MIRA INFORM REPORT

Report Date :

24.07.2007

IDENTIFICATION DETAILS

Name :	PHUONG MAI PESTICIDE SUPPLY COMPANY LIMITED
Registered Office :	Room 303 – I1, Phuong Mai Ward, Dong Da Dist, Hanoi City
Country :	Vietnam
Date of Incorporation :	2000
Legal Form :	Limited Liability Company
Line of Business :	Trading in pesticides Besides, the subject also registered in trading in fertilizer, agriculture machine, confectionary.

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 :	Small Company
Payment Behaviour :	Usually correct
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
English Name		PHUONG MAI PESTICIDE SUPPLY COMPANY LIMITED
Vietnamese name		CONG TY TNHH VAT TU BAO VE THUC VAT PHUONG MAI
Trade Name		PPS CO., LTD
Founded		2000
Type of Business		Limited Liability Company
Business Registration		No. 0102001065
Issued on		August 30^th, 2000
Issued by		Hanoi Department of Planning and Investment
Registered Capital		1,900,000,000 VND
Tax code		0101058599
Total Employees		15 persons
Qualification		Normal
ADDRESSES
Registered Address
Address		Room 303 – I1, Phuong Mai Ward, Dong Da Dist, Hanoi City
Country		Vietnam
Transaction Office:
Address		Room 208, Lane 109, Truong Chinh Str, Hanoi City
Country		Vietnam
Tel		(84-4) 8693092
Fax		(84-4) 8688209
DIRECTORS
1. NAME		Mr. NGUYEN THE TRUONG
Position		Director
Qualification		Chemical Engineer
Resident		Room 303 – I1, Phuong Mai Ward, Dong Da Dist, Hanoi City
Nationality		Vietnamese
Note: Mr. Truong manages all operations of company now.
BUSINESS NATURE AND ACTIVITIES
The subject focuses on the following activities: - Trading in pesticides - Besides, the subject also registered in trading in fertilizer, agriculture machine, confectionary, …
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports from India and China markets.
EXPORT: The subject exports no products to abroad.
BANKERS
1. VPBANK
Address			No. 8 Le Thai To Str, Hoan Kiem Dist, Hanoi City
Tel			(84-4) 9288869
Fax			(84-4) 9288867
2. HANOI BUILDING COMMERCIAL JOINT STOCK BANK - HABUBANK
Address			No. 2, Van Phuc Str, Ba Dinh Dist, Hanoi city
Tel			(84-4) 7262479
SHAREHOLDER
The subject is now a limited company. Following is its contributed persons:
1. NAME	Mr. NGUYEN THE TRUONG
Position	Director
Resident	Room 303 – I1, Phuong Mai Ward, Dong Da Dist, Hanoi City
Nationality	Vietnamese
Share	50%
Value	950,000,000 VND
2. NAME	Mr. NGUYEN THE THINH
Position	Director
Nationality	Vietnamese
Share	50%
Value	950,000,000 VND
Note: Mr. Nguyen The Truong and Mr. Nguyen The Thinh have family relation.
PAYMENT HISTORY AND EXPERIENCES
Trade Morality			Normal
Liquidity			Average
Current Payment Status			Average
Current Financial Situation			Average
Illegal action			No recorded
Bankruptcy			No recorded
Reputation			Normal
Modes of payment			Through corresponding bank
Sales method			Through agents or directly to clients
FINANCIAL DATA
We tried our best to collect the full financial statement of the Subject but no result. According to Mr. Nguyen The Truong – director of the subject, its revenue was about 6 billion VND in 2005. Following is its highlights:
Unit: VND million
Description					2005		2003
Current assets & Short term Investment					2,279		1,912
Fixed assets & Long term investment					1,172		341
TOTAL ASSETS					3,451		2,253
Payables					2,936		1,709
Owner’s Equity					515		544
TOTAL LIABILITY AND EQUITY					3,451		2,253
Total revenue				9,582		4,617
Deductions Items				0		78
Net revenue				9,582		4,539
Net income from business activity				29		-78
Net income from financial operation				1		0
Irregular Profit				7		88
Total pre-tax profit				37		10
Note: The data in 2004 is not available.
INTERPRETATION
Phuong Mai Pesticide is now a limited liability company. It was officially established in the year 2000 with the total registered capital of 1.9 billion VND. Its registered address is at I1 – Room 303, Phuong Mai Ward, Dong Da District, Hanoi City. However, the transaction address of the subject is now located at Room 207 – 208, Lane 109 Truong Chinh Street, Hanoi City. All its operations are carried out here. The subject is specializing in trading in pesticide products. Goods sources of the subject are mainly imported from India and China. Some other products are purchased from domestic companies. The products of the subject are now distributed in domestic market through its agent network. The business activities of the subject are normal. The premises and facilities of the subject are normal. The sales operations and management capacity of the subject are normal too. The subject is operating on the small scale with limited achievements. The position of the subject in the industry is humble. Currently, the subject is striving to expand market and looking for more partners. In general, the financial and operational bases of the subject are acceptable. Its business operation is stable. The subject is capable to meet small financial commitments. Caution needed for big and above average 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

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions