MIRA INFORM REPORT

Report Date :

10.12.2007

IDENTIFICATION DETAILS

Name :	NAM DAN COMPANY LIMITED
Registered Office :	No.159, Ba Hom Str, Ward 13, Dist 6, Hochiminh City
Country :	Vietnam
Date of Incorporation :	2003
Legal Form :	Liability Limited Company
Line of Business :	Trading in chemical of paint, printed ink and plastic industry.

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	NAM DAN COMPANY LIMITED
Vietnamese name	CONG TY TNHH NAM DAN
Abbreviated Name	NAM DAN CO., LTD
Founded	2003
Type of business	Liability limited company
Business registration No	4102018450
Issued on	October 24^th, 2003
Issued by	Planning and Investment department of Hochiminh City
Current Registered Capital	4,000,000,000 VND
Former Registered Capital	600,000,000 VND
Tax Code	0303106573
Total Employees	10 employees
Qualification	Normal
Notes: The subject’s business registration has just been renewed to increase its registered capital.
ADDRESSES
Head Office
Address	No.159, Ba Hom Str, Ward 13, Dist 6, Hochiminh City
Country	Vietnam
Tel	(84-8) 751 6912
Fax	(84-8) 751 8342
Email	thyhieu@hcm.vnn.vn
DIRECTORS
1. NAME	Ms. NGUYEN THI MINH HIEU
Position	Director, Legal Representative
Resident	No. 811, Cach Mang Thang Tam Str, Ward 4, Tan Binh Dist, Hochiminh City
Date of birth	October 23^rd, 1964
ID No	022756211
Issued on	November 29^th, 2002
Issued by	Police station of Hochiminh City
Nationality	Vietnamese
Cell phone	+84 918 175 875
BUSINESS NATURE AND ACTIVITIES
The subject is specializing in trading in chemical of paint, printed ink and plastic industry.
The subject’s registered business items:
- Trading materials of chemical, equipments and machines of paint, plastic and rubbery industry - Trading in agricultural, forestry and aquatic products, trading in handicraft - Producing plastic products - Trading, maintaining computer, printed machine and electronic accessories
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports goods from China, India, USA, Japan and Malaysia
EXPORT: The subject does not export. It just distributes in domestic market
BANKERS
ASIA COMMERCIAL JOINT STOCK BANK(ACB)-CHO LON BRANCH
Address	No. 141 - 143, Hung Vuong Str, Dist 6, Hochiminh City
Country	Vietnam
Tel	(84-8) 9 606 980
Fax	(84-8) 8 576 979
THE SOUTHERN COMMERCIAL JOINT STOCK BANK (PHUONG NAM BANK)
Adresse	No. 258, Minh Phung Str, Ward 2, Dist 11, Hochiminh City
Country	Vietnam
Telephone	(84-8) 960 6050 - 960 6054
Fax	(84-8) 960 6047
Telex	811358PNBANKVT
Swift	PNBKVNVX
SHAREHOLDERS
The subject is a liability limited company. Following are its shareholders:
1. NAME	Ms. NGUYEN THI MINH HIEU
Position	Director, Representative by law
Resident	No. 811, Cach Mang Thang Tam Str, Ward 4, Tan Binh Dist, Hochiminh City
Date of birth	October 23^rd, 1964
ID No	022756211
Issued on	November 29^th, 2002
Issued by	Police station of Hochiminh City
Nationality	Vietnamese
Cell phone	+84 918 175 875
Current shares	75%
Current values	3,000,000,000 VND
Former share	66.67%
Former Value	400,000,000 VND
2. NAME	Ms. NGUYEN THI QUYEN
Position	Shareholder
Resident	No. 159, Ba Hom Str, Ward 13, Dist 6, Hochiminh City
Nationality	Vietnamese
Current share	25%
Current Values	1,000,000,000 VND
Former Share	33.33 %
Former Values	200,000,000 VND
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Normal
Liquidity	Normal
Current Payment Status	Average
Previous Payments	Normal
Past Financial Situation	Normal
Current Financial Situation	Average
Legal Action	No recorded
Bankruptcy	No recorded
Reputation	Normal
Mode of Payment	Direct payment through its corresponding banks. Most of payment are made by L/C, D/P sight, D/A, TTR 90, TTR 60.
Sales methods	Direct to its client
FINANCIAL DATA
The subject’s financial statement is not available. Following are financial highlight, which were directly collected from subject:
Trading Capital	4,000,000,000 VND
Estimated revenue of 2007	40,000,000,000 VND
Revenue of 2006	28,000,000,000 VND
Revenue of 2005	18,000,000,000 VND
Growth	150%. Subject is a young company, its growth is high.
INTERPRETATION
Nam Dan is a small limited company, which is now specializing in trading in chemical of paint, printed ink and plastic industry. The subject got business registration on October 24^th, 2003 and started operation at the same time. The subject imports goods from China, India, USA, Japan and Malaysia to distribute to inland clients. It does not do exporting operation. The subject’s director seems to be a good manager. She tries her best to manage her company and looking for partners. The Subject has operated for four years, its current market share is not large and it meets difficulties in looking for partners. It has to face up with competition of other competitors in the same industry. However, its registered capital has just increased. Its growth is good in recent years. Subject's estimated revenue of this year-2007 up to 40 millions VND. The subject’s future prospect is normal. Its financial situation is better now. In general, the subject is small young company, which is on the way of development.
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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