MIRA INFORM REPORT

Report Date :

26^th June 2006

IDENTIFICATION DETAILS

Name :	THAI HOA PRODUCING - TRADING AND CONSTRUCTION COMPANY LIMITED
Registered Office :	No. 343/5C To Hien Thanh Str, Ward 12, Dist 10, Hochiminh City
Country :	Viet Nam
Financials (as on) :	2004
Com. Reg. No.:	4102009449
Legal Form :	Limited Liability Company
Line of Business :	Engaged in trading in various kinds of chemicals

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 :	Good
Payment Behaviour :	Regular
Litigation :	Clear

SUBJECT IDENTIFICATION& LEGAL FORM
English Name	THAI HOA PRODUCING - TRADING AND CONSTRUCTION COMPANY LIMITED
Vietnamese Name	CONG TY TNHH SAN XUAT XAY DUNG THUONG MAI THAI HOA
Trade Name	THAI HOA CO., LTD
Type of Business	Limited Liability Company
Business registration	No. 4102009449
Date of Issuance	April 19^th, 2002
Place of Issuance	Business Registration Office of Hochiminh City
Current Registered Capital	3,000,000,000 VND
Former Registered Capital	600,000,000 VND
Tax Code	0302595804
Total Employees	16 employees
Qualification	Normal
Notes: The subject’s business license has been renewed for 02 times. The latest one was dated on May 15^th, 2006 for increasing its registered capital.
ADDRESSES
Head Office:
Current Address	No. 343/5C To Hien Thanh Str, Ward 12, Dist 10, Hochiminh City
Former Address	No.157/T4, To Hien Thanh Str, Ward 12, Dist 10, Hochiminh City
Country	Vietnam
Tel	(84-8) 8630319
Fax	(84-8) 8630320
Email	peromavina@hcm.vnn.vn
Notes: The subject does not change its location. However, the name of address was changed. The Subject has only one chemical shop locating at No.138B, To Hien Thanh Str, Ward 12, Dist 10, Ho Chi Minh City.
DIRECTORS
1. NAME		Mr. TRINH DINH BINH
Position		Director
Qualification		Management
Date of Birth		May 6^th 1967
New ID No		024334650
Issued on		January 20^th, 2005
Issued by		Police Station of Hochiminh City
Current Resident		157/L9 To Hien Thanh Str, Ward 12, Dist 10, Hochiminh City
Former ID No.		212055645
Issued by		Police Station of Quang Ngai Province
Permanent Resident		Duc Thang Village, Mo Duc District, Quang Ngai Province
Nationality		Vietnamese
Hand phone		++84 913 643 643
2. NAME		Mr. TRINH DINH VIEN
Position		Deputy Director
Qualification		Bachelor
Resident		Tan Nghia Hamlet, Dinh Lac Village, Di Linh District, Lam Dong Province
Nationality		Vietnamese
Note: TRINH DINH VIEN is the younger brother of the Subject’s director - MR. TRINH DINH BINH
3. NAME	Ms. VU THI PHUONG THAO
Position	Sales Manager
Qualification	Bachelor
Address	Hochiminh City, Vietnam
Nationality	Vietnamese
Hand phone	++ 84 903 946 882
Note: Ms. Vu Thi Phuong Thao is the director’s wife
BUSINESS NATURE AND ACTIVITIES
The subject specializes in trading in various kinds of chemicals. Currently, the subject is focusing on flavors, food additives and chemicals.
The subject registered trading in: Producing and trading in chemicals (excluding noxious chemicals), instruments for experimentation. Civil and industrial construction.
IMPORT & EXPORT ACTIVITIES
IMPORT: The goods source of the Subject is imported from Germany, Indonesia, France, Singapore, and China.
EXPORT: The Subject just consumes its goods in local market.
BANKERS
1. SGN COMMERCIAL JOINT STOCK BANK (SACOMBANK)
Address		No. 473, Nguyen Chi Thanh Str, Ward 15, Dist 5, Hochiminh City
Country		Vietnam
Tel		(84-8) 9556926 - 8579158
Fax		(84-8) 8579155
Telex		813603SGTT/VT
Swift		SGTTVNVX
SHAREHOLDERS (S)
The Subject is a Private Limited Company. Following is its shareholders:
1. NAME		Mr. TRINH DINH BINH
Position		Director
Qualification		Management
Date of Birth		May 6^th 1967
New ID No		024334650
