MIRA INFORM REPORT

Report Date :

10.12.2007

IDENTIFICATION DETAILS

Name :	LSC LOGISTICS AND SERVICES COMPANY LIMITED
Registered Office :	No. 288J1 Nam Ky Khoi Nghia Str, Ward 8, Dist 3, Hochiminh City
Country :	Vietnam
Date of Incorporation :	2000
Legal Form :	Limited Liability Company
Line of Business :	Providing forwarding and logistics services Trading in construction materials, packages and chemicals Providing customs declaration services Renting means of transportation and warehouses Trading in telecommunication equipment, office supplies Trading in materials and finished products of garment, paper, cosmetic, fabrics

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.	Small

Status :	Small Company
Payment Behaviour :	No Complaints
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
English Name	LSC LOGISTICS AND SERVICES COMPANY LIMITED
Vietnamese name	CONG TY TNHH GIAO NHAN VA THUONG MAI LSC
Trade Name	LSC CO., LTD
Another trade name	LSC GROUP CORPORATION LTD
Founded	2000
Type of Business	Limited Liability Company
Business Registration No.	4102001298
Date of Issuance	June 07^th 2000
Place of Issuance	Planning and Investment Department of Hochiminh City
Registered Capital	450,000,000 VND
Tax Code	0302030674
Total Employees	45 employees
Qualification	Average
ADDRESS
Head Office
Address	No. 288J1 Nam Ky Khoi Nghia Str, Ward 8, Dist 3, Hochiminh City, Vietnam
Tel	(84-8) 8469305 / 8480642 / 8482206
Fax	(84-8) 8484419
Email	lscvn@hcm.vnn.vn
DIRECTORS
1. NAME	Mr. NGUYEN THUY CHUNG (HERRY CHUNG)
Position	Director
Date of birth	December 21^st 1970
ID No	022308955
Resident	No. 50/2 Truong Son Str, Ward 2, Tan Binh Dist, Hochiminh city
Nationality	Vietnamese
Private Tel	+84 903908955
Email	Ntc70@hcm.vnn.vn
2.NAME	Ms. DO THI MINH CHAU
Position	Vice - Director
Qualification	Bachelor
Date of birth	1974
City/ Province	Ho Chi Minh City
Nationality	Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject registered in the following lines of business: Providing forwarding and logistics services Trading in construction materials, packages and chemicals Agent for International firms in providing express mail Agent for firms in supplying telecommunication services Goods transportation by land Providing customs declaration services Renting means of transportation and warehouses Trading in telecommunication equipment, office supplies Trading in materials and finished products of garment, paper, cosmetic, fabrics
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports chemicals, cosmetics, dyer stuffs and consumer products from India, France, Russia.
EXPORT: The subject is providing express mail services so its export market is very large. The subject’s export mosquito-net and blanket products to Russia, Turkey and Ghana.
BANKERS
1. ASIA COMMERCIAL JOINT STOCK BANK (ACB BANK)
Address	No.442 Nguyen Thi Minh Khai Str, Ward 5, Dist 3, Hochiminh City, Vietnam
Tel	(84-8) 8334085 - 8395179
Fax	(84-8) 8359156
Telex	813158ACBVT
Swift	ASCBVNVX
2. SGN COMMERCIAL JOINT STOCK BANK (SACOMBANK)
Address	No. 278 Nam Ky Khoi Nghia Str, Ward 8, Dist 3, Hochiminh City, Vietnam
Tel	(84-8) 9320420 - 9320643
Fax	(84-8) 9322488
Telex	813603SGTT/VT
Swift	SGTTVNVX
SHAREHOLDERS
1. NAME	Mr. NGUYEN THUY CHUNG
Position	Director
Date of birth	December 21^st 1970
ID No	022308955
Resident	No. 50/2 Truong Son Str, Ward 2, Tan Binh Dist, Hochiminh city
Nationality	Vietnamese
Share	33.333%
Value	150,000,000 VND
2. NAME	Ms. NGUYEN GIANG HUONG
I.D.No.	022309279
Position	Shareholder
Resident	No. 128/14 Tran Quoc Thao Str, Ward 7, Dist 3, Hochiminh city
Nationality	Vietnamese
Share	33.333%
Value	150,000,000 VND
3. NAME	Ms. TRAN THI DANH
Position	Shareholder
I.D.No.	022714026
Resident	No. 55B Tran Nhat Duat Str, Tan Dinh Ward, Dist 1, Hochiminh city
Nationality	Vietnamese
Share	33.333%
Value	150,000,000 VND
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Average
Liquidity	Average
Current Payment status	Normal
Past Financial Situation	Not strong
Current Financial Situation	Normal
Litigation Data	No recorded
Bankruptcy	No recorded
Public opinion	Normal
Payment Methods	Direct payment or through its corresponding bank. Foreign remittance by letter of credit (L/C), by telegraphic transfer (T/T)
Sales methods	Directly to clients or through its agents
FINANCIAL DATA
Subject’s completed financial statement is not available. Following are financial highlights:
Unit: 1,000,000 VND
Description		2006	2005
Current assets & Short term Investment		527	222
Fixed assets and long-term investment		276	269
Total Assets		803	491
Payable		2	1
Owner’s Equity		801	490
Total Liability and Equity		803	491
Total Revenue		2,489	909
Deduction items		0	0
Net Revenue		2,489	909
Net Income From business Activities		13	14
Net Income From Financial Operation		0	0
Irregular Profit		3	0
Total pre-tax Profit		16	14
INTERPRETATION
The Subject is liability limited company, It was established in 2000 with operation by Mr. Nguyen Thuy Chung. In inland introduction, the subject’s manager uses the name of LSC Co., Ltd. In introduction with foreign partners, it uses the name of LSC GROUP CORPORATION LTD or LSC GROUP. The subject specializes in providing international and domestic express mail services. The subject is an agent of P&T Express JSC. Besides services, the subject also has trading activities. Following the subject’s manager, the subject has imported chemicals, cosmetics, dyer stuffs and consumer products from EU (Russia, France) for inland distributing. The subject export mosquito-net and blanket products to Russia, Turkey and Ghana. Management capacity and position industry of the subject are average. Competition capacity of the subject is average. The subject has express mail service agents in Ha Noi, Da Nang, Hue and Nha Trang City. Trading activities of the subject are mainly in Hochiminh city. The subject’s manager is trying his best to widen his business. The subject total revenue of 2006 has increasing compare with 2005. The subject human resources has increased with 45 employees. By director interview to Mr. Nguyen Thuy Chung –Director, Now, LSC Co., Ltd is also processing in Jean trousers for Disel Brand – USA. The subject will increase registered capital up to 3 billion VND on the middle next year. He gives out data for 2007’s revenue up to 4 billion VND Generally, the subject is a small trading and services company which is operating normally. No caution needed for small transaction with good term.
The company’s stability is expected to be IMPAIRED by adverse changes in circumstances and economic conditions.

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.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

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