MIRA INFORM REPORT

Report Date :

06.12.2008

IDENTIFICATION DETAILS

Name :	RELIABLE PLASTIC JOINT STOCK COMPANY
Formerly Known As :	RELIABLE PLASTIC (VIETNAM) CO., LTD
Registered Office :	Lot. 112, Amata Road, Amata Industrial Park, Long Binh Ward, Bien Hoa City, Dong Nai Province
Country :	Vietnam
Financials (as on) :	2007
Date of Incorporation :	2001
Com. Reg. No.:	472033000452
Legal Form :	100 % Foreign Owned Company
Line of Business :	Specializes in producing and trading CPP glue membrance and PE ( multi – layer) glue membrance in rolls, PERAK, VMOPP and VMPET

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
Current English name			RELIABLE PLASTIC JOINT STOCK COMPANY
Current Vietnamese name			CONG TY CO PHAN NHUA RELIABLE
Former Subject Name			RELIABLE PLASTIC (VIETNAM) CO., LTD
Former Vietnamese name			CONG TY TNHH NHUA RELIABLE VIETNAM
Found			2001
Type of Business			100 % Foreign Owned Company
Currently business registration			No. 472033000452
Issuance on			April 29, 2008
Formerly Investment License			No. 89/GP-KCN-DN
Formerly Date of issuance			August 22^nd, 2001
Issued by			Dong Nai Industrial Zone Authority
Current Investment Capital			26,600,000 USD
Original Investment Capital			5,000,000 USD
Current Legal Capital			10,000,000 USD
Investment Duration			44 years
Tax code			3600507301
Total Employees			98 employees
ADDRESSES
Head Office & Factory:
Address	Lot. 112, Amata Road, Amata Industrial Park, Long Binh Ward, Bien Hoa City, Dong Nai Province
Country	Vietnam
Tel	(84-61) 3936178/ 3936179
Fax	(84-61) 3936180
Email	reliableplastics@gmail.com
DIRECTORS
1. NAME	Mrs. TSAI JUNG YUAN
Position	General Manager
Qualification	Management
Nationality	Taiwan
Note: Now Mrs. Tsai Jung Yuan is in Taiwan, the subject is operating under administrative of Mrs, Tine
BUSINESS NATURE AND ACTIVITIES
The subject specializes in producing and trading CPP glue membrance and PE ( multi – layer) glue membrance in rolls, PERAK, VMOPP and VMPET
IMPORT & EXPORT ACTIVITIES
IMPORT: The Subject imports material mainly from Germany.
EXPORT: The Subject exports its product to Taiwan
BANKERS
CHINFON BANK
Address		No. 27 Tu Xuong Street, Ward 7, District 3, HoChiMinh City, Vietnam
Telephone		(84-8) 9325888
Fax		(84-8) 9326431
Swift		CFCBVNVXHCM
SHAREHOLDER(S)
1. NAME		ASIAN KAT CORPORATION
Address		British virgin Island
Nationality		British
Shares		100%
FINANCIAL DATA
The Subject's financial statement is not available. Following is the financial highlight:
FINANCIAL HIGHLIGHT
Description				FY 2007
Unit				Million VND
Current assets & Short term Investment				94,123
Fixed assets & Long term Investment				134,289
Total assets				228,412
Payable				55,774
Owner’s Equity				172,638
Total Liability and Equity				228,412
Total Revenue				306,297
Deducted Items				58
Net revenue				306,139
Net income from business activities				51,657
Net income from financial operation				0
Irregular profit				1
Total pre-tax profit				51,658
PAYMENT HISTORY AND EXPERIENCES
Trade Morality			Fair
Liquidity			Above average
Payment status			Above average
Financial Situation			Fair
Development trend			Developing
Litigation data			No recorded
Bankruptcy			No recorded
Payment Methods			L/C, T/T
Sale Methods			Direct to clients
INTERPRETATION ON THE SCORES
The subject is a 100% foreign capital company, formerly its was a limited company it was established in 2001, with initial 5,000,000 USD. Now the subject has changed to joint stock company and the subject has increased capital 26,600,000 USD The subject is specializing in producing and trading free extension polypropylene membrane ( cop glue membrane) and PE ( multi- layer) glue membrane in rolls, its products are applied for house hold paper packing, stationary portfolio, multi – layer membrane for food packing, anti – leaking layer for paper diapers, glue membrane used for automatic packing of electric and hardware product. Now, Vietnam factory manufacture four various plastics film, and can produce dimension as to customer demand. VMCPP FILM: To high-speed packing, To heat seal, To shading, As: instant noodles bag, cookie bag, ordinary food bag, Tire packing, iron-chain packing…etc. CPP FILM: To separate oxygen, To heat seal, clearcole,  As: sauce bag, Mask bag, snack bag, cookie bag…etc. VMPET FILM: To separate oxygen, To separate mist, To shading, As: washing power bag, detergent bag, shower gel bag, health food bag, tea bag…etc. LLDPE FILM:To separate oxygen, To heat seal, high impact strength, cold-resistant strength, oiliness resistance , high puncture resistance, As: washing power bag, sauce bag, rice bag, jam bag, detergent bag, The subject has good support from its parent company. The subject mainly provides its product in domestic market and it exports product to Taiwan. The subject imports material from Germany. The facilities of the subject are normal. The management of the subject is at average level. According to financial highlight, financial of the subject is fair. The Subject has capacity to meet the small and normal business transactions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.69
UK Pound	1	Rs.72.96
Euro	1	Rs.63.46

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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