MIRA INFORM REPORT

Report Date :

09.08.2013

IDENTIFICATION DETAILS

Name :	CONG TY CO PHAN THUC PHAM SAO TA
Registered Office :	Km 2132 Highway 1A, Ward 2, Soc Trang City, Soc Trang Province
Country :	Vietnam
Financials (as on) :	30.06.2013
Year of Establishment :	1996
Com. Reg. No.:	2200208753
Legal Form :	Joint stock company
Line of Business :	The subject is specified in aquaculture, processing and preserving aquatic food; trading food and raw agricultural products, import of machinery and equipment for processing
No. of Employees :	2,000

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
Vietnamese Name	CONG TY CO PHAN THUC PHAM SAO TA
Trade name	SAO TA FOODS JOINT STOCK COMPANY
Short name	FIMEX VN
Type of Business	Joint stock company
Year Established	1996
Business Registration No.	2200208753
Date of Registration	19 Oct 2009
Place of Registration	Planning and Investment Department of Soc Trang Province
Chartered capital	VND 130,000,000,000
Status	Listed
Stock symbol	FMC
Stock Market	HOSE
Tax code	2200208753
Total Employees	2,000
Size	Large

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Chartered capital: VND 80,000,000,000 Changed to: VND 130,000,000,000	04 Apr 2013
2	Subject has got former Business Registration No: 5903000012 Changed to: 2200208753	19 Oct 2009
3	Subject has got former Type of Business: State Owned Enterprise Changed to: Joint Stock Company	N/A

ADDRESSES
Head Office
Address	Km 2132 Highway 1A, Ward 2, Soc Trang City, Soc Trang Province, Vietnam
Telephone	(84-79) 3822201/3822203
Fax	(84-79) 3822122/3825665
Email	fimexvn@hcm.vnn.vn
Website	http://fimexvn.com
Branch in Soc Trang
Address	Lot B IP, An Hiep Ward, Chau Thanh District, Soc Trang Province, Vietnam
Nam An Seafood Factory
Address	No.95 National Road 1A, Ward 2, Soc Trang City, Soc Trang Province, Vietnam
Sao Ta Seafood Factory
Address	89 National Road 1A, Ward 2, Soc Trang City, Soc Trang Province, Vietnam

DIRECTORS
1. NAME	Mr. HO QUOC LUC
Position	Chairman – General Director
Date of Birth	07 May 1956
ID Number/Passport	365260213
ID Issue Date	18 Oct 2012
ID Issue Place	Soc Trang Police Station
Resident	No.29 Tran Hung Dao, Ward 3, Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
2. NAME	Ms. DUONG NGOC KIM
Position	Deputy General Director
Date of Birth	18 Aug 1958
ID Number/Passport	365621897
Resident	No.29 Tran Hung Dao, Ward 3, Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
3. NAME	Mr. PHAM HOANG VIET
Position	Deputy General Director
Date of Birth	25 Nov 1964
ID Number/Passport	361270603
Resident	No.38A Phu loi, Ward 2, Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
4. NAME	Mr. MA ICH HUNG
Position	Deputy General Director
Date of Birth	11 Feb 1970
ID Number/Passport	365642617
Resident	No.186 Kinh Xang, Ward 8, Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
5. NAME	Mr. DINH VAN THOI
Position	Deputy General Director
Date of Birth	02 Oct 1962
ID Number/Passport	365587313
Resident	171A, Nguyen Thi Minh Khai Street Ward 3, Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
6. NAME	Mr. TO MINH CHANG
Position	Chief Accountant
Date of Birth	12 Jun 1970
Current resident	227 Luong Dinh Cua Ward 5, Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject is specified in aquaculture, processing and preserving aquatic food; trading food and raw agricultural products, import of machinery and equipment for processing

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Flour
· Market	Thailand
EXPORT:
· Types of products	Frozen shrimp, agricultural products
· Market	Japan, USA, EU
· Ratio	90%

BANKERS
1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM SOC TRANG BRANCH
Address	No 25-27 Hai Ba Trung,No.1 Ward, Soc Trang City, Soc Trang Province, Vietnam
Telephone	(84-79) 3821036
Fax	(84-79) 3824186
2. SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK SOC TRANG BRANCH
Address	No.65 Phu Loi No.2 ward, Soc Trang City, Soc Trang Province, Vietnam
Telephone	(84-79) 3616762
Fax	(84-79) 3616761
3. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM SOC TRANG BRANCH
Address	No.40 Nguyen Du Street, Ward 9, Soc Trang City, Soc Trang Province, Vietnam
Telephone	(84-79) 3615445

