MIRA INFORM REPORT

Report Date :

22^nd June 2006

IDENTIFICATION DETAILS

Name :	VIET VIRTUE TRADINH COMPANY LIMITED
Registered Office :	No. 319-Block B7, Ly Thuong Kiet Str (Thuan Viet Trading Town), Ward 15, District 11, Hochiminh City
Country :	Vietnam
Financials (as on) :	2004
Date of Incorporation :	1966
Legal Form :	Limited Liability company
Line of Business :	Engaged in producing materials, machines, equipments, spare parts of pisciculture, agriculture, construction and transport branches.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Status :	Moderate
Payment Behaviour :	Usually Correct
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
English Name	VIET VIRTUE TRADINH COMPANY LIMITED
Vietnamese Name	CONG TY TNHH THUONG MAI VIET DUC
Trade Name	VINIMAC CO., LTD (VIETNAM INDUSTRIAL MACHINERY)
Foundation	1966
Founder	Mr. CHARLES CAO VAN DUC
Type of Business	Limited Liability company
Re-establishment	1992
Establishment decision	No. 608/GP-UB
Date of Issuance	October 23^rd 1992
Place of Issuance	People’s Committee of Hochiminh City
Business registration	No. 048584
Date of Issuance	October 27^th 1992
Place of Issuance	Planning and Investment Department of Hochiminh City
Registered Capital	1,000,000,000 VND
Tax Code	0301265673
Employees	20
Qualification	Normal
ADDRESSES
Head office:
Address	No. 319-Block B7, Ly Thuong Kiet Str (Thuan Viet Trading Town), Ward 15, District 11, Hochiminh City
Country	Vietnam
Tel	(84-8) 864 9530/ 866 0680/ 866 0681/ 866 0668
Fax	(84-8) 863 6640
Email	vinimac@vnn.vn / telesonic@hcm.vnn.vn
Website	www.vinimac.com
DIRECTORS
1. NAME		Ms. LY THI THANH
Position		Director
Current Resident		No. 131/22 Nguyen Thai Son Str, Ward 7, Go Vap Dist, Hochiminh City
Nationality		Vietnamese
2. NAME		Ms. VO THI YEN
Position		Vice Director
I.D No		334225060
Current Resident		No. 111F Ngo Quyen Str, Ward 6, Dist 10, Hochiminh City
Nationality		Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject specializes in trading in producing materials, machines, equipments, spare parts of pisciculture, agriculture, construction and transport branches.
Besides, the subject registered in the following activities: + Commercial Service: Introducing export products + Agency consign goods + Repairing, maintaining services. + Exploration, design and installation of equipments and spare parts
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports products from Malaysia, Indonesia, Germany, Japan…
EXPORT: N/A
BANKERS
1. VIETNAM BANK FOR FOREIGN TRADE (VIETCOMBANK)
Address			No. 29, Ben Chuong Duong Str, Hochiminh City
Country			Vietnam
Tel			(84-8) 825 1317
Fax			(84-8) 829 7228
Telex			811234/5 VVB-VT
Swift			BFTVVBVX 007
SHAREHOLDERS
The Subject is a limited liability company. Following is its owners:
1. NAME			Ms. VO THI YEN
Position			Vice Director
I.D No			334225060
Current Resident			No. 111F, Ngo Quyen Str, Ward 6, Dist 10, Hochiminh City
Nationality			Vietnamese
Share			48 percent
Value			480,000,000 VND
2. NAME			Ms. TU THI SUONG
Position			Shareholder
Current Resident			No. 111F Ngo Quyen Str, Ward 6, Dist 10, Hochiminh City
Nationality			Vietnamese
Share			50 percent
Value			500,000,000 VND
2. NAME			Mr. LY THAI ANH
Position			Shareholder
Current Resident			No. 77A, Noi Hoa Hamlet, Binh An Commune, Thuan An Dist, Binh Duong Province
