MIRA INFORM REPORT

Report Date :

19.08.2013

IDENTIFICATION DETAILS

Name :	HA TAY PHARMACEUTICAL JOINT STOCK COMPANY
Registered Office :	No.10A Quang Trung Street, Quang Trung Ward, Ha Dong District, Ha Noi City
Country :	Vietnam
Financials (as on) :	30.06.2013
Year of Establishment:	1965
Com. Reg. No.:	0500391400
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer, trader, importer & exporter of medicines, material for medicine producing and health care equipment.
No. of Employees :	1,000

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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	HA TAY PHARMACEUTICAL JOINT STOCK COMPANY
Registered Vietnamese Name	CONG TY CO PHAN DUOC PHAM HA TAY
Registered Short name	HATAPHAR
Type of Business	Joint stock company
Year Established	1965
Business Registration No.	0500391400
Date of Registration	15 Dec 2010
Place of Registration	Hanoi Department of Planning and Investment
Chartered capital	VND 62,826,020,000
Status	Listed
Stock symbol	DHT
Stock Market	HNX
Tax code	0500391400
Total Employees	1,000
Note: The subject does not register English name but it uses the trade name as English one.

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Chartered capital: VND 41,226,020,000 Changed to: VND 62,826,020,000	27 Dec 2011
2	Subject has got former Business Registration No: 0303000015 granted by Planning and Investment Department of Ha Tay Province Changed to: 0500391400 granted by Planning and Investment Department of Hanoi City	15 Dec 2010
3	Subject has got former Address: No.80 Quang Trung Street - Quang Trung Ward - Ha Dong District - Ha Noi City - Vietnam Changed to: No.10A - Quang Trung Street - Quang Trung Ward - Ha Dong District - Ha Noi City - Vietnam	2010
4	Subject has got former Chartered capital: VND 37,500,000,000 Changed to: VND 41,226,020,000	2008
5	Subject has got former Type of Business: State owned company Changed to: Joint stock company	2001
6	Subject has got former Business Registration No: 104378, granted by Planning and Investment Department of Ha Tay Province Changed to: 0303000015	2001

Company ADDRESSES
Head Office
Address	No.10A Quang Trung Street, Quang Trung Ward, Ha Dong District, Ha Noi City, Vietnam
Telephone	(84-4) 33824685
Fax	(84-4) 33829054
Email	hataphar@fpt.com
Website	http://www.hataphar.com.vn
Note: The exact address of subject is as above.
Factory Address
Address	La Khe Ward, Ha Dong District, Ha Noi City, Vietnam
Branch in Nghe An
Address	No. 18, Tran Nhat Duat Street, Doi Cung Ward, Vinh City, Nghe An Province, Vietnam
Branch in Thai Binh
Address	Lot 8/18, Quarter 2, Group 28, Tran Hung Dao Ward, Thai Binh City, Thai Binh Province, Vietnam
Note: Besides, the subject also has branches in other districts in Hanoi City

DIRECTORS
1. NAME	Mr. LE VAN LO
Position	Chairman cum General Director
Date of Birth	09 Jun 1951
ID Number/Passport	012470890
ID Issue Date	19 Oct 2001
ID Issue Place	Ha Noi Police Dept
Resident	P11 B19 Hoang Ngoc Phach, Lang Ha Ward, Dong Da District, Ha Noi City, Vietnam
Current resident	No. 40 BT7 Van Quan Urban Area, Van Quan Ward, Ha Dong District, Ha Noi City, Vietnam
Work phone		(84-4) 33824685
Home phone		(84-4) 33826284
Nationality	Vietnamese
Qualification	Pharmacist
2. NAME	Mr. LE XUAN THANG
Position	Deputy General Director
Date of Birth	16 Feb 1973
ID Number/Passport	011857506
Resident	Van Khe, Ha Dong District, Ha Noi City, Vietnam
Nationality	Vietnamese
Tel/Mobile phone	(84-4) 33516 101 / +84 912100968
Qualification	Pharmacist
3. NAME	Mr. NGUYEN BA LAI
Position	Deputy General Director
Date of Birth	08 May 1969
ID Number/Passport	112117469
Current resident	Van Khe, Ha Dong District, Ha Noi City, Vietnam
Nationality	Vietnamese
Qualification	Pharmacist
4. NAME	Mr. HOANG TRONG NGUYEN
Position	Deputy General Director
Date of Birth	04 Oct 1979
ID Number/Passport	024866279
Resident	989/6 Le Duc Tho St., Ward 16, Go Vap District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
5. NAME	Mr. HOANG VAN TUE
Position	Chief Accountant
Date of Birth	30 Jun 1964
ID Number/Passport	110914270
Resident	Van Khe, Ha Dong District, Ha Noi City, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

Manufacturing, trading and import - export of medicines, material for medicine producing and health care equipment’s.

