MIRA INFORM REPORT

Report Date :

17.01.2007

IDENTIFICATION DETAILS

Name :	THIEN QUANG HUNG YEN MANUFACTURING COMPANY LIMITED
Registered Office :	Trung Trac Ward, Van Lam Dist., Hung Yen Province
Country :	Vietnam
Date of Incorporation :	2004
Legal Form :	Liability Limited Company
Line of Business :	Manufacturing and trading in stainless steel, iron, and steel.

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 :	Fair
Payment Behaviour :	Usually correct
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
English Name	THIEN QUANG HUNG YEN MANUFACTURING COMPANY LIMITED
Vietnamese name	CONG TY TNHH SAN XUAT THIEN QUANG HUNG YEN
Abbreviation name	THIEN QUANG HUNG YEN MANUFACTURING CO., LTD
Founded	2004
Type of Business	Liability Limited Company
Business Registration	No.0502000336
Issued by	December 2^nd, 2004
Issued by	Hung Yen Department of Planning and Investment
Registered Capital	VND 20,000,000,000
Tax code	0900233261
Total Employees	100
Qualification	Normal
ADDRESS
Head Office
Address	Trung Trac Ward, Van Lam Dist., Hung Yen Province
Country	Vietnam
Tel	(84-321) 997185
Fax	(84-321) 980908
Email	xnkthienquang@thienquang.com.vn
Website	www.inoxthienquang.com.vn
SUBSIDIARY AND RELATED COMPANIES
Name	THIEN QUANG TRADING COMPANY LIMITED
Registered Address	Hamlet 1, Dong My Commune, Thanh Tri Dist, Hanoi city
Head office	Trung Trac Commune, Van Lam Dist, Hung Yen Province,
Founded	2001
Business Registration	No. 0102002903
Issued on	June 28^th, 2001
Issued by	Hanoi Authority For Planning And Investment
Registered Capital	VND 6,000,000,000
Director	Mr. DUONG VAN DOANH
Main Business	Trading in stainless steel, iron, and steel.
Note: This company contributes capital into the subject. Mr. DUONG VAN DOANH and Mr. NGUYEN VAN QUANG, director of the subject have kinship.
DIRECTORS
1. NAME	Mr. NGUYEN VAN QUANG
Position	Director
Hand Phone	++84 913205330
Resident	Hanoi city, Vietnam
Nationality	Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject focuses on the following lines of business:
- Manufacturing and trading in stainless steel, iron, and steel.
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports from many countries in the world such as China, Taiwan, Thailand, Japan, Canada, India, etc.
EXPORT: N/A
BANKERS
1. SACOMBANK
Address	No. 65, Ngo Thi Nham Str, Hai Ba Trung Dist, Hanoi city
Tel	(84-4) 978 1489
Fax	(84-4) 943 2988
2. VIETNAM INTERNATIONAL BANK
Address	No. 496, Bach Mai Str, Hai Ba Trung Dist, Hanoi city
Tel	(84-4) 627 3898
Fax	(84-4) 627 3899
Acc.	No. 14000024
SHAREHOLDERS
Current Shareholders
1. Name	THIEN QUANG TRADING COMPANY LIMITED
Trade Name	THIEN QUANG TRADING CO., LTD.
Registered address	Hamlet 1, Dong My Commune, Thanh Tri Dist, Hanoi city,
Head Address	Trung Trac Commune, Van Lam Dist, Hung Yen Province,
Country	Vietnam
Tel	(84-321) 997185
Fax	(84-321) 980908
Founded	2001
Director	Mr. DUONG VAN DOANH
Share	40%
Value	VND 8,000,000,000
2. Name	Mr. NGUYEN VAN QUANG
Resident	Hanoi city, Vietnam
Nationality	Vietnamese
Share	40%
Value	VND 8,000,000,000
3. Name	Mrs. NGUYEN DIEU LINH
Resident	Hanoi city, Vietnam
Nationality	Vietnamese
Share	20%
Value	VND 4,000,000,000
Former Shareholders
1. Name	THIEN QUANG TRADING COMPANY LIMITED
Trade Name	THIEN QUANG TRADING CO., LTD.
Registered address	Hamlet 1, Dong My Commune, Thanh Tri Dist, Hanoi city,
Head Address	Trung Trac Commune, Van Lam Dist, Hung Yen Province,
Country	Vietnam
Tel	(84-321) 997185
Fax	(84-321) 980908
Founded	2001
Director	Mr. DUONG VAN DOANH
Share	40%
Value	VND 8,000,000,000
2. Name	Mr. DUONG VAN DOANH
Resident	Hanoi city, Vietnam
Nationality	Vietnamese
Share	60%
Value	VND 12,000,000,000
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Fairly good
Liquidity	Above average
Previous Payments	Average
Payment status	Above average
Past Financial Situation	Fairly
Current Financial Situation	Developing
Litigation Data	No reported
Bankruptcy	No reported
Public opinion	Fairly
Payment Method	L/C, T/T deferred.
FINANCIAL DATA
The Subject has just operated in the middle of 2006, its financial data is not available.
INTERPRETATION ON THE SCORES
The subject’s precursor is Thien Quang Trading Co., LTD established in 2001. In 2004, the management board of Thien Quang Trading Co., LTD decided to establish the subject in Hung Yen Province. The subject was granted business registration in the end of 2004 with the registered capital of VND 20,000,000,000. In early 2005, the subject’s premises and factory were built. In the middle of 2006, the subject was officially put into operation. The premises and facilities of the subject are above average. The factory of the subject will be put into operation in next April. The products of this factory will be stainless steel wire, bright bars and welding electrode. A part of production will be exported. The factory is equipped with production line and technology from India. At the moment, the subject focuses on trading stainless steel coil and sheet. Sometimes, it imports stainless steel materials to supply for domestic market or export to Middle East Countries. The subject’s operation is managed by management board of Thien Quang Trading Co. LTD. Management capacity is fairly good. Business result of Thien Quang Trading Co., LTD is considered good. Its turnover in 2004 was VND 232,362,000,000. Thien Quang Trading Co. LTD has set up good relationships with many foreign providers in Thailand, India, Taiwan and Japan. Besides good management capacity, the demand on this product of the subject is big. So, the subject’s prospect seems bright. In short, the subject is established under the development strategy of Thien Quang Group. The subject’s development trend is regarded good. It is capable to meet small and normal commitments. Caution needed for 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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