SHAREHOLDERS
1. NAME	Mr. HO QUOC LUC
Position	Chairman and General Director
Date of Birth	07 May 1956
ID Number/Passport	365260213
Issued on	18 Oct 2012
Issued Place	Soc Trang Police Station
Resident	No.29 Tran Hung Dao, Ward 3 , Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 897,000,000
Percentage	0.69%
2. NAME	Ms. DUONG NGOC KIM
Position	Deputy General Director
Date of Birth	18 Aug 1958
ID Number/Passport	365621897
Resident	No.29 Tran Hung Dao, Ward 3, Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 286,000,000
Percentage	0.22%
3. NAME	Mr. HUYNH THANH SU
ID Number/Passport	360326833
Resident	No.72 Le Hong Phong, Ward 3, Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 117,000,000
Percentage	0.09%
4. NAME	Mr. PHAM HOANG VIET
Position	Deputy General Director
Date of Birth	25 Nov 1964
ID Number/Passport	361270603
Resident	No.38A Phu loi, Ward 2 , Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 273,000,000
Percentage	0.21%
5. NAME	Ms. PHAM THANH NHAN
ID Number/Passport	365477630
Resident	No.54 Nguyen Trung Truc, Ward 2, Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 143,000,000
Percentage	0.11%
6. NAME	Mr. MA ICH HUNG
Position	Deputy General Director
Date of Birth	11 Feb 1970
ID Number/Passport	365642617
Resident	No.186 Kinh Xang, Ward 8, Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 91,000,000
Percentage	0.07%
7. NAME	Mr. DINH VAN THOI
Position	Deputy General Director
Date of Birth	02 Oct 1962
ID Number/Passport	365587313
Resident	171A, Nguyen Thi Minh Khai Street Ward 3, Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 91,000,000
Percentage	0.07%
8. NAME	Mr. NGO VAN NGHIEP
ID Number/Passport	365621898
Resident	128 Mac Dinh Chi, Ward 9 , Soc Trang City, Soc Trang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 117,000,000
Percentage	0.09%
9. NAME	COMMUNIST PARTY’S OFFICE OF SOCTRANG PROVINCE
Value of shares	VND 13,806,000,000
Percentage	10.62%

FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date	30/06/2013	31/12/2012	31/12/2011
Number of weeks	26	52	52
ASSETS
A – CURRENT ASSETS	505,241,453,172	329,652,559,046	651,541,651,195
I. Cash and cash equivalents	159,841,259,380	12,737,734,830	134,547,002,631
1. Cash	159,841,259,380	12,737,734,830	134,547,002,631
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	108,990,285,057	128,732,736,554	122,057,665,721
1. Receivable from customers	119,986,976,755	134,437,604,852	119,123,532,847
2. Prepayments to suppliers	8,031,427,093	13,667,795,599	20,819,575,520
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	2,047,055,733	1,702,510,627	2,308,751,474
6. Provisions for bad debts	-21,075,174,524	-21,075,174,524	-20,194,194,120
IV. Inventories	215,486,539,913	181,272,023,434	387,451,470,802
1. Inventories	215,486,539,913	181,272,023,434	387,451,470,802
2. Provisions for devaluation of inventories	0	0	0
V. Other Current Assets	20,923,368,822	6,910,064,228	7,485,512,041
1. Short-term prepaid expenses	418,805,611	247,818,657	216,061,970
2. VAT to be deducted	19,819,204,854	6,097,283,851	6,588,787,932
3. Taxes and other accounts receivable from the State	78,923,546	10,580,075	0
4. Other current assets	606,434,811	554,381,645	680,662,139
B. LONG-TERM ASSETS	142,767,561,422	129,307,461,774	126,507,373,561
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	129,944,984,312	114,482,232,491	107,928,334,653
1. Tangible assets	87,963,225,103	90,635,728,530	72,951,029,563
- Historical costs	285,020,895,574	282,240,065,365	248,316,415,855
- Accumulated depreciation	-197,057,670,471	-191,604,336,835	-175,365,386,292
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	10,680,686,183	7,818,503,976	2,767,384,509
- Initial costs	11,430,787,100	8,430,787,100	3,228,583,100
- Accumulated amortization	-750,100,917	-612,283,124	-461,198,591
4. Construction-in-progress	31,301,073,026	16,027,999,985	32,209,920,581
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	10,400,000,000	10,400,000,000	10,400,000,000
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	0	0	0
3. Other long-term investments	10,400,000,000	10,400,000,000	10,400,000,000
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	2,422,577,110	4,425,229,283	8,179,038,908
1. Long-term prepaid expenses	2,422,577,110	4,425,229,283	8,179,038,908
2. Deferred income tax assets	0	0	0
3. Other long-term assets	0	0	0
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	648,009,014,594	458,960,020,820	778,049,024,756
LIABILITIES
A- LIABILITIES	443,212,203,228	302,493,999,579	606,140,485,069
I. Current liabilities	442,682,203,228	301,963,999,579	605,600,485,069
1. Short-term debts and loans	373,198,912,000	252,111,368,160	570,933,301,319
2. Payable to suppliers	48,463,968,021	15,097,389,010	11,683,777,202
3. Advances from customers	1,141,217,675	10,834,473,350	281,677,872
4. Taxes and other obligations to the State Budget	697,096,406	1,203,766,106	973,471,670
5. Payable to employees	13,305,917,000	13,381,978,022	16,185,475,941
6. Accrued expenses	731,746,417	5,248,773,961	2,304,514,226
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	3,793,331,576	3,649,650,444	3,238,266,839
10. Provisions for short-term accounts payable		0	0
11. Bonus and welfare funds	1,350,014,133	436,600,526
II. Long-Term Liabilities	530,000,000	530,000,000	540,000,000
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	530,000,000	530,000,000	540,000,000
4. Long-term debts and loans	0	0	0
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	0	0	0
7. Provisions for long-term accounts payable	0	0	0
8. Unearned Revenue	0	0
9. Science and technology development fund	0	0
B- OWNER’S EQUITY	204,796,811,366	156,466,021,241	171,908,539,687
I. OWNER’S EQUITY	204,796,811,366	156,466,021,241	171,750,617,491
1. Capital	130,000,000,000	80,000,000,000	80,000,000,000
2. Share premiums	36,658,007,111	34,273,007,111	34,273,007,111
3. Other sources of capital	0	0	0
4. Treasury stocks	-10,535,247,254	-10,535,247,254	-10,535,247,254
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	0	0	-800,702,473
7. Business promotion fund	35,879,284,777	35,879,284,777	29,678,453,307
8. Financial reserved fund	8,000,000,000	8,000,000,000	8,000,000,000
9. Other funds	0	0	0
10. Retained earnings	4,794,766,732	8,848,976,607	31,135,106,800
11. Construction investment fund	0	0	0
12. Business arrangement supporting fund	0	0
II. Other sources and funds	0	0	157,922,196
1. Bonus and welfare funds (Elder form)			157,922,196
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	648,009,014,594	458,960,020,820	778,049,024,756

