MIRA INFORM REPORT

Report Date :

12.12.2008

IDENTIFICATION DETAILS

Name :	MITSU PLASTIC AND CHEMICAL CO., LTD
Registered Office :	44C Hanoi Highway, Binh Thang commune (formerly Binh An), Di An dist, Binh Duong province
Country :	Vietnam
Financials (as on) :	2007
Year of Establishment :	1998
Com. Reg. No.:	4602000876
Legal Form :	Limited Liability Company
Line of Business :	Manufacturing Multipurpose Detergent

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	No Complaints
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM

English Name		MITSU PLASTIC AND CHEMICAL CO., LTD
Vietnamese Name		CONG TY TNHH MIT SU
Trade Name		MITSU PLASTIC AND CHEMICAL CO., LTD
Type of Business		Limited Liability Company
Founded		1998
Current Business Registration		No. 4602000876
Issuance on		November 27^th 2003
Issuance by		Planning and Investment Department of Binh Duong province
Former Business Registration		No. 042419
Issuance on		September 17^th 1998
Issuance by		Planning and Investment Department of Binh Duong province
Registered Capital		1,123,515,500 VND
Tax code		3700255908
Total Employees		30 employees
ADDRESSES
Head Office and Factory:
Address		44C Hanoi Highway, Binh Thang commune (formerly Binh An), Di An dist, Binh Duong province
Country		Vietnam
Tel		(84-650) 3749249 / 3749670
Fax		(84-650) 3749250
Email		mitsuplas@hcm.fpt.vn
DIRECTORS
1. NAME		Mr. LE DINH TRUNG
Position		Director
Date of Birth		March 1^st 1943
ID No.		220687488
Issued on		May 7^th 1992
Issued by		Police Station of Khanh Hoa province
Registered Resident		21 Lac Long Quan str, Nha Trang city, Khanh Hoa province
Resident		44C Hanoi highway, Binh An commune, Di An dist, Binh Duong province
Nationality		Vietnamese
Cell Phone		84 913 950 135
2. NAME		Ms. LE THI GIANG TIEN
Position		Chief Accountant
Resident		Hochiminh city
Nationality		Vietnamese
Email		giangtien_2000@yahoo.com
Cell Phone		84 903 623 059
BUSINESS NATURE AND ACTIVITIES
Currently, the subject is specializing in manufacturing multipurpose detergent.
The subject registers in: - Manufacturing and trading in household plastic product and kinds of detergent - Trading in construction equipment, computer and spare part - Manufacturing and trading in paving marble stone
IMPORT & EXPORT ACTIVITIES
IMPORT: N/A
EXPORT: The subject’s products are exported to Japan.
BANKERS
1. TOKYO MITSUBISHI BANK
Address		No. 5B Ton Duc Thang Street, Ben Nghe Ward, District 1, Hochiminh city
Country		Vietnam
Tel		(84-8) 3823 1560
Fax		(84-8) 3823 1559
Swift		8FTVVNVX018
2. VIETNAM BANK FOR TRADE AND INDUSTRY (VIETINBANK) – Branch in Binh Duong province
Address		No. 26 Thu Dau 1 Village, Binh Duong Province
Country		Vietnam
Tel		(84-650) 3822263 / 3823931
Fax		(84-650) 3822070
Telex		8211266NHCMVT
Swift		ICBVVNVX900
SHAREHOLDER(S)
The subject is a Limited Liability Company. Following is its shareholders:
1. NAME		Mr. LE DINH TRUNG
Position		Director
Date of Birth		March 1^st 1943
ID No.		220687488
Issued on		May 7^th 1992
Issued by		Police Station of Khanh Hoa province
Registered		21 Lac Long Quan str, Nha Trang city, Khanh Hoa province
Resident		44C Hanoi highway, Binh An commune, Di An dist, Binh Duong province
Nationality		Vietnamese
Share		88.43 %
Value		993,515,500 VND
2. NAME		Mr. NGUYEN HUU HUY THUY
Position		Shareholder
Resident		51 B Quang Hien str, Ward 1, Tan Binh dist, Hochiminh city
Nationality		Vietnamese
Share		4.45 %
Value		50,000,000 VND
3. NAME		Mr. LE DINH MINH TRUC
Position		Shareholder
Resident		448 Lot A, Nguyen Tat Thanh str, Dist 4, Hochiminh city
Nationality		Vietnamese
Share		3.56 %
Value		40,000,000 VND
4. NAME		Ms. NGUYEN THI VU TRUC
Position		Shareholder
Resident		32/2 Nguyen Tri Phuong str, Ward 3, My Tho dist, Tien Giang province
Nationality		Vietnamese
Share		3.56 %
Value		40,000,000 VND
FINANCIAL DATA
Subject’s completed financial statement is not available. Following are financial highlights,
BALANCE SHEET
Unit: 1,000,000 VND
Description			2007	2006
Current assets & Short-term investment
1,339	1,383
Fixed assets & Long-term investment			577	576
Total assets			1,916	1,959
Payable			442	1,086
Owner’s Equity			1,474	873
Total Liability and Equity			1,916	1,959
PROFIT & LOSE STATEMENT
Description			FY 2007	FY 2006
Total revenue			4,733	7,224
Deduction Items			0	0
Net revenue			4,733	7,224
Net income from business activities			- 43	- 140
Net income from financial operation			0	- 15
Irregular Profit			0	0
Total pre-tax profit			- 43	- 155
PAYMENT HISTORY AND EXPERIENCES
Trade Morality		Average
Liquidity		Normal
Payment status		Normal
Financial Situation		Average
Development trend		Normal
Litigation data		No Recorded
Bankruptcy		No Recorded
Payment Methods		Direct payment or through its corresponding banks
Sale Methods		Directly to clients
INTERPRETATION ON THE SCORES
The subject is a limited liability company, which was established in 1998. The subject specializes in manufacturing multipurpose detergent. All the subject’s products are exported to Japan. Currently, the subject is operating in small scale with total 30 employees. Production capacity on average of the subject is 40 – 50 tons per month. Materials for production of the subject are mainly in domestic. Formerly, the subject has also produced handbag. At that time, total workforce of the subject was 80 – 100 employees. However, from 2007, the subject has stopped produced this product. The subject has operated for a quite long time but position in industry of the subject is still normal. Financial situation of the subject is passable. According to Mr. Le Dinh Trung, the subject’s director, its total revenue in 2008 is about 8 billion VND. Premise and facilities are average. Management capacity of the subject is acceptable.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.71
UK Pound	1	Rs.72.85
Euro	1	Rs.64.70

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