MIRA INFORM REPORT

Report Date :

14.12.2007

IDENTIFICATION DETAILS

Name :	KHAI HOAN JOINT STOCK COMPANY
Registered Office :	Cau Sat Hamlet, Lai Hung Commune, Ben Cat Dist, Binh Duong Province
Country :	Vietnam
Date of Incorporation :	2006
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing rubber gloves.

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	KHAI HOAN JOINT STOCK COMPANY
Vietnamese name	CONG TY CO PHAN KHAI HOAN
Abbreviated Name	KHAI HOAN JSC
Founded	2006
Type of Business	Joint Stock company
Business Registration No.	4603000240
Date of Issuance	June 1^st 2006
Place of Issuance	Planning and Investment Department of Binh Duong province
Registered Capital	108,000,000,000 VND
Tax Code	3700717246
Total Employees	500 employees
Qualification	Average
Note: The subject’s business registration was adjusted 02 times. The latest one was on March 28^th 2007.
ADDRESS
Head Office
Address	Cau Sat hamlet, Lai Hung commune, Ben Cat Dist, Binh Duong province
Country	Vietnam
Tel	(84-650) 591220 – 591221 – 591222 - 591226
Fax	(84-650) 591228
Email	khaihoanglove@gmail.com
Branch in Hochiminh city
Address	No. 180 Su Van Hanh Str, Ward 9, Dist 5, Hochiminh city
Country	Vietnam
Business registration No	4113025690
Tel/Fax	(84-8) 8351125
DIRECTORS
1. NAME	Mr. NGUYEN HUU TIN
Position	Director – Legal Representative
Date of birth	November 9^th 1976
ID No	022995123
Issued on	September 6^th 2000
Place of issuance	Police Station of Hochiminh city
Qualification	Management
Resident	No. 609/1 Nguyen Dinh Chieu Str, Ward 2, Dist 3, Hochiminh city
Nationality	Vietnamese
2. NAME	Mr. BUI THE NAM
Position	Deputy Director
ID No	023415203
Qualification	Management
Resident	No. 175 Nguyen Dinh Chieu Str, Ward 6, Dist 3, Hochiminh city
Nationality	Vietnamese
3. NAME	Mr. KY QUANG BUU
Position	Chief of branch in Hochiminh city
Qualification	Bachelor
Resident	No. 26, Ngo Tat To Str, Ward 19, Binh Thanh Dist, Hochiminh city
Nationality	Vietnamese
4. NAME	Mr. HOANG QUOC KHANH
Position	Sales Manager
Qualification	Bachelor
Resident	Hochiminh city
Nationality	Vietnamese
Tel	+ 84 903 958 288
5. NAME	Mr. NGUYEN MINH THO
Position	Human Resource Department
Qualification	Bachelor
Resident	Binh Duong province, Vietnam
Nationality	Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject is specializing in manufacturing rubber gloves
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports equipments and chemicals from Malaysia, Taiwan, France
EXPORT: The subject exports products to USA, England, Italy, China, Taiwan
BANKERS
1. VIETNAM BANK FOR FOREIGN TRADE (VIETCOMBANK)
Address	No 2D-2E Ly Thuong Kiet Str, Ward 12, Dist 5, Hochiminh city
Country	Vietnam
Tel	(84-8) 9570725
Fax	(84-8) 9570726
Swift	BFTVVNVX007
Account No	0071373441797
2. VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT
Address	No. 50 Ben Chuong Duong Str, Dist 1, Hochiminh City
Country	Vietnam
Tel	(84-8) 8222752 - 8295434
Fax	(84-8) 8294063
Swift	VBAAVNVX
3. INDUSTRIAL AND COMMERCIAL BANK OF VIETNAM (INCOMBANK)
Address	No. 93 - 95 Ham Nghi Str, Nguyen Thai Binh Ward, Dist 1, Hochiminh city
Country	Vietnam
Tel	(84-8) 8215388 - 8210089
Fax	(84-8) 8290696
Swift	ICBVVNVX902
SHAREHOLDERS
1. NAME	Mr. NGUYEN HUU TIN
Position	Director – Legal Representative
Date of birth	November 9^th 1976
ID No	022995123
Issued on	September 6^th 2000
Place of issuance	Police Station of Hochiminh city
Qualification	Management
Resident	No. 609/1 Nguyen Dinh Chieu Str, Ward 2, Dist 3, Hochiminh city
Nationality	Vietnamese
Share	10 %
Value	10,800,000,000 VND
2. Name	Mr. BUI THE HUNG
Position	Shareholder
ID No	020102491
Resident	No. 175 Nguyen Dinh Chieu Str, Ward 6, Dist 3, Hochiminh city
Nationality	Vietnamese
Share	51 %
Value	55,080,000,000 VND
3. Name	Mr. BUI THE NAM
Position	Deputy Director
ID No	023415203
Qualification	Management
Resident	No. 175 Nguyen Dinh Chieu Str, Ward 6, Dist 3, Hochiminh city
Nationality	Vietnamese
Share	29 %
Value	31,320,000,000 VND
4. Name	Ms. NGUYEN HUYNH BICH TRAM
Position	Shareholder
ID No	023429394
Resident	No. 661 Dien Bien Phu Str, Ward 1, Dist 3, Hochiminh city
Nationality	Vietnamese
Share	10 %
Value	10,800,000,000 VND
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Normal
Liquidity	Normal
Previous Payments	Average
Payment status	Average
Past Financial Situation	N/A
Current Financial Situation	Average
Litigation Data	No recorded
Bankruptcy	No recorded
Public opinion	Normal
Payment Methods	Direct payment or through its corresponding bank.
FINANCIAL DATA
The subject is a new company, which has just established in June 2006. Its completed financial statement is not available.
INTERPRETATION
KHAI HOAN JSC is a joint stock company. The subject was established in June 2006. It is specializing in manufacturing rubber gloves. Material source of the subject is rubber, which is supplied absolutely in inland. The subject only imports chemicals from Taiwan, France and production lines from Malaysia. Current average monthly productivity of the subject is 45 million pieces. Besides consuming in domestic market, the subject’s products are also exported to USA, England, Italy, China and Taiwan. Market share and competitive capacity like that are quite remarkable for a new entity as the subject. The subject is located in Binh Duong province and has a branch in Hochiminh city. The premise and facilities of the subject are fairly large. It is operating on the medium scale with total 500 employees. The management capability of the subject is fairly. At the present, its business activities are busy. In general, the subject is a young company. Its operation is stably swiftly. However, everything is on the started point for the subject. It is necessary for the subject to try to have more customers and a higher position in industry. It has a potential prospect of development in the future. Current registered capital of the subject is 108,000,000,000 VND. Its completed financial statement is not available. Current financial situation of the subject is relatively safe for any small transactions.
The company is expected to be VULNERABLE TO 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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