MIRA INFORM REPORT

Report Date :

30.05.2007

IDENTIFICATION DETAILS

Name :	CHAN CHEM COMPANY LIMITED

Registered Office :	212 Nguyen Dinh Chinh Str, Ward 11, Phu Nhuan Dist, Hochiminh City

Country :	Vietnam

Date of Incorporation :	2004

Legal Form :	Limited Liability Company

Line of Business :	Trading in chemicals, industrial washing-up liquid, dye, etc.

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM

English Name		CHAN CHEM COMPANY LIMITED
Vietnamese name		CONG TY TNHH CHAN CHEM
Trade Name		CHAN CHEM CO., LTD
Type of Business		Limited Liability Company
Founded		2004
Business Registration No.		4102020098
Date of Issuance		February 10^th 2004
Place of Issuance		Planning and Investment Department of Hochiminh City
Registered Capital		1,124,747,000 VND
Tax Code		0303178673
Total Employees		20 employees
Qualification		Normal


ADDRESS
Registered Head Office
Address		212 Nguyen Dinh Chinh Str, Ward 11, Phu Nhuan Dist, Hochiminh City
Country		Vietnam
Tel		(84-8) 8463541
Fax		(84-8) 9915397

Branch Office - Transaction Office
Address		No.41 Bau Cat 1 Str, Ward 14, Tan Binh Dist, Hochiminh City
Country		Vietnam
Tel		(84-8) 8427647, 8445389
Fax		(84-8) 9491387
Email		chanchem@hcm.fpt.vn
Note: The correct registered address of the subject is at “212 Nguyen Dinh Chinh Street, Ward 11, Phu Nhuan District” not “212 Nguyen Dinh Chieu Str, Ward 11, Phu Nhan district” as given.


DIRECTORS

1. NAME		Mr. TRAN DINH TRONG
Position		Registered Director - Chairman
DOB		October 19^th 1964
ID No.		021093764
Resident		212 Nguyen Dinh Chinh Str, Ward 11, Phu Nhuan Dist, Hochiminh City
Nationality		Vietnamese

2. NAME		Mrs. BACH KIM HOANG
Position		Managing Director
Resident		212 Nguyen Dinh Chinh Str, Ward 11, Phu Nhuan Dist, Hochiminh City
Nationality		Vietnamese
Private Tel		+84 903954405


BUSINESS NATURE AND ACTIVITIES
The subject is specializing in trading in chemicals, industrial washing-up liquid, dye…
The subject registered in the following lines of business: - Producing, trading in materials, equipments in textile and cosmetic industry. - Trading in chemicals, dye, handicraft, industrial food. - Agent for goods consignment. - Producing, trading materials and equipment in washing chemical and industrial hygiene industry. - Producing, processing, trading cosmetic, washing substance.


IMPORT & EXPORT ACTIVITIES

IMPORT: The subject imports products from China, Korea, Japan, India, Malaysia …
EXPORT: N/A


BANKERS

1. SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK (SACOMBANK)
Address		No. 278 Nam Ky Khoi Nghia Str, Ward 8, Dist 3, Hochiminh city
Country		Vietnam
Tel		(84-4) 9320420 - 9320420 - 9320643
Fax		(84-4) 9322488
Telex		813603SGTT/VT
Swift		SGTTVNVX


SHAREHOLDERS
Chan Chem is a Limited Liability Company. Its shareholders are as follows:

1. NAME		Mr. TRAN DINH TRONG
Position		Registered Director - Chairman
DOB		October 19^th 1964
ID No.		021093764
Resident		212 Nguyen Dinh Chinh Str, Ward 11, Phu Nhuan Dist, Hochiminh City
Nationality		Vietnamese
Share		50%
Value		562,373,500 VND

2. NAME		Mr. TRAN DINH TRUNG
ID No.		021093960
Resident		444 Cach Mang Thang 8 Str, Ward 4, Tan Binh Dist, Hochiminh City
Nationality		Vietnamese
Share		50%
Value		562,373,500 VND


PAYMENT HISTORY AND EXPERIENCES

Trade Morality	Average
Liquidity	Above average
Previous Payments	Normal
Payment status	Normal
Past Financial Situation	Average
Current Financial Situation	Average
Litigation Data	No recorded
Bankruptcy	No recorded
Public opinion	Normal
Payment Methods	Direct payment or through its corresponding bank. Foreign remittance by letter of credit (L/C), by telegraphic transfer (T/T), document against payment (D/P), document against acceptance (D/A).

FINANCIAL DATA
Unit: 1,000,000 VND
Description	2005
Current assets & Short term Investment	1,041
Fixed assets and long-term investment	83
Total Assets	1,124
Payable	760
Owner’s Equity	364
Total Liability and Equity	1,124

Total Revenue	3,004
Deduction items	0
Net Revenue	3,004
Net Income From business Activities	6
Net Income From Financial Operation	-6
Irregular Profit	0
Total pre-tax Profit	0


INTERPRETATION
Chan Chem is a Limited Liability Company. It was established in 2004 to trade in chemical, washing-liquid, dye and other materials. The subject’s head office was registered at No. 212 Nguyen Dinh Chinh Street, Ward 11, Phu Nhuan District but its business was taken place at its branch No. 41 Bau Cat 1 Street, Ward 14, Tan Binh District, Hochiminh City. Products for trading of the Chan Chem are imported from many sources provided by suppliers from China, Korea, Japan, India, Malaysia…Consumed market of the subject is domestic one. The subject has a distribution system nationwide. Its market share is normal. Position of the subject in the industry is small. However, its business is considered in progress of stabilizing and developing. Financial capability of Chan Chem is average. Its management power is normal. The subject has capability for meeting normal transaction with small and average sums.

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

MIRA INFORM REPORT

English Name

CHAN CHEM COMPANY LIMITED

Registered Head Office

Branch Office - Transaction Office

Chan Chem is a Limited Liability Company. Its shareholders are as follows:

2. NAME

Mr. TRAN DINH TRUNG

ID No.

021093960

444 Cach Mang Thang 8 Str, Ward 4, Tan Binh Dist, Hochiminh City

Nationality

Vietnamese