MIRA INFORM REPORT

Report No. :	303704
Report Date :	24.01.2015

IDENTIFICATION DETAILS

Name :	TVPHARM PHARMACEUTICAL JSC

Formerly Known As :	TRA VINH PHARMACEUTICAL CO

Registered Office :	27 Dien Bien Phu St Ward 9, Tra Vinh, Tra Vinh

Country :	Vietnam

Financials (as on) :	2013

Date of Incorporation :	20.08.2010

Legal Form :	Joint Stock Company

Line of Business :	Manufacturer of Medical Equipment and Pharmaceutical

No. of Employee :	600

RATING & COMMENTS

MIRA’s Rating :

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Status :	Moderate

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Vietnam

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

VIETNAM - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that 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 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 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 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, 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 relatively stable in 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted 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 has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

Source : CIA

REGISTERED NAME AND COMPANY SUMMARY

Organization Name

TVPHARM PHARMACEUTICAL JSC ⁽¹⁾

Address

27 Dien Bien Phu St Ward 9, Tra Vinh, Tra Vinh

Country

Vietnam

Phone (S)

[+84] 74-3855371

Facsimile

[+84] 74-3740239

Email

info@tvpharm.com.vn

Website

http://www.tvpharm.com.vn

Primary Business Activity

Manufacturer

Key Industry

Medical Equipment & Pharmaceutical

Key Facts

Registered Legal Address

27 Dien Bien Phu St Ward 9, Tra Vinh, Tra Vinh

Operational Address

27 Dien Bien Phu St Ward 9, Tra Vinh, Tra Vinh

Trading Name

TVPHARM

Name History

Business Entity Name	Effective Date
TRA VINH PHARMACEUTICAL CO	11 Nov, 1992
TRA VINH PHARMACEUTICAL JSC	9 May, 2003
TVPHARM PHARMACEUTICAL JSC	6 Oct, 2006

Issuing Authority

Dept. of Planning & Investment - Tra Vinh

License Number

2100274872

License Status

License exists – Normal.

Legal Form - Category

Joint Stock Company

Legal Form

Joint Stock Company

Legal Form - Abbreviation

JSC

Operational Status of Business

Normal

Date of Registration

20 Aug, 2010

Employees

600

Capital

US$ 4,732,639

Note

Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

Report Details

Country	:	Vietnam
Business Entity Name	:	TVPHARM PHARMACEUTICAL JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Medical Equipment & Pharmaceutical
Office Contact Details
Operating Address	:	27 Dien Bien Phu St Ward 9, Tra Vinh, Tra Vinh
Tel	:	[+84] 74-3855371
	:	[+84] 74-3855372
	:	[+84] 74-3740234
	:	[+84] 74-3753121
Fax	:	[+84] 74-3740239
	:	[+84] 74-3855372
Email	:	info@tvpharm.com.vn
Website Details
Website	:	http://www.tvpharm.com.vn
Status	:	Normal - operational
Country of Registration	:	Vietnam
Ownership Type	:	Registered ownership by Subject Business Entity
Tax / VAT Details
Tax Issuing Authority	:	Ministry of Finance
Local Name Used	:	Gia Trj Gia Tang (Value Added Tax)
Acronym	:	GTGT / VAT
GTGT / VAT Number	:	2100274872

DIRECTORS / MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Bui Van Tong
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Nguyen Dang Nguyen	Vietnamese	Managing Director	-
2	Mr. Nguyen Thanh Si	Vietnamese	Deputy Managing Director	-
3	Mr. Ha Van Dong	Vietnamese	Deputy Managing Director	-
4	Mr. Hoang Van Gioi	Vietnamese	Chief Accountant	Finance

Management Details - 1

Personal Unique Identifier	:	MI03814979
Name	:	Mr. Nguyen Dang Nguyen
Date of Birth	:	1960

Management Details - 2

Personal Unique Identifier	:	MI03815000
Name	:	Mr. Nguyen Thanh Si
Date of Birth	:	1967

Management Details - 3

Personal Unique Identifier	:	MI03815015
Name	:	Mr. Ha Van Dong
Date of Birth	:	1966

Management Details - 4

Personal Unique Identifier	:	MI03815082
Name	:	Mr. Hoang Van Gioi
Date of Birth	:	1952

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03814981
Name	:	Mr. Bui Van Tong
Date of Birth	:	1965

2
Personal Unique Identifier	:	MI03814979
Name	:	Mr. Nguyen Dang Nguyen
Date of Birth	:	1960

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing TVPHARM PHARMACEUTICAL JSC's reputation within the respective industry failed to reveal any adverse information.

