MIRA INFORM REPORT

Report Date :

25.10.2007

IDENTIFICATION DETAILS

Name :	BANG HUU CHEMICAL COMPANY LIMITED
Registered Office :	No. 7/3 Au Co Street, Ward 14, Tan Binh District, Hochiminh City,
Country :	Viet Nam
Date of Incorporation :	July 2007
Com. Reg. No.:	4102051887
Legal Form :	Limited liability company
Line of Business :	Trading in materials and chemicals using in leather tanning, plastic product processing, shoes processing and water treatment.

RATING & COMMENTS

MIRA’s Rating :

NR

RATING	STATUS	PROPOSED CREDIT LINE
NR	In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
English Name	BANG HUU CHEMICAL COMPANY LIMITED
Vietnamese Name	CONG TY TNHH HOA CHAT BANG HUU
Trade name	BANG HUU CHEMICAL CO.,LTD
Founded	July 2007
Type of Business	Limited liability company
Business registration No	4102051887
Issued on	July 09^th, 2007
Issued by	Planning and Investment Department of Hochiminh City
Registered Capital	500,000,000 VND
Tax code	0305084364
Employees	6 employees
Qualification	Normal
Note: According to our investigation, subject’s director has set up many other companies such as Bang Huu Commercial Co., Ltd, Nhan Thanh Trading Co., Ltd, Friendship Co., Ltd, Bang Huu Production - Service - Trading Co., Ltd, and Hoang Phu Co., Ltd. Following the latest company, which has just set up before establishing a new one-BANG HUU CHEMICAL CO.,LTD:
English Name	BANG HUU COMMERCIAL COMPANY LIMITED
Vietnamese Name	CONG TY TNHH THUONG MAI BANG HUU
Trade Name	BANG HUU COMMERCIAL CO., LTD
Other transaction Name	BANG HUU TRADING CO., LTD
Founded	2006
Type of Business	Limited liability company
Business registration	No. 4102036287
Issued on	January 17^th 2006
Issued by	Planning and Investment Department of Hochiminh City
Registered Capital	500,000,000 VND
Tax code	0304173815
Current Address	No.16, Van Hanh Str, Tan Thanh Ward, Tan Phu Dist, Hochiminh City
Former Address	No. 14/4 Go Dau Str, Tan Quy Ward, Tan Phu Dist, Hochiminh City
Country	Vietnam
Tel	(84-8) 8429845 / 8107880
Fax	(84-8) 8107881
Note: Although, Bang Huu Commercial Co.,ltd has not yet registered to stop operating with Authority, It actually has stopped operating.and all business activities of subject are transacted to Subject-BANG HUU Chemical Co.,Ltd.
ADDRESSES
Head Office
Address	No. 7/3 Au Co Street, Ward 14, Tan Binh District, Hochiminh City
Tel	(84-8) 9 490 748
Fax	(84-8) 9490 756
Email	civtung@hcm.vnn.vn
DIRECTORS
1. NAME	Mr. NGUYEN HOANG QUOC PHUONG
Position	Registered Director
Qualification	Management
Born	July 23th, 1969
ID No	024631497
Resident	No. 7B/18/4 Nghia Phat Str, Ward 6, Tan Binh Dist, Hochiminh City
Nationality	Vietnamese
2. NAME	Mr. PHAM HUU TUNG
Position	Operating Director
Qualification	Management
Resident	No. 7B/18/4 Nghia Phat Str, Ward 6, Tan Binh Dist, Hochiminh City
Nationality	Vietnamese
Cell Phone	++84 903 743 299
Email	civtung@hcm.vnn.vn
BUSINESS NATURE AND ACTIVITIES
This subject is trading in materials and chemicals using in leather tanning, plastic product processing, shoes processing and water treatment.
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports from Italy, Turkey, Israel, and China.
EXPORT: As the subject’s staffs, the subject only imports goods for inland trading.
BANKERS
1. INDUSTRIAL AND COMMERCIAL BANK OF VIETNAM (INCOMBANK) BRANCH NO. 12
Address	No.366 Truong Chinh Str, Ward 13, Tan Binh Dist, Hochiminh City
Country	Vietnam
Tel	(84-8) 8462499
Fax	(84-8) 8100087
Swift	ICBVVNVX944
SHAREHOLDER(S)
Subject is a new established company. Its registered shareholders as follows:
1. NAME	Mr. PHAM HUU TUNG
Position	Director
Qualification	Management
Resident	No. 7B/18/4 Nghia Phat Str, Ward 6, Tan Binh Dist, Hochiminh City
Nationality	Vietnamese
Cell phone	++84 903 743 299
Email	civtung@hcm.vnn.vn
Contribution	50%
Values	250,000,000 VND
2. NAME	Mr. NGUYEN HOANG QUOC PHUONG
Position	Registered Director
Qualification	Management
Born	July 23th, 1969
ID No	024631497
Resident	No. 7B/18/4 Nghia Phat Str, Ward 6, Tan Binh Dist, Hochiminh City
Nationality	Vietnamese
Contribution	50%
Values	250,000,000 VND
Following are shareholders of before company-BANG HUU COMMERCIAL CO.,LTD
1. NAME	Mr. PHAM HUU TUNG
Position	Director
Qualification	Management
Resident	No. 7B/18/4 Nghia Phat Str, Ward 6, Tan Binh Dist, Hochiminh City
Nationality	Vietnamese
Cell phone	++84 903 743 299
Email	civtung@hcm.vnn.vn
Contribution	50%
Value	250,000,000 VND
2. NAME	Mr. TRAN DUY DUC
Position	Deputy
Qualification	Bachelor
Resident	Hochiminh City
Nationality	Vietnamese
Contribution	50%
Value	250,000,000 VND
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	N/A
Liquidity	N/A
Previous Payment Status	N/A
Current Payment Status	N/A
Past Financial Situation	N/A
Current Financial Situation	N/A
Legal Action	N/A
Bankruptcy	N/A
Reputation	N/A
Mode of Payment	N/A
Sales methods	Directly to clients
FINANCIAL HIGHLIGHT
This subject has just established in July 2007, there is no financial data available.
INTERPRETATION ON THE SCORES
Subject is a private company, which has just been established in July of this year-2007, operating in dyeing chemical & leather material. According to our investigation, subject’s director has set up many other companies such as Bang Huu Commercial Co., Ltd, Nhan Thanh Trading Co., Ltd, Friendship Co., Ltd, Bang Huu Production - Service - Trading Co., Ltd, and Hoang Phu Co., Ltd. Although, they were actually established by the same investors, they are independent on the legal document. In July, Mr. PHAM HUU TUNG-Subject’s director has just registered a new one company under the name “CONG TY TNHH HOA CHAT BANG HUU” (Bang Huu Chemical Co., ltd). Director is person, who has long experience in this industry. He has a lot business relation. However, he is not reliable because he is involved in many companies, which has many times of changing location. They are not stable. Caution need for any credit inquiry with high risk term.
The company manages to operate but posing HIGH default risk.

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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