Issued on		January 20^th, 2005
Issued by		Police Station of Hochiminh City
Current Resident		157/L9 To Hien Thanh Str, Ward 12, Dist 10, Hochiminh City
Nationality		Vietnamese
Hand phone		++ 84 913 643 643
Current shares		60 percent
Current values		1,800,000,000 VND
Former shares		66,67 percent
Former values		400,000,000 VND
2. NAME		Mr. TRINH DINH VIEN
Position		Deputy Director
Qualification		Bachelor
Resident		Tan Nghia Hamlet, Dinh Lac Village, Di Linh District, Lam Dong Province
Nationality		Vietnamese
Current shares		40 percent
Current values		1,200,000,000 VND
Former shares		33,33 percent
Former values		200,000,000 VND
PAYMENT HISTORY AND EXPERIENCES
Trade Morality		GOOD
Liquidity		FAIRLY GOOD
Previous Payment Status		NORMAL
Current Payment Status		RELATIVE PROMPT
Past Financial Situation		AVERAGE
Current Financial Situation		AVERAGE
Legal Action		NO RECORDED
Bankruptcy		NO RECORDED
Reputation		NORMAL
Modes of Payment		DIRECT PAYMENT OR THROUGH ITS CORRESPONDING BANK. FOREIGN REMITTANCE BY LETTER OF CREDIT (L/C) OR BY TELEGRAPHIC TRANSFER (T/T).
Sales methods		DIRECTLY TO CLIENTS
FINANCIAL DATA
The full financial statement of the subject is not available. Following is its financial highlight, which was reported to Taxation:
Unit: 1,000,000 VND
Description			2004	2003
Current assets & Short term investment			3,047	2,031
Fixed assets & Long term investment			359	363
Total assets			3,406	2,394
Payable			1,960	872
Owner’s Equity			1,446	1,522
Total Liability and Equity			3,406	2,394
Total revenue			6,051	-
Deduction Items			0	-
Net revenue			6,051	-
Net income from business activities			7	-
Irregular profit			5	-
Total pre-tax profit			7	-
INTERPRETATION ON THE SCORES
THAI HOA CO., LTD IS A LIMITED LIABILITY COMPANY THAT WAS ESTABLISHED IN APRIL 2002. IT IS OPERATING AS A FAMILY BASED BUSINESS COMPANY. THE COMPANY HAS LONG EXPERIENCE IN TRADING IN AROMATIC SPICES, CHEMICALS, AND INSTRUMENT FOR EXPERIMENTATION. CURRENTLY, THE SUBJECT IS FOCUSING ON TRADING IN FLAVOURS, FOOD ADDITIVES AND CHEMICALS. THE GOODS SOURCE OF THE SUBJECT IS IMPORTED FROM MANY FOREIGN MARKETS SUCH AS GERMANY, FRANCE, INDONESIA, CHINA, AND SINGAPORE. HOWEVER, ALL ITS PRODUCTS ARE CONSUMED IN DOMESTIC MARKET AND THROUGH RETAILERS. THE SUBJECT IS A FAMILY COMPANY, WHICH IS RUN BY THE DIRECTOR TRINH DINH BINH. HIS WIFE, MRS. VU THI PHUONG THAO IS THE SALES MANAGER OF THE SUBJECT AND THE DEPUTY MANAGER, MR. TRINH DINH VIEN IS THE DIRECTOR’S YOUNGER BROTHER. THE MANAGEMENT CAPABILITY OF THE SUBJECT IS NORMAL. ITS PREMISES AND FACILITIES ARE AVERAGE. THE HEAD OFFICE OF THE SUBJECT IS ALSO THE PRIVATE HOUSE OF ITS DIRECTOR. ACCORDING TO THE INFORMATION FROM THE SUBJECT (AFTER INTERVIEWING THE DIRECTOR), THE SUBJECT’S MARKET SHARE IS REGULARLY INCREASED. THE REPORTED TURNOVER & PROFIT CAPABILITY IS NOT REMARKABLE BUT ITS ACTUAL FIGURES IS MUCH HIGHER. THE TOTAL REVENUE OF THE SUBJECT IN 2005 WAS VND 35 BILLIONS. THE SUBJECT IS NOW LOOKING FOR CO-OPERATION WITH A FOREIGN PARTNER THAT WILL SPECIALIZE IN MANUFACTURING CHEMICALS. IN GENERAL, THE SUBJECT IS A PRIVATE COMPANY WITH SMALL SCALE. ITS CURRENT POSITION IN THE INDUSTRY IS HUMBLE. THE CURRENT BUSINESS OPERATIONS OF THE SUBJECT IS NOT VERY BUSY. HOWEVER, IT HAS GOOD EXPERIENCE IN DISTRIBUTING THIS KIND OF PRODUCT. THE COMPETITIVE CAPABILITY OF THE SUBJECT IS INCREASED WITH SOME TRADITIONAL CUSTOMERS. THE FINANCIAL SITUATION OF THE SUBJECT IS FAIR. IT HAS CAPACITY TO MEET FINANCIAL COMMITMENTS. A LITTLE CAUTION NEEDED FOR BIG BUSINESS TRANSACTION WITH THE SUBJECT.
END OF REPORT

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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