MIRA INFORM REPORT

Report Date :

02.08.2008

IDENTIFICATION DETAILS

Name :	UYEN VY CHEMICALS TRADING MANUFACTURE CO., LTD
Registered Office :	No. 55, Pho Quang Str, Ward 2, Tan Binh Dist, Hochiminh City
Country :	Vietnam
Financials (as on) :	31.12.2007
Date of Incorporation :	2005
Com. Reg. No.:	4102027388
Legal Form :	Liability Limited Company
Line of Business :	Trader of all kinds of Chemicals for Foodstuff, Cosmetics, Plastic Bead and Plastic 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 :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM

Registered Trade Name	UYEN VY CHEMICALS TRADING MANUFACTURE CO., LTD
Registered Vietnamese name	CONG TY TNHH SAN XUAT THUONG MAI HOA CHAT UYEN VY
Registered Abbreviate Name	UYEN VY CHEMICALS CO., LTD
Founded	2005
Type of Business	Liability Limited Company
Business Registration No.	4102027388
Date of Issuance	January 11^th, 2005
Place of Issuance	Planning and Investment Department of Ho Chi Minh City
Registered Capital	3,000,000,000 VND
Tax Code	0303613502
Total Employees	20 employees

ADDRESS

Head Office
Operation Address	No. 86/58 Pho Quang Str, Ward 2, Tan Binh Dist, Hochiminh city
Registration Address	No. 55, Pho Quang Str, Ward 2, Tan Binh Dist, Hochiminh city
Country	Vietnam
Tel	(84-8) 9172393, 9172394
Fax	(84-8) 8456186
Email	uyenvy@uvchemical.com
Area	400m^2

DIRECTORS

1. NAME	Mr. NGUYEN CONG HUYNH
Position	Director, Legal Representative
DOB	1973
ID No.	023880722
Issued by	Police Station of Hochiminh City
Resident	No. 132, Vuon Chuoi Str, Ward 4, Dist 3, Hochiminh city
Cell phone	++84903 963 550
Nationality	Vietnamese
2. NAME	Ms. NGUYEN THI MINH CHAU
Position	Deputy Director
DOB	1975
Resident	No. 106/783A, Nguyen Kiem Str, Ward 3, Go Vap Dist, Hochiminh City
Nationality	Vietnamese
3. NAME	Ms. TRAN THI NHA
Position	Chief of Accountant
DOB	1977
Resident	Hochiminh City
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject is specialized in trading all kinds of chemicals for foodstuff, cosmetics, plastic bead and plastic products.

IMPORT & EXPORT ACTIVITIES

IMPORT: The subject imports product from Asia, USA, France, Malaysia, Belgium, China and South Korea.

EXPORT: The subject exports goods to Russia market.

BANKERS

1. ASIA COMMERCIAL JOINT STOCK BANK (ACB BANK)
Address	No.442 Nguyen Thi Minh Khai Str, Ward 5, Dist 3, Hochiminh City
Country	Vietnam
Tel	(84-8) 8334085 - 8395179
Fax	(84-8) 8359156
Telex	813158ACBVT
Swift	ASCBVNVX
2 VIETNAM BANK FOR FOREIGN TRADE ( VIETCOMBANK)
Address	No.29 Ben Chuong Duong Str, Hochiminh City
Country	Vietnam
Tel	(84-8) 8251317
Fax	(84-8) 8297228
Telex	811234/5 VVB-VT
Swift	BFTVVBVX 007

SHAREHOLDERS

1. NAME	Mr. NGUYEN CONG HUYNH
Position	Director
ID No.	02388722
Issued by	Police Station of Hochiminh City
Resident	No. 132, Vuon Chuoi Str, Ward 4, Dist 3, Hochiminh city
Cell phone	++84903 963 550
Nationality	Vietnamese
Share	66.67%
Value	2,000,000,000 VND
2. NAME	MS. NGUYEN THI MINH CHAU
Position	Deputy Director
Resident	No. 106/783A, Nguyen Kiem Str, Ward 3, Go Vap Dist, Hochiminh City
Nationality	Vietnamese
Share	33.33%
Value	1,000,000,000 VND