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Materials
· Market	China, Taiwan, Germany, Korea, France, India, the United Kingdom, Australia, Japan, etc.
· Mode of payment	L/C, T/T
EXPORT:
· Types of products	Pharmaceutical products
· Market	Myanmar and Nigeria

BANKERS
1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM HA TAY BRANCH
Address	No.197 Quang Trung Street, Ha Dong District, Ha Noi City, Vietnam
Telephone	(84-4) 33821137
SWIFT Code	45010000000116
2. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE HA TAY BRANCH
Address	No.269P Quang Trung, Ha Dong District, Ha Noi City, Vietnam
Telephone	(84-343) 3829471
VND Account	102010000237170
SWIFT Code	CBVVNVX320

SHAREHOLDERS
Following is list of founding shareholders showing on the latest business license of subject:
1. NAME	Mr. NGO VAN CHINH
Date of Birth	06 May 1962
ID Number/Passport	120897172
Resident	La Khe Hamlet, Van Khe Commune, Ha Dong District, Ha Noi City, Vietnam
Work phone	(84-4) 3382 4073
Nationality	Vietnamese
Number of Shares	123,378
Value of shares	VND 1,233,780,000
Percentage	1.96%
2. NAME	Mr. NGUYEN VAN MINH
Date of Birth	01 Dec 1954
ID Number/Passport	110022543
Resident	Van Phuc Ward, Ha Dong District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	113,320
Value of shares	VND 1,133,200,000
Percentage	1.8%
3. NAME	Mr. LE VAN LO
Position	Chairman cum General Director
Date of Birth	09 Jun 1951
ID Number/Passport	012470890
Issued on	19 Oct 2001
Issued Place	Ha Noi Police Dept
Resident	P11 B19 Hoang Ngoc Phach, Lang Ha Ward, Dong Da District, Ha Noi City, Vietnam
Current Resident	No. 40 BT7 Van Quan Urban Area, Van Quan Ward, Ha Dong District, Ha Noi City, Vietnam
Work phone	(84-4) 33824685
Home phone	(84-4) 33826284
Nationality	Vietnamese
Number of Shares	443,618
Value of shares	VND 4,436,180,000
Percentage	7.06%
4. NAME	STATE CAPITAL
Number of shares	211,486
Value of shares	VND 2,114,860,000
Percentage	3.37%