PROFIT & LOSS STATEMENT
Description	01/01/2013 - 30/06/2013	FY2012	FY2011
1. Total Sales	749,157,447,345	1,548,866,144,312	1,918,220,159,464
2. Deduction item	0	12,791,928,919	19,043,853,192
3. Net revenue	749,157,447,345	1,536,074,215,393	1,899,176,306,272
4. Costs of goods sold	708,986,581,171	1,435,105,381,192	1,782,394,995,514
5. Gross profit	40,170,866,174	100,968,834,201	116,781,310,758
6. Financial income	2,008,125,570	8,981,008,523	47,267,180,500
7. Financial expenses	6,939,911,223	30,405,222,266	53,193,205,966
- In which: Loan interest expenses	3,917,590,966	29,189,859,516	36,093,797,331
8. Selling expenses	23,200,476,124	51,696,243,339	59,059,007,162
9. Administrative overheads	10,471,801,623	22,073,809,635	23,985,357,185
10. Net operating profit	1,566,802,774	5,774,567,484	27,810,920,945
11. Other income	836,363,636	967,849,836	768,390,092
12. Other expenses	195,394,052	16,294,272	17,500,000
13. Other profit /(loss)	640,969,584	951,555,564	750,890,092
14. Total accounting profit before tax	2,207,772,358	6,726,123,048	28,561,811,037
15. Current corporate income tax	165,582,926	629,723,441	179,101,237
16. Deferred corporate income tax			0
17. Interest from subsidiaries/related companies			0
18. Profit after tax	2,042,189,432	6,096,399,607	28,382,709,800

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	01/01/2013 - 30/06/2013	FY2012	FY2011	Average Industry
Current liquidity ratio	1.14	1.09	1.08	1.24
Quick liquidity ratio	0.65	0.49	0.44	0.64
Inventory circle	3.29	7.92	4.60	5.02
Average receive period	53.10	30.59	23.46	82.74
Utilizing asset performance	1.16	3.35	2.44	1.36
Liability by total assets	68.40	65.91	77.91	69.39
Liability by owner's equity	216.42	193.33	352.59	260.95
Ebit / Total assets (ROA)	0.95	7.83	8.31	15.09
Ebit / Owner's equity (ROE)	2.99	22.95	37.61	49.87
Ebit / Total revenue (NPM)	0.82	2.32	3.37	14.92
Gross profit / Total revenue (GPM)	5.36	6.52	6.09	20.48
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

