit / Owner's equity (ROE)	36.79	29.73	29.75	27.25
Ebit / Total revenue (NPM)	17.20	12.58	11.99	12.32
Gross profit / Total revenue (GPM)	51.22	51.15	38.79	29.69
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

CASH FLOW STATEMENT
(Indirect method)
Items	FY2012	FY2011
I. Cash flows from operating activities
1. Profit before tax	134,038,860,076	109,243,949,362
2. Adjustments
- Depreciation and amortization	28,814,931,111	27,082,858,859
- Provisions	4,646,218,526	1,520,561,990
- Unrealized foreign exchange difference	165,177,700	2,190,681,326
- Gain/loss from investing activities	87,565,911	-180,000,000
- Interest expense	42,053,632,256	41,267,208,000
3. Operating profit before movements in working capital	209,806,385,580	181,125,259,537
- (Increase)/Decrease in receivables	-54,050,302,408	-76,416,887,144
- (Increase)/Decrease in inventories	-91,572,469,012	-15,286,402,869
- Increase/(Decrease) in accounts payable	20,904,139,098	23,300,843,457
- (Increase)/Decrease in prepaid expenses	-2,987,342,898	-256,715,211
- Interest paid	-41,336,080,264	-40,574,724,116
- Corporate income tax paid	-14,460,881,664	-9,902,809,467
- Other cash inflows
- Other cash outflows
Net cash from (used in) operating activities	26,303,448,432	61,988,564,187
II. Cash flows from investing activities
1. Acquisition of fixed assets and other long - term assets	-22,064,122,264	-27,874,811,590
2. Proceeds from fixed assets and long - term assets disposal	45,454,545
3. Cash outflow for lending, buying debt instruments of other companies
4. Cash recovered from lending, selling debt instruments of other companies
5. Investment in other entities
6. Cash recovered from investments in other entities		480,000,000
7. Interest income, dividend and profit paid	622,592,481	1,887,646,047
Net cash from (used in) investing activities	-21,396,075,238	-25,507,165,543
III. Cash flows from financing activities
1. Proceeds from issuing stocks, receiving capital from owners	6,300,000,000
2. Capital withdrawal, buying back issued stocks
3. Proceeds from borrowings	768,875,554,468	631,093,938,100
4. Repayment of borrowings	-754,572,139,335	-642,221,228,873
5. Repayment of obligations under finance leased
6. Dividends paid	-23,988,395,904	-20,371,466,500
Net cash from (used in) financing activities	-3,384,980,771	-31,498,757,273
Net increase/(decrease) in cash and cash equivalents	1,522,392,423	4,982,641,371
Cash and cash equivalents at beginning of year	7,033,880,977	2,127,349,975
Effect from changing foreign exchange rate	4,841,004	-76,110,369
Cash and cash equivalents at end of year	8,561,114,404	7,033,880,977

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	Through its banks, LC, TT
Sale Methods	Retailer and Wholesaler

INTERPRETATION ON THE SCORES

The subject, formerly known as PHU YEN MEDICAL EQUIPMENT PHARMACEUTICAL COMPANY, was founded in 1989 and at that time the subject was a State Owned company. In 2006, the subject has changed legal form into joint stock company with the new name of PYMEPHARCO JOINT STOCK COMPANY, and trade name of PYMEPHARCO. The subject’s license was adjusted for many times and now it is running under the business registration No. 4400116704 (same as the tax code) with chartered capital of VND 89.2 billion.

The subject is a medium – large company whose position is quite good in the industry. Currently, the subject specializes in manufacturing and trading, importing, exporting pharmaceutical, medical equipments and materials and related chemical. The subject usually imports materials, pharmaceuticals, and medical equipments for its production from USA, Australia, India, Spain and France. After that, its products are distributed mainly in domestic market and exported partly to foreign countries such as: Laos, Cambodia, Hong Kong, etc. Its management capacity is good. The subject has achieved many awards such as Top ten "100 sustainable Vietnamese brands 2012" by Vietnamese Brand magazine in collaboration with ministries, central departments and localities and top two leading pharmaceutical enterprises in nationwide, GMP – WHO Certificate…. In Jan, 2013, the subject was granted EU-GMP certification and became the first Cephalosporin factory with the standards GMP – EU in Vietnam.

Financially, based on the above financial data, we see that, the subject’s total assets, total sales and profit after tax increased through years. ROA, ROE and profit was also better than the average industry. This shows that, the subject’s business activities are effective. The subject’s liquidity ratios were normal with the current liquidity ratio of 1.49 times and the quick liquidity ratio of 0.82 times in 2012. Its self-financing is quite good with the debt rate remained at 51.64% in 2012 and 56.77% in 2011. The subject’s inventory circle and utilizing asset performance were acceptable but its average receive period in recent two years was longer by far than the average industry because the subject’s account receivable always takes a larger part in current asset (above 50%), this indicates that the company uses easy credit policy for its business operation.

Following is two charts about total sales, profit after tax, total assets, liabilities, owner’s equity and debt rate of the subject from 2008 to 2012 for reference:

In conclusion, the subject is a medium – large company whose position is quite good in the industry. The prospect seems bright in the future. The subject is reliable for small and medium financial commitments.

INDUSTRY DATA

Industry code	GDP growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2012	2011
Agriculture, Forestry and Fishing	2.72	4.00	8,887		24,362.9	95,227
Industry and Construction	4.52	5.53	95,217		10,718.9	3,641,376
Trade and Services	6.42	6.69	187,195		15,270.2	6,957,082
ECONOMIC INDICATORS
			2012	2011		2010
Population (Million person)			88.78	87.84		86.93
Gross Domestic Products (USD billion)			136	119		102.2
GDP Growth (%)			5.03	5.89		6.78
GDP Per Capita (USD/person/year)			1,540	1,300		1,160
Inflation (% Change in Composite CPI)			9.21	18.58		11.75
State Budget Deficit compared with GDP (%)			4.8	4.9		5.8
SERVICE TRADE PERFORMANCE
Billion USD			2012	2011		2010
Exports			114.6	96.3		72.2
Imports			114.3	105.8		84.8
Trade Balance			0.3	-9.5		-12.6

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.74
UK Pound	1	Rs.92.05
Euro	1	Rs.80.60

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.