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT

No Record Found

CIVIL LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE and SHARE CAPITAL INFORMATION

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

₫ 100,800,000,000

Date	Authorized Capital - History
11 Nov, 1992	63,000,000,000
2013	100,800,000,000

SHAREHOLDERS

Total number of shareholders

n/a

Total number of shares

n/a

Currency

VND - Vietnam Dong

No.	Shareholders	Country	Shares
No.	Shareholders	Country	Number	Amount (VND)	%
1	STATE CAPITAL INVESTMENT CORP	Vietnam	n/a	n/a	n/a
2	Undisclosed Shareholders	n/a	n/a	n/a	n/a
Total			n/a	n/a	n/a

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

PAYMENT INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Analgesics	Manufacturing, Exporting
Anti-diabetics	Manufacturing, Exporting
Anti-inflammatory	Manufacturing, Exporting
Antibiotics	Manufacturing, Exporting
Antihistamine	Manufacturing, Exporting

International Trade - Statistics (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2011	n/a	1,608,003	1,608,003
2012	n/a	1,963,254	1,963,254
2013	n/a	1,996,781	1,996,781

DOMESTIC SALES and PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	90%
International Sales (Export)	10%

Annual Purchases Analysis	Percentage
Local Purchases	20%
Imports	80%

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~90 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~90 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

FINANCIAL INFORMATION

Financials - Summary (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual	16,080,029	10,985,406	1,388,766
2012 Annual	19,632,541	14,426,550	2,470,004
2013 Annual (*)	19,967,811	14,940,234	1,715,708

Sales Trend – Analysis

2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
-	-	-	-	-	-	-	-

Note: (*)

Financials listed are the most recent available for this company.

FINANCIAL STATEMENT – DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Current Assets(*)	182,846,000,000	257,182,000,000	262,290,000,000
Non Current Assets(*)	45,980,000,000	43,246,000,000	52,771,000,000
Non Current Liabilities(*)	1,388,000,000	5,988,000,000	5,893,000,000
Share Capital(*)	63,000,000,000	63,000,000,000	100,800,000,000
Other long term assets
Total Assets(*)	228,826,000,000	300,428,000,000	315,061,000,000
Total Liabilities(*)	87,577,000,000	128,797,000,000	138,719,000,000
Current Liabilities(*)	86,189,000,000	122,809,000,000	132,826,000,000
Long term liabilities
Shareholders Funds(*)	141,249,000,000	171,631,000,000	176,342,000,000

Current assets & short term investments	182,846,000,000	257,182,000,000	262,290,000,000
Cash & cash equivalents	29,083,000,000	24,396,000,000	13,591,000,000
Cash	29,083,000,000	24,396,000,000	13,591,000,000
Accounts receivable	75,155,000,000	125,305,000,000	125,813,000,000
Accounts receivable trade	79,754,000,000	124,581,000,000	126,460,000,000
Trade prepayment	879,000,000	2,998,000,000	3,478,000,000
Others receivables	928,000,000	1,034,000,000	696,000,000
Provision for bad debts	(6,406,000,000)	(3,308,000,000)	(4,821,000,000)
Inventories	69,103,000,000	96,912,000,000	115,567,000,000
Other short term asset	9,505,000,000	10,569,000,000	7,319,000,000
Prepaid expenses	137,000,000	72,000,000	512,000,000
VAT deductible	242,000,000	248,000,000	845,000,000
Other tax receivables	-	-	65,000,000
i. Other short term asset	9,126,000,000	10,249,000,000	5,897,000,000
Long term assets	45,980,000,000	43,246,000,000	52,771,000,000
Accounts of long term receivable	-	50,000,000	50,000,000
Other long term receivables	-	50,000,000	50,000,000
Fixed assets	45,286,000,000	42,332,000,000	52,300,000,000
Tangible fixed assets	35,330,000,000	32,623,000,000	36,298,000,000
Cost	95,162,000,000	98,734,000,000	105,729,000,000
Accumulated depreciation	59,832,000,000	66,111,000,000	69,431,000,000
Intangible fixed assets	9,956,000,000	9,702,000,000	9,532,000,000
i. Cost	11,346,000,000	11,346,000,000	11,434,000,000
i. Accumulated depreciation	1,390,000,000	1,644,000,000	1,902,000,000
Construction in progress	-	7,000,000	6,470,000,000
Other long term assets	694,000,000	864,000,000	421,000,000
Long term prepayments	694,000,000	864,000,000	421,000,000
Total assets	228,826,000,000	300,428,000,000	315,061,000,000
Liabilities	87,577,000,000	128,797,000,000	138,719,000,000
Current liabilities	86,189,000,000	122,809,000,000	132,826,000,000
Short term borrowings	40,578,000,000	51,068,000,000	53,088,000,000
Accounts payables-trade	31,867,000,000	49,283,000,000	42,568,000,000
Advances from customers	35,000,000	249,000,000	84,000,000
Taxes and payable to state budget	3,802,000,000	4,505,000,000	9,141,000,000
Payable to employees	6,608,000,000	11,595,000,000	8,256,000,000
Accrued expenses payable	2,497,000,000	5,115,000,000	13,667,000,000
Other payables	802,000,000	840,000,000	4,497,000,000
Bonus and welfare funds	-	154,000,000	1,525,000,000
Long term liabilities	1,388,000,000	5,988,000,000	5,893,000,000
Long term other payables	300,000,000	305,000,000	311,000,000
Provision funds for unemployment	517,000,000	5,209,000,000	5,582,000,000
Provision for long term payable	571,000,000	-	-
Deffered revenue	-	474,000,000	-
Owners' equity	141,249,000,000	171,631,000,000	176,342,000,000
Business capital	63,000,000,000	63,000,000,000	100,800,000,000
Share capitals' surplus	34,563,000,000	34,563,000,000	3,063,000,000
Shares	-	-	(2,000,000)
Foreign exchange differences	444,000,000	-	-
Business development funds	15,711,000,000	20,439,000,000	35,870,000,000
Financial reserved funds	5,823,000,000	6,300,000,000	6,300,000,000
Retained earnings	22,469,000,000	47,329,000,000	30,311,000,000
Budget sources	(761,000,000)	-	-
i. Bonus and welfare funds	(761,000,000)	-	-
Minority Interest
Total resources	228,826,000,000	300,428,000,000	315,061,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	334,947,000,000	408,841,000,000	421,083,000,000
Profit (Loss) Before Tax(*)	37,013,000,000	64,884,000,000	51,009,000,000
Profit After Tax attributable to Shareholders(*)	28,928,000,000	51,437,000,000	36,181,000,000