CASH FLOW STATEMENT
(Indirect method)
Items	01/01/2013 - 30/06/2013	FY2012
I. Cash flows from operating activities
1. Profit before tax	2,207,772,358	6,726,123,048
2. Adjustments
- Depreciation and amortization	9,831,366,821	17,596,147,671
- Provisions	0	880,980,404
- Unrealized foreign exchange difference	2,253,200,493	-192,588,615
- Gain/loss from investing activities	-1,819,090,956	-8,576,356,335
- Interest expense	3,917,590,966	29,189,859,516
3. Operating profit before movements in working capital	16,390,839,682	45,624,165,689
- (Increase)/Decrease in receivables	5,971,477,328	-6,938,266,662
- (Increase)/Decrease in inventories	-34,214,516,479	206,179,447,368
- Increase/(Decrease) in accounts payable	18,846,999,760	14,775,864,348
- (Increase)/Decrease in prepaid expenses	1,831,665,219	3,722,052,938
- Interest paid	-3,917,590,966	-29,514,331,231
- Corporate income tax paid	-596,060,101	-112,642,196
- Other cash inflows	856,363,636	2,648,422,763
- Other cash outflows	-127,145,000	-4,178,237,391
Net cash from (used in) operating activities	5,042,033,079	232,206,475,626
II. Cash flows from investing activities
1. Acquisition of fixed assets and other long - term assets	-24,199,694,738	-26,150,045,509
2. Proceeds from fixed assets and long - term assets disposal	836,363,636	563,636,363
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
7. Interest income, dividend and profit paid	1,819,090,956	8,012,719,972
Net cash from (used in) investing activities	-21,544,240,146	-17,573,689,174
III. Cash flows from financing activities
1. Proceeds from issuing stocks, receiving capital from owners	52,500,000,000
2. Capital withdrawal, buying back issued stocks
3. Proceeds from borrowings	742,711,165,475	2,142,291,692,556
4. Repayment of borrowings	-626,951,034,910	-2,460,756,347,567
5. Repayment of obligations under finance leased	0
6. Dividends paid	-5,055,840,700	-18,056,575,000
Net cash from (used in) financing activities	163,204,289,865	-336,521,230,011
Net increase/(decrease) in cash and cash equivalents	146,702,082,798	-121,888,443,559
Cash and cash equivalents at beginning of year	12,737,734,830	134,547,002,631
Effect from changing foreign exchange rate	401,441,752	79,175,758
Cash and cash equivalents at end of year	159,841,259,380	12,737,734,830

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Good
Liquidity	Normal
Payment status	Average
Financial Situation	Above Average
Development trend	Stable
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	L/C, T/T
Sale Methods	Wholesaler
Public opinion	Good

INTERPRETATION ON THE SCORES

SAO TA FOODS JOINT STOCK COMPANY’s precursor was a state owned enterprise, whose capital was wholly contributed Communist Party’s Office of Soc Trang province. It was officially operated on 3rd February 1996. On 1st January 2003, the firm was equitized and changed its name into SAO TA FOODS JOINT STOCK COMPANY and short name as FIMEX VN.

The subject is operating under business registration No.2200208753 with chartered capital of VND 130 billion. On 7th December 2006, stock of FIMEX was officially traded on Ho Chi Minh Stock Exchange with stock symbol “FMC”.

Manufacturing factory and head office of the subject are located at Km 2132, 1A Highway, Ward 2, Soc Trang province, which is near main traffic roads, residential areas and shrimp material area. Thus, FIMEX VN has advantages in transporting inputs and outputs. The subject specializes in processing, preserving agricultural, aquaculture products for export, mainly shrimp, prawn. Exporting shrimp has been targeted operation and major revenue source since establishment. Japan, EU and USA are main export markets of the subject. These two markets take 90% market share of FIMEX VN. The company has enough materials for production inside the country, specifically, shrimp materials in Soc Trang province and neighboring regions. Therefore, the company does not depend on foreign sources of inputs. It only imports flour from Thailand.

In term of finance of the subject, although profit in 2012 is positive, profit, total assets and total sales decreased against 2011. In detail, the total assets slumped 40% while the total sales decreased about 20%. It is noticeable that the profit after tax in 2012 is one fifth of the previous year. Its capital structure is acceptable. However, to be safer, the company should improve its liquidity.

In conclusion, the firm is big company in the industry. With over 15 years of experience on exporting, available traditional partnerships, it has capacity to meet normal transactions.

------------ APPENDIX 1 ----------

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.61.11
UK Pound	1	Rs.94.77
Euro	1	Rs.81.54

INFORMATION DETAILS

Report Prepared by :

NLM

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.