MIRA INFORM REPORT

Report Date :

22.04.2008

IDENTIFICATION DETAILS

Name :	CONG TY TNHH CHAN GIANG NAM CONTAINER
Registered Office :	No. 21 Vo Truong Toan Str, Thao Dien Ward, Dist 2, Hochiminh City
Country :	Vietnam
Financials (as on) :	31.12.2006
Date of Incorporation :	2003
Com. Reg. No.:	4102016869
Legal Form :	Liability Limited Company
Line of Business :	Producing, Trading, Renting Service Depot for Containers, Trailer and Transport Service by Truck.

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 :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
Subject Name		CONG TY TNHH CHAN GIANG NAM CONTAINER
Vietnamese Name		CONG TY TNHH CHAN NAM GIANG
Trade name		CHAN NAM GIANG CO., LTD
Abbreviate Name		CNG
Type of Business		Liability Limited Company
Founded		2003
Business Registration		4102016869
Issuance on		July 27^th 2003
Issuance by		Planning and Investment Department of Hochiminh City
Registered Capital		4,500,000,000 VND
Tax code		0303004613
Total Employees		110
ADDRESSES
Head Office
Registered Address		No. 21 Vo Truong Toan Str, Thao Dien Ward, Dist 2, Hochiminh City
Operation Address		No. 66, Street 9, Phuoc Binh Ward, Dist 9, Hochiminh City
Country		Vietnam
Tel		(84-8) 728 1884 / 728 1885/728 1886/728 1887/7281888
Fax		(84-8) 728 1895
Email		contac@changiangnam.com
Website		www.changiangnam.com
Notes: The give Tel & Fax No. has changed. Currently the subject uses the numbers as above.
Work shop:
Address		No. 621 Dong Hoa Hamlet, Di An Dist, Binh Duong province
DIRECTORS
1. NAME		Mr. TRAN VAN HOA
Position		Director
Management		Management
DOB		March 9^th 1966
Indent No		021738222
Resident		No. 106/10D Dien Bien Phu Str, Ward 17, Binh Thanh Dist
Nationality		Vietnam
Hand phone		++ 84 903838007
2. NAME		Mr. NGUYEN CAO THANG
Position		Chief of Accountant
Resident		Hochiminh City
Nationality		Vietnam
3. NAME		Ms. DANG THI THUY
Position		Accountant
Resident		Hochiminh city
Nationality		Vietnam
BUSINESS NATURE AND ACTIVITIES
The subject is specializing in producing, trading, renting service depot for containers, trailer and transport service by truck.
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports machine from Singapore, China, iron and steel material imports from India.
EXPORT: N/A
BANKERS
1. SGN COMMERCIAL JOINT STOCK BANK (SACOMBANK) – THU DUC BRANCH
Address		No. 172 Tran Quang Khai Street, Tan Dinh Ward, Dist 1, Hochiminh city, Vietnam
Tel		(84-8) 7222799
Fax		(84-8) 7222800
Swift		SGTTVNVX
2. SEA BANK
Address		No. 403 Kinh Duong Vuong Str, Ward 12, Dist 6, Hochiminh city, Vietnam
Tel		(84-8) 667 0827
Fax		(84-8) 667 0826
SHAREHOLDER(S)
The subject is a Limited Liability Company. Following is its shareholders:
1. NAME		Mr. TRAN VAN HOA
Position		Director
Management		Management
DOB		March 9^th 1966
Indent No		021738222
Resident		No. 106/10D Dien Bien Phu Str, Ward 17, Binh Thanh Dist
Nationality		Vietnamese
Share		70%
Value		3,150,000,000 VND
2. NAME		Ms. TRAN THI XUAN THAO
Position		Shareholder
Resident		No. 105/9B Dien Bien Phu Str, Ward 7, Binh Thanh Dist, Hochiminh City
Nationality		Vietnam
Share		30%
Value		1,350,000,000 VND
FINANCIAL DATA
BALANCE SHEET
Unit: 1,000,000VND
Balance sheet date			31/12/2006	31/12/2005
Number of weeks			52	52
ASSETS
A -	CURRENT ASSETS		3,963	3,452
I.	Cash and cash equivalents		1,009	1,190
1.	Cash		1,009	1,190
2.	Cash equivalents		0	0
II.	Short-term investments		0	0
1.	Short-term investments		0	0
2.	Provisions for short-term investment of short- term investments in securities		0	0
III.	Accounts receivable		845	370
1.	Receivable from customers		837	327
2.	Repayments to suppliers		0	0
3.	Inter- company receivable		0	0
4.	Receivable according to the process of construction contracts		0	0
5.	Other receivable		8	43
6.	Provisions for credit risk		0	0
IV.	Inventories		2,043	1,892
1.	Inventories		2,043	1,892
2.	Provisions for devaluation of inventories		0	0
V.	Other current assets		66	0
1.	Short-term repaid expenses		12	0
2.	Taxes receivable		54	0
3.	Other current assets		0	0
B -	LONG TERM ASSETS		6,386	2,272
I.	Long term accounts receivable		0	0
1.	Long term accounts receivable from customers		0	0
2.	Long term inter- company receivable		0	0
3.	Other long term receivable		0	0
4.	Provisions for bad debts		0	0
II.	Fixed assets		6,386	2,272
1.	Tangible assets		905	119
	Historical costs		1,111	172
	Accumulated depreciation		-206	-53
2.	Financial leasehold assets		5,481	2153
	Historical costs		6,766	3035
	Accumulated depreciation		-1,285	-882
3.	In-tangible assets		0	0
	Historical costs		0	0
	Accumulated depreciation		0	0
