MIRA INFORM REPORT

Report Date :

10.05.2007

IDENTIFICATION DETAILS

Name :	NEW HORIZON JOINT STOCK COMPANY
Registered Office :	No. 22/90, Lang Ha street, Dong Da District, Hanoi City
Country :	Vietnam
Date of Incorporation :	2006
Legal Form :	Joint Stock Company
Line of Business :	Trading handicrafts products, garment products, composite materials and products

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Small Company
Payment Behaviour :	Usually correct
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
English Name	NEW HORIZON JOINT STOCK COMPANY
Vietnamese name	CONG TY CO PHAN CHAN TROI MOI
Type of Business	Joint stock company
Foundation	2006
Business Registration No.	0103013049
Date of Issuance	July 7^th, 2006
Place of Issuance	Planning and investment department of Hanoi City
Registered Capital	1,000,000,000 VND
Tax Code	0101991572
Total Employees	25 employees
Qualification	Average
Note: The given subject name is not correct (New Ibrigon Joint Stock Company). The correct one is as above
ADDRESS
Head Office
Address	No. 22/90, Lang Ha street, Dong Da District, Hanoi City
Country	Vietnam
Tel	(84-4) 5665116
Fax	(84-4) 5665116
DIRECTORS
1. NAME	Mr. THACH MINH HIEN
Position	Director, representative by law
Date of birth	August 8^th, 1981
ID No	131368756
Issued on	July 18^th, 2005
Issued by	Police station of Phu Tho Province
Registered resident	Tien Moi Hamlet, Lam Thao Town, Lam Thao District, Phu Tho Province
Current resident	No. 22/90, Lang Ha street, Dong Da District, Hanoi City
Nationality	Vietnamese
2. NAME	Mr. TRAN MANH CUONG
Position	Deputy director
Resident	Hamlet 9, Thach Son Commune, Lam Thao District, Phu Tho Province
Nationality	Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject is specializing in trading handicrafts products, garment products, composite materials and products
IMPORT & EXPORT ACTIVITIES
IMPORT: N.A
EXPORT: The subject exports its goods to Netherlands, Poland, India, Germany and Korea
BANKERS
1. VIETCOMBANK-THANH CONG BRANCH
Swift code	BFTVNVX002
SHAREHOLDERS
1. NAME	Mr. THACH MINH HIEN
Position	Director, representative by law
Date of birth	August 8^th, 1981
ID No	131368756
Issued on	July 18^th, 2005
Issued by	Police station of Phu Tho Province
Registered resident	Tien Moi Hamlet, Lam Thao Town, Lam Thao District, Phu Tho Province
Current resident	No. 22/90, Lang Ha street, Dong Da District, Hanoi City
Nationality	Vietnamese
Share	5,000 shares
2. NAME	Mr. TRAN MANH CUONG
Position	Deputy director
Resident	Hamlet 9, Thach Son Commune, Lam Thao District, Phu Tho Province
Nationality	Vietnamese
Share	4,000 shares
3. Name	Mr. NGUYEN THI NGUYET MINH
Position	Shareholder
Resident	No. 22/90, Lang Ha street, Dong Da District, Hanoi City
Nationality	Vietnamese
Share	1,000 shares
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Normal
Liquidity	Humble
Previous Payments	Limited
Payment status	Normal
Past Financial Situation	Limited
Current Financial Situation	Humble
Litigation Data	No recorded
Bankruptcy	No recorded
Public opinion	Humble
Payment Methods	Through its banks, L.C, T.T
FINANCIAL DATA
The subject has just been establish so its financial statement is not available
INTERPRETATION
New Horizon Joint Stock Company has just been formally found in July 7^th, 2006. It was formerly operated as a distributor representative for traditional handicraft villages. The subject locates at No. 22/90, Lang Ha Street, Dong Da District, Hanoi City. The subject is now distributing handicraft products and composite materials and other goods. At the first time of operation, the subject has several contracts to distribute in domestic market and Asia countries in year of 2006. This brought it the first revenue at the first time but not much. In the year of 2007, the subject is expected to expand its market share to EU, Northern Asia and India. Its business operation is still humble and on the way of looking for partner and market for its goods. Its board of directors are quite young people, both the director and deputy director and the staffs are so young, too. This is a good point for its dynamic trading but it may be challenges with the subject. The subject has just been established so it is facing with many difficulties and has to try its best to exist in the hard environment. It is needed for the subject to be invested more and improve its management capability as well as its structure to have better competitive capability in the industry.

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%)

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