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
Audit status	Unaudited	Audited	Audited
ASSETS
A – CURRENT ASSETS	257,687,673,962	245,721,759,618	253,254,472,136
I. Cash and cash equivalents	33,087,770,755	21,164,898,808	22,973,454,762
1. Cash	33,087,770,755	21,164,898,808	22,973,454,762
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	77,879,070,790	90,075,460,407	76,811,348,506
1. Receivable from customers	66,917,076,472	69,956,178,126	62,153,724,765
2. Prepayments to suppliers	7,995,888,965	4,659,674,352	13,107,205,810
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	3,179,850,116	15,708,612,750	2,099,422,752
6. Provisions for bad debts	-213,744,763	-249,004,821	-549,004,821
IV. Inventories	142,506,953,795	130,211,034,535	144,329,229,305
1. Inventories	142,506,953,795	130,211,034,535	144,329,229,305
2. Provisions for devaluation of inventories	0	0	0
V. Other Current Assets	4,213,878,622	4,270,365,868	9,140,439,563
1. Short-term prepaid expenses	0	0	0
2. VAT to be deducted	1,174,054,422	1,440,233,150	2,394,339,563
3. Taxes and other accounts receivable from the State	0	30,953,518	0
4. Other current assets	3,039,824,200	2,799,179,200	6,746,100,000
B. LONG-TERM ASSETS	53,821,005,897	47,309,533,513	50,838,413,041
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	41,756,883,517	45,204,166,239	48,748,664,291
1. Tangible assets	41,756,883,517	37,987,467,426	42,016,037,023
- Historical costs	167,135,224,969	157,941,549,104	151,904,988,890
- Accumulated depreciation	-125,378,341,452	-119,954,081,678	-109,888,951,867
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	0	0	0
- Initial costs	0	0	0
- Accumulated amortization	0	0	0
4. Construction-in-progress	0	7,216,698,813	6,732,627,268
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	11,743,525,000	2,000,000,000	2,000,000,000
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	0	0	0
3. Other long-term investments	11,743,525,000	2,000,000,000	2,000,000,000
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	320,597,380	105,367,274	89,748,750
1. Long-term prepaid expenses	320,597,380	105,367,274	89,748,750
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	311,508,679,859	293,031,293,131	304,092,885,177
LIABILITIES
A- LIABILITIES	184,065,314,187	160,514,478,105	184,619,361,620
I. Current liabilities	183,145,414,187	159,453,978,105	182,706,591,620
1. Short-term debts and loans	104,033,652,059	112,924,958,109	145,693,610,639
2. Payable to suppliers	48,914,831,394	28,714,539,447	19,994,118,023
3. Advances from customers	12,746,629,664	10,889,293,251	8,700,689,934
4. Taxes and other obligations to the State Budget	2,251,038,694	2,281,854,910	2,054,546,772
5. Payable to employees	6,981,779,293	1,025,752,861	3,796,814,944
6. Accrued expenses	182,981,248	484,932,675	377,442,740
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	7,427,347,358	2,935,904,783	2,023,001,683
10. Provisions for short-term accounts payable	0	0	0
11. Bonus and welfare funds	607,154,477	196,742,069	66,366,885
II. Long-Term Liabilities	919,900,000	1,060,500,000	1,912,770,000
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	0	0	1,612,770,000
4. Long-term debts and loans	919,900,000	1,060,500,000	0
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	0	0	300,000,000
7. Provisions for long-term accounts payable	0	0	0
8. Unearned Sale	0	0	0
9. Science and technology development fund	0	0	0
B- OWNER’S EQUITY	127,443,365,672	132,516,815,026	119,473,523,557
I. OWNER’S EQUITY	127,443,365,672	132,516,815,026	119,473,523,557
1. Capital	62,826,020,000	62,826,020,000	62,826,020,000
2. Share premiums	29,335,312,000	29,335,312,000	29,335,312,000
3. Other sources of capital	21,004,838,183	20,603,424,946	18,885,848,301
4. Treasury stocks	-15,130,000	-15,130,000	-15,130,000
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	0	0	-1,573,341
7. Business promotion fund	89,249,865	89,249,865	89,249,865
8. Financial reserved fund	5,697,425,970	4,961,609,536	4,122,602,000
9. Other funds	0	0	0
10. Retained earnings	8,505,649,654	14,716,328,679	4,231,194,732
11. Construction investment fund	0	0	0
12. Business arrangement supporting fund	0	0	0
II. Other sources and funds	0	0	0
1. Sources of expenditure	0	0	0
2. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	311,508,679,859	293,031,293,131	304,092,885,177

PROFIT & LOSS STATEMENT
Description	01/01/2013 - 30/06/2013	FY2012	FY2011
1. Total Sales	346,184,233,498	677,149,728,562	630,414,655,671
2. Deduction item	589,616,184	118,302,442	328,835,539
3. Net sale	345,594,617,314	677,031,426,120	630,085,820,132
4. Costs of goods sold	296,178,643,169	582,898,145,151	540,419,464,845
5. Gross profit	49,415,974,145	94,133,280,969	89,666,355,287
6. Financial income	2,092,249,221	9,866,067,593	8,786,791,108
7. Financial expenses	5,084,173,710	20,046,710,744	24,195,994,671
- In which: Loan interest expenses	0	0	23,862,388,575
8. Selling expenses	20,366,720,936	35,949,995,199	30,280,633,053
9. Administrative overheads	14,781,917,061	28,943,897,867	21,584,452,293
10. Net operating profit	11,275,411,659	19,058,744,752	22,392,066,378
11. Other income	65,454,546	354,545,455	500,000
12. Other expenses	0	0	0
13. Other profit /(loss)	65,454,546	354,545,455	500,000
14. Total accounting profit before tax	11,340,866,205	19,413,290,207	22,392,566,378
15. Current corporate income tax	2,835,216,551	4,696,961,528	5,612,415,646
16. Deferred corporate income tax	0	0	0
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	8,505,649,654	14,716,328,679	16,780,150,732

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	01/01/2013 - 30/06/2013	FY2012	FY2011	Average Industry
Current liquidity ratio	1.41	1.54	1.39	1.80
Quick liquidity ratio	0.63	0.72	0.60	1.12
Inventory circle	2.08	4.25	3.74	3.56
Average receive period	82.25	48.56	44.50	117.46
Utilizing asset performance	1.11	2.31	2.07	1.10
Liability by total assets	59.09	54.78	60.71	50.87
Liability by owner's equity	144.43	121.13	154.53	169.03
Ebit / Total assets (ROA)	3.64	6.63	15.21	12.05
Ebit / Owner's equity (ROE)	8.90	14.65	38.72	27.25
Ebit / Total sale (NPM)	3.28	2.87	7.34	12.32
Gross profit / Total sale (GPM)	14.27	13.90	14.22	29.69
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

CASH FLOW STATEMENT
(Direct method)
Items	01/01/2013 - 30/06/2013	FY2012	FY2011
I. Cash flows from operating activities
1.Cash received from customers	135,660,820,202	562,460,892,375	297,493,605,378
2. Cash paid to suppliers	-158,923,116,481	-433,130,747,703	-267,931,115,410
3. Cash paid to employees	-12,012,971,797	-44,670,335,749	-19,176,389,646
4. Interest paid	-3,031,019,977	-19,900,302,109	-10,858,442,329
5. Income taxes paid	-750,000,000	-4,308,915,646	-2,217,055,818
6. Other operating cash receipts	80,104,647,459	50,834,083,927	2,237,377,049
7. Other operating payments	-21,231,711,393	-65,809,559,398	-20,056,961,960
Net cash flows from operating activities	19,816,648,013	45,475,115,697	-20,508,982,736
II. Cash flows from investing activities
1. Purchases and construction of fixed assets and other long-term assets	-2,580,541,132	-7,480,636,915	-294,461,818
2. Gains from disposals and liquidation of fixed assets and other long-term assets	72,000,000	60,000,000	500,000
3. Loans given and purchases of debt instruments of other entities	0	0	0
4. Recovery of loans given and disposals of debt instruments of other entities	0	0	0
5. Investments into other entities	-9,743,525,000	0	0
6. Withdrawals of investments in other entities	0	0	0
7. Receipts of loan interests, dividends and profit shared	2,290,791,793	6,006,843,794	3,324,608,859
Net cash flows from investing activities	-9,961,274,339	-1,413,793,121	3,030,647,041
III. Cash flows from financing activities
1. Gains from stock issuance and capital contributions from shareholders	0	0	0
2. Repayment for capital contributions and re-purchases of stocks already issues	0	0	0
3. Short-term and long-term loans received	71,952,543,712	346,996,812,190	210,238,419,426
4. Loan principal amounts repaid	-70,302,079,307	-380,317,734,720	-184,576,464,505
5. Payments for financial leasehold assets	0	0	0
6. Dividends and profit already paid to the owners	0	-12,548,956,000	0
Net cash flows from financing activities	1,650,464,405	-45,869,878,530	25,661,954,921
Net cash flows during the year	11,505,838,079	-1,808,555,954	8,183,619,226
Beginning cash and cash equivalents	21,581,932,676	22,973,454,762	20,126,639,002
Effects of fluctuations in foreign exchange rates	0	0	15,274,608
Ending cash and cash equivalents	33,087,770,755	21,164,898,808	28,325,532,836

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Fair
Liquidity	Medium
Payment status	Above Average
Financial Situation	Above Average
Development trend	Stable
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	L/C, T/T
Sale Methods	Retailer and Wholesaler

INTERPRETATION ON THE SCORES

Beginning as a State Owned Enterprise, HATAPHAR was founded in 1965. To 2001, it was transferred into a joint stock company according to the decision number 1911/QD-UB by Ha Tay People’s Committee. It has been listed on Hanoi Stock Exchange since 2008 with stock symbol of DHT. Currently, it operates with the chartered capital of VND 62,826,020,000. Its total employees are about 1,000 persons.

The subject is well-known as a pharmaceutical manufacturer in Vietnam with nearly 50 years of operation and development. Its facilities and premise are fair. Besides head office in Ha Dong district, Hanoi City, the subject also has branches in the same city and two branches in Nghe An, and Thai Binh provinces. The factory of subject is equipped modern system of equipments and machines from USA, Germany, Taiwan, India, etc. Especially, early 2001, the subject invested billions dong for production line of capsules with Korean technology. Now its products are mostly distributed domestically. A small amount is exported to Myanmar and Nigeria.

Pharmacy is special kind of goods related to human health. The enterprises operating in this field have developing prospect and gain comparatively high profit. However, they also have a lot of derogations in manufacturing and trading pharmaceutical product. Recently, the subject had been handled the violation due to sale of 1,497,520 tablets of Gardenal to incorrect customers.

Financially, the below chart showed that total assets of subject have increasing tendency except 2012. The sale increased continuously in two recent years. However, the profit’s growth was not stable. In 2012, profit reduced nearly VND 3 billion compared with 2011.

In debt structure, the subject is not much reliant on liabilities. Looking at the below chart, we can see that liability ratios reduced year by year. This shows that the self-financing ability of the subject is becoming progressively better. Liquidity is improved year after year due to continuous increase of current assets. The operational ratios are fairly good.

Finally, after half century of operation, the subject has above average position in the industry. Its business activities are positive and have prospect. At present, the subject has enough capacity to meet medium business transactions.

APPENDIX

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.61.82
UK Pound	1	Rs.96.57
Euro	1	Rs.82.45

INFORMATION DETAILS

Report Prepared by :

MNL

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.