Gross sales	334,947,000,000	408,841,000,000	421,083,000,000
Less deductions	3,987,000,000	3,492,000,000	3,284,000,000
Net income	330,960,000,000	405,349,000,000	417,799,000,000
Cost of goods sold	210,361,000,000	245,802,000,000	252,152,000,000
Gross margin	120,599,000,000	159,547,000,000	165,647,000,000
Income from financial activities	4,636,000,000	4,076,000,000	2,298,000,000
Expenses from financial activities	12,959,000,000	7,669,000,000	9,283,000,000
In which: Interest expenses	7,320,000,000	5,450,000,000	5,452,000,000
Selling expenses	59,838,000,000	71,517,000,000	83,778,000,000
General & administration expenses	15,776,000,000	21,074,000,000	24,949,000,000
Net income from operating activities	36,662,000,000	63,363,000,000	49,935,000,000
Extraordinary income	646,000,000	1,667,000,000	1,118,000,000
Extraordinary expenses	295,000,000	146,000,000	44,000,000
Extraordinary gains	351,000,000	1,521,000,000	1,074,000,000
Net profit before tax	37,013,000,000	64,884,000,000	51,009,000,000
Income tax	8,085,000,000	13,447,000,000	14,828,000,000
Net profit after tax	28,928,000,000	51,437,000,000	36,181,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	22.06	2.99
Profitability
Profit Margin (%)	8.64	12.58	8.59
Return on Equity (%)	20.48	29.97	20.52
Return on Assets (%)	12.64	17.12	11.48
Leverage
Total Debt Equity (Times)	0.62	0.75	0.79
Current Debt Equity (Times)	0.61	0.72	0.75
Long Term Debt to Equity	0.01	0.03	0.03
Total Asset To Total Equity	1.62	1.75	1.79
Asset Management
Total Assets Turnover (Times)	1.46	1.36	1.34
Fixed Assets Turnover (Times)	7.28	9.45	7.98
Liquidity
Current Ratio	2.12	2.09	1.97

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

FOREIGN EXCHANGE RATES

Today's Exchange rate

1.00 VND
Vietnam Dong

0.000047 USD
United States Dollars

ADDITIONAL INFORMATION

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Medical/Dental Equip/Supplies	5047	Manufacturing, Exporting
Orthopedic, prosthetic, and surgical appliances and supplies, nspf	3842	Manufacturing, Exporting
Pharmaceutical preparations	2834	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Analgesics, antipyretics and nonhormonal anti-inflammatory agents	3004906025	Manufacturing, Exporting
Antibiotics	2941	Manufacturing, Exporting
Cardiovascular medicaments nesoi	3004909020	Manufacturing, Exporting
Medicaments nesoi, mixed or not, in dosage etc form	3004	Manufacturing, Exporting
Medicaments primarily affecting the eyes, ears or respiratory system	3004400060	Manufacturing, Exporting
Pharmaceutical products	3000	Manufacturing, Exporting
Provitamins and vitamins & derivatives & intermixs	2936	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Antipyretic	Primary	Manufacturing, Exporting
Cardiovascular agents	Primary	Manufacturing, Exporting
Gastrointestinal	Primary	Manufacturing, Exporting
Nutrition	Primary	Manufacturing, Exporting
Pharmaceutical products	Primary	Manufacturing, Exporting
Respiratory agents	Primary	Manufacturing, Exporting
Vitamins	Primary	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of TVPHARM PHARMACEUTICAL JSC is Manufacturing - Finished products.