FINANCIAL DATA

BALANCE SHEET
Unit: 1,000,000 VND
Balance sheet date		31/12/2007
Number of weeks		52
ASSETS
A -	CURRENT ASSETS	29,480
I.	Cash and cash equivalents	1,683
1.	Cash	1,683
2.	Cash equivalents	0
II.	Short-term investments	0
1.	Short-term investments	0
2.	Provisions for short-term investment of short- term investments in securities	0
III.	Accounts receivable	14,370
1.	Receivable from customers	14,385
2.	Repayments to suppliers	0
3.	Inter- company receivable	0
4.	Receivable according to the process of construction contracts	0
5.	Other receivable	-15
6.	Provisions for credit risk	0
IV.	Inventories	13,314
1.	Inventories	13,314
2.	Provisions for devaluation of inventories	0
V.	Other current assets	113
1.	Short-term prepaid expenses	0
2.	VAT to be deducted	113
3.	Taxes receivable	0
4.	Other current assets	0
B -	LONG TERM ASSETS	676
I.	Long term accounts receivable	0
1.	Long term accounts receivable from customers	0
2.	Long term inter- company receivable	0
3.	Other long term receivable	0
4.	Provisions for bad debts	0
II.	Fixed assets	522
1.	Tangible assets	522
	Historical costs	654
	Accumulated depreciation	132
2.	Financial leasehold assets	0
	Historical costs	0
	Accumulated depreciation	0
3.	In-tangible assets	0
	Historical costs	0
	Accumulated depreciation	0
4.	Construction in progress	0
III.	Investment property	0
	History costs	0
	Accumulated depreciation	0
IV.	Long term investments	0
1.	Investments in affiliates	0
2.	Investments in business concerns and joint ventures	0
3.	Other long term investments	0
4.	Provisions for devaluation of investments in securities	0
V.	Other long term assets	154
1.	Long term repaid expenses	154
2.	Deferred income tax	0
3.	Other long term assets	0
	TOTAL ASSETS	30,156
	LIABILITIES
A -	LIABILITIES	27,001
I.	Short term liabilities	26,806
1.	Short term debts and loans	14,200
2.	Payable to suppliers	12,526
3.	Advances from customers	0
4.	Taxes and other obligations to the State Budget	73
5.	Payable to employees	0
6.	Accrued expenses	0
7.	Inter- company payable	0
8.	Payable according to the progress of construction contracts	0
9.	Other payables	7
II.	Long term liabilities	195
1.	Long term account payable to suppliers	0
2.	Long term inter- company payable	0
3.	Other long term payable	0
4.	Long term debts and loans	195
5.	Deferred income tax	0
B -	OWNER’S EQUITY	3,155
I.	Owner’s equity	3,155
1.	Capital	3,000
2.	Share premiums	0
3.	Treasury stocks	0
4.	Differences on asset re-valuation	0
5.	Foreign exchange differences	0
6.	Business promotion fund	0
7.	Financial reserved fund	0
8.	Other funds	0
9.	Retained earnings	155
II.	Other sources and funds	0
1.	Bonus and welfare funds	0
2.	Sources of expenditure	0
3.	Funds to form fixed assets	0
	TOTAL LIABLITIES AND OWNER’S EQUITY	30,156

PROFIT & LOSE STATEMENT

	Description	FY 2007
1.	Sales	105,493
2.	Deductions	0
3.	Net sales	105,493
4.	Costs of goods sold	96,089
5.	Gross profit	9,404
6.	Financial income	227
7.	Financial expenses	1,470
	- In which: Loan interest expenses	0
8.	Selling expenses	6,475
9.	Administrative overheads	1,450
10.	Net operating profit	236
11.	Other income	15
12.	Other expenses	22
13.	Other profits	-7
14.	Profit (loss) before tax	229
15.	Income tax	0
16.	Profit (loss) after tax	229

FINANCIAL FACTORS

Description	FY 2007
Current Liquidity Ratio	1.10
Quick Liquidity Ratio	0.60
Inventory Circle	7.22
Average Receive Period	49.72
Utilizing Asset Performance	3.50
Liability /Total Asset (%)	89.54
Liability /Owner's Equity (%)	855.82
Income Before Tax /Total Asset (%) ROA	0.76
Income Before Tax /Owner's Equity (%) ROE	7.26
Income Before Tax /Total Revenue (%) NPM	0.22
Gross Profit /Total Revenue (%) GPM	8.91

PAYMENT HISTORY AND EXPERIENCES

Trade Morality	Normal
Liquidity	Normal
Payment Status	Average
Financial Situation	Above Average
Development trend	Developed
Litigation data	No Recorded
Bankruptcy	No Recorded
Payment Methods	Direct payment or through its corresponding bank. Foreign remittance by letter of credit (L/C).
Sale Methods	Directly to clients or through its agents

INTERPRETATION ON THE SCORES

The subject is a liability limited company was established on 2005. Currently, the subject specializes in trading in all kinds of chemicals for foodstuff, cosmetic, plastic and bead plastic products.

The subject imports product from Asia, USA, France, Malaysia, Belgium, China and South Korea. The subject mainly exports goods to Russia market now. The subject is also selling chemicals to Connell Bros .Co. (Vietnam)’s order.

The subject started operation at the same time with a medium scale. The premise and facilities of the subject are average. Management capacity of the subject is good. The subject’s director has many experiences and operated in this field in long time.

The subject’s annual revenue is increasing well. Its revenue in 2006 was 66,862 million VND and 105,493 million in 2007. The subject’s business status is more developed in comparison with the first years.

In overview, the subject is operating on the small-medium scale. The financial status of the subject is normal. The subject has capacity to meet financial commitments.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.42.37
UK Pound	1	Rs.84.00
Euro	1	Rs.65.96

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%)

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