Nationality			Vietnamese
Share			2 percent
Value			20,000,000 VND
PAYMENT HISTORY AND EXPERIENCES
Trade Morality			NORMAL
Liquidity			AVERAGE
Previous Payment Status			AVERAGE
Current Payment Status			NORMAL
Past Financial Situation			NORMAL
Current Financial Situation			NORMAL
Legal Action			NO RECORD
Bankruptcy			NO RECORD
Reputation			NORMAL
Modes of Payment			DIRECT PAYMENT OR THROUGH ITS CORRESPONDING BANK: L/C OR TT
Sales methods			DIRECTLY TO CLIENTS
FINANCIAL DATA
The completed financial statement of the subject is not available. Following is its financial highlight, which was collected from tax department.
BALANCE SHEET
Unit: 1,000,000 VND
Description				2004	2003
A. Current assets & Short term Investment				20,851	21,978
Among them:
I. Receivables				2,965	3,102
II. Inventory				8,627	10,122
B. Fixed assets & Long term investment:				187	232
Among them
I. Fixed assets				184	232
1. Tangible fixed assets				184	232
+ Original cost				578	578
+ Accumulated depreciation value				394	346
TOTAL ASSETS				21,038	22,210
A. Payables				20,089	21,238
B. Owner’s Equity				949	972
TOTAL LIABILITY AND EQUITY				21,038	22,210
PROFIT & LOSE ACCOUNTS
Description				2004	2003
Total revenue				3,687	N/A
Net income from business activity				18	-
Net income from financial operation				0	-
Irregular income				1	-
Irregular expenditure				0	-
Irregular Profit				1	-
Total pre-tax profit				19	-
Income tax				5	-
After tax profit				14	-
INTERPRETATION ON THE SCORES
THE SUBJECT IS A LIABILITY LIMITED COMPANY. VINIMAC WAS CREATED IN 1966 AND TEMPORARILY STOPPED IN 1977 BY ITS FOUNDER MR. CHARLES CAO VAN DUC IN OCTOBER 1992, THE SUBJECT WAS RE-OPENED UNDER THE NAME “CTY TNHH TM VIET DUC” AS THE GORVENMENT FORBADE PRIVATE COMPANIES TO USE THE WORD “VIETNAM” IN THEIR COMPANY NAMES, SO VINIMAC HAS ONLY BEEN USED ORALLY AS AN “INTERNATIONAL” NAME MAINLY WITH INTERNATIONAL BUSINESS PARTNERS. ABOUT 2 OR 3 YEARS AGO, THE GORVENMENT HAS ALLOWED BACK AGAIN THE USE OF “VIETNAM” FOR ANY COMPANY. THE SUBJECT IS SPECIALIZING IN TRADING IN ALL KINDS OF MACHINERIES AND EQUIPMENTS TO SATISFY VIETNAM MARKET. THE TYPICAL PRODUCTS OF THE SUBJECT INCLUDE REFRIGERATION EQUIPMENT (BITZER-GERMANY, HASEGAWA-JAPAN, CYCLEWORLD-MALAYSIA…), TRANSPORT AIR CONDITIONING SYSTEM (AIR INTERNATIONAL COUCHAIR-AUSTRALIA), MACHINERY (AIR COMPRESSOR, ELECTRIC MOTOR). ALMOST OF THESE PRODUCTS ARE IMPORTED FROM FOREIGN AND DISTRIBUTED IN DOMESTIC MARKET. THE SUBJECT'S PREMISES AND FACILITIES ARE NORMAL. ITS ORGANIZATION STRUCTURE IS NOT STANDARD. THE MANAGEMENT CAPACITY AND COMPETITVE ABILITY OF THE SUBJECT ARE AVERAGE. ITS BUSINESS ACTIVITIES SEEM BUSY NOW. THE MARKET SHARE OF THE SUBJECT IS RELATIVE.
IN OVERVIEW, VINIMAC IS A SMALL SCALE COMPANY. IT IS OPERATING AVERAGELY. THE SUBJECT IS ONLY THE DISTRIBUTOR OF FOREIGN PARTNERS IN VIETNAM MARKET. THE SUBJECT PLANS TO EXPAND ITS MARKET SHARE IN NEXT TIME. THE FUTURE PROSPECT OF THE SUBJECT IS FAIR. THE FINANCIAL SITUATION OF THE SUBJECT IS NOT VERY SAFE FOR CREDITORS. IT HAS CAPACITY TO MEET FINANCIAL COMMITMENTS. CAUTION NEEDED FOR NORMAL AND BIG BUSINESS TRANSACTIONS.

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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