Key products include :

Anti-diabetics
Anti-inflammatory
Antibiotics
Antihistamine
Antipyretic
Cardiovascular agents
Gastrointestinal
Nutrition
Pharmaceutical products
Respiratory agents
Vitamins

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, TVPHARM PHARMACEUTICAL JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM
Global Identifier	:	32400483
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - TRA VINH DIST, TRA VINH
SWIFT Code	:	BIDVVNVX

Bank Name	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE
Global Identifier	:	32404058
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE - TRA VINH, TRA VINH
SWIFT Code	:	ICBVVNVX

LOCAL BRANCHES And MANAGEMENT

Branch	:	TVPHARM PHARMACEUTICAL JSC - TRA VINH, TRA VINH
Branch Address	:	37-39 Pham Thai Buong St Ward 3, Tra Vinh, Tra Vinh

Branch	:	TVPHARM PHARMACEUTICAL JSC - BIEN HOA, DONG NAI
Branch Address	:	20/4 CMT8 Quang Vinh Ward, Bien Hoa, Dong Nai

Branch	:	TVPHARM PHARMACEUTICAL JSC - LONG XUYEN, AN GIANG
Branch Address	:	11B Bui Thi Xuan My Xuyen Ward, Long Xuyen, An Giang

Branch	:	TVPHARM PHARMACEUTICAL JSC - BUON ME THUOT, DAK LAK
Branch Address	:	A8 Khu Hiep Phuc Tan Loi Ward, Buon Me Thuot, Dak Lak

Branch	:	TVPHARM PHARMACEUTICAL JSC - HAI CHAU DIST, DA NANG
Branch Address	:	423 Trung Nu Vuong St Hoa Thuan Tay Ward, Hai Chau Dist, Da Nang

Branch	:	TVPHARM PHARMACEUTICAL JSC - BIEN HOA, DONG NAI
Branch Address	:	20/4 KP3 CMT8 Quang Vinh Ward, Bien Hoa, Dong Nai

Branch	:	TVPHARM PHARMACEUTICAL JSC - NHA TRANG, KHANH HOA
Branch Address	:	Lot 29 Rd B1 KDT Vinh Diem Trung, Nha Trang, Khanh Hoa

Branch	:	TVPHARM PHARMACEUTICAL JSC - DISTRICT 10, HO CHI MINH
Branch Address	:	Q1A Bach Ma CX Bac Hai Ward 15, District 10, Ho Chi Minh
Branch Tel	:	84-8-39702315

Branch	:	TVPHARM PHARMACEUTICAL JSC - CAN THO
Branch Address	:	17/B2 KDC 91B An Khanh Ward, Can Tho

Branch	:	TVPHARM PHARMACEUTICAL JSC - CAU GIAY DIST, HANOI
Branch Address	:	Trung Hoa Ward 22 Lot 11B Trung Yen 10 KDT Trung Yen, Cau Giay Dist, Hanoi

INTERNATIONAL TRADE – Activity and Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Importing
North America	Medium	Importing
Cambodia	Medium	Exporting
China	Medium	Importing
France	Medium	Importing
Germany	Medium	Importing
India	Medium	Importing
Laos	Medium	Exporting
USA	Medium	Importing

OFFICE and FACILITIES

The following information relates to the Business Entity's office as listed above:

Name	:	TVPHARM PHARMACEUTICAL JSC - TRA VINH, TRA VINH
Primary Use	:	Office & Administration facilities
Building Size	:	30,000 Square meters
Address	:	27 Dien Bien Phu St Ward 9, Tra Vinh, Tra Vinh
Country	:	Vietnam
Ownership of Property	:	Rented / Leased
Status	:	Operational

COMPANY HISTORY

Date	Details
2003 - May	Changed its legal structure from Government Enterprise to Joint Stock Company.

AWARDS

#	Award Name	Awarded by	Awarded Date
1	Gold Cup ISO 2007	MINISTRY OF SCIENCE AND TECHNOLOGY CERTIFICATION	n/a
2	Hero of Labor Reform Era	PRESIDENT	n/a

QUALITY ACCREDITATION

Quality Accreditation Listings

#	Name	Accreditation Category
1	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9001:2000
2	GOOD MANUFACTURING PRACTICE (GMP)	-

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
11 Nov, 1992	101956
9 May, 2003	5803000005

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.50
UK Pound	1	Rs. 92.16
Euro	1	Rs. 69.62

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ASH

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.