4.	Construction in progress		0	0
III.	Investment property		0	0
	History costs		0	0
	Accumulated depreciation		0	0
IV.	Long term investments		0	0
1.	Investments in affiliates		0	0
2.	Investments in business concerns and joint ventures		0	0
3.	Other long term investments		0	0
4.	Provisions for devaluation of investments in securities		0	0
V.	Other long term assets		0	0
1.	Long term repaid expenses		0	0
2.	Deferred income tax		0	0
3.	Other long term assets		0	0
	TOTAL ASSETS		10,349	5,724
LIABILITIES
A -	LIABILITIES		5,465	1,956
I.	Short term liabilities		1,061	810
1.	Short term debts and loans		787	463
2.	Payable to suppliers		364	329
3.	Advances from customers		0	0
4.	Taxes and other obligations to the State Budget		-90	18
5.	Payable to employees		0	0
6.	Accrued expenses		0	0
7.	Inter- company payable		0	0
8.	Payable according to the progress of construction contracts		0	0
9.	Other payables		0	0
II.	Long term liabilities		4,404	1,146
1.	Long term account payable to suppliers		0	0
2.	Long term inter- company payable		0	0
3.	Other long term payable		0	0
4.	Long term debts and loans		4,404	1,146
5.	Deferred income tax		0	0
B -	OWNER’S EQUITY		4,884	3,768
I.	Owner’s equity		4,884	3,768
1.	Capital		2,500	2,500
2.	Share premiums		0	0
3.	Treasury stocks		0	0
4.	Differences on asset re-valuation		0	0
5.	Foreign exchange differences		0	0
6.	Business promotion fund		0	0
7.	Financial reserved fund		0	0
8.	Other funds		0	0
9.	Retained earnings		0	0
10.	Construction capital sources		2,384	1268
II.	Other sources and funds		0	0
1.	Bonus and welfare funds		0	0
2.	Sources of expenditure		0	0
3.	Funds to form fixed assets		0	0
	TOTAL LIABLITIES AND OWNER’S EQUITY		10,349	5,724
PROFIT & LOSE ACCOUNT (INCOME STATEMENT)
	Description		F/Y 2006	F/Y 2005
1.	Sales		15,854	7,903
2.	Deductions		0	0
3.	Net sales		15,854	7,903
4.	Costs of goods sold		12,937	6,493
5.	Gross profit		2,917	1,410
6.	Financial income		1	2
7.	Financial expenses		191	158
	- In which: Loan interest expenses		191	158
8.	Selling expenses		998	201
9.	Administrative overheads		613	240
10.	Net operating profit		1,116	813
11.	Other income		0	0
12.	Other expenses		0	0
13.	Other profits		0	0
14.	Profit (loss) before tax		1,116	813
15.	Income tax		0	0
16.	Profit (loss) after tax		1,116	813
FINANCIAL FACTORS
Description			FY 2006	FY 2005
Current Liquidity Ratio			3.74	4.26
Quick Liquidity Ratio			1.81	1.93
Inventory Circle			6.58	3.43
Average Receive Period			19.45	17.09
Utilizing Asset Performance			1.53	1.38
Liability /Total Asset (%)			52.81	34.17
Liability /Owner's Equity (%)			111.90	51.91
Income Before Tax /Total Asset (%) ROA			10.78	14.20
Income Before Tax /Owner's Equity (%) ROE			22.85	21.58
Income Before Tax /Total Revenue (%) NPM			7.04	10.29
Gross Profit /Total Revenue (%) GPM			18.40	17.84
PAYMENT HISTORY AND EXPERIENCES
Trade Morality		Normal
Liquidity		Fairly Prompt
Payment status		Fairly Prompt
Financial Situation		Average
Development trend		Fair
Litigation data		No recorded
Bankruptcy		No recorded
Payment Methods		Direct payment or through its corresponding bank. Foreign remittance by letter of credit (L/C), by telegraphic transfer (T/T).
Sale Methods		Direct to Clients
INTERPRETATION ON THE SCORES
Chan Giang Nam Company Limited is a liability limited company established in beginning of 2003. Currently, the subject is producing, trading and renting in depot for container in Vietnam. Beside the subject has operated in transport service by luck at Hochiminh City. The subject imports machine from Singapore, Taiwan, import iron and steel materials from India. The subject’s depot and trailer products were renting at some ports in Vietnam such as: ICD Transimex, Sadoco, Z1, ICD Ben Nghe, New Port, Cat Lai port, Tan Thuan port. Mr. Tran Van Hoa - director has many good relations and business experiences in this field for long time. Formerly, he has operated for some companies in same field such as Dai Hung Co., Ltd, Hung Dao Js Co, Phuc Long Js Co. These companies are of Mr. Hoa’s relatives. The revenue of the Subject is increased. According to subject’s director, the revenue of the subject in 2007 is growth about 30% in comparison with 2006. In overview, the subject business status is average. In comparison with other companies in this field, the position of the subject in the industry is average. The Subject has capacity to meet all the small 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.	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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