MIRA INFORM REPORT

Report Date :

31.01.2008

IDENTIFICATION DETAILS

Name :	DONG DUONG INTERNATIONAL COMMERCIAL INVESTMENT JOINT STOCK COMPANY
Registered Office :	20.6, 20^th Flr., Vimeco Building, Pham Hung Str., Cau Giay Dist., Ha Noi City
Country :	Vietnam
Date of Incorporation :	2005
Com. Reg. No.:	0103007119
Legal Form :	Joint Stock Company
Line of Business :	Import Export many kinds of Natural Rubber

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	DONG DUONG INTERNATIONAL COMMERCIAL INVESTMENT JOINT STOCK COMPANY
Vietnamese name	CONG TY CO PHAN DAU TU THUONG MAI QUOC TE DONG DUONG
Abbreviation name	DDICI., JSC
Founded	2005
Type of Business	Joint Stock Company
Business registration	0103007119
Date of Issuance	March 21^st, 2005
Issued by	Department of Planning and Investment of Ha Noi City
Registered capital	VND 150,000,000,000
Tax code	0101627686
Total Employees	30
Qualification	Fairly good

ADDRESS

Head Office
Former Address	20.6, 20^th Flr., Vimeco Building, Pham Hung Str., Cau Giay Dist., Ha Noi City
Current Address	20.7, 20^th Flr., Vimeco Building, Pham Hung Str., Cau Giay Dist., Ha Noi City
Country	Vietnam
Tel	(84-4) 7849938 / 2401526
Fax	(84-4) 7849939 / 7820393
Website	www.dongduonggroup.com
Registered Office
Address	No. A16, Lane 84, Tran Quang Dieu Str., Dong Da Dist., Ha Noi City
Country	Vietnam
Note	This is private house of Mr. BUI QUOC HOAN, director of the subject.

DIRECTORS

1. NAME	Mr. BUI QUOC HOAN
Position	Director
Passport No.	PTA1190641A
Resident	Ha Noi City, Vietnam
Nationality	Vietnamese
2. NAME	Mr. BUI QUANG TU
Position	Vice Director
Resident	Ha Noi City, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject registered and focuses on the following lines of business:

- Import export many kinds of natural rubber

- Production, trading, business agricultural products

- Exporting many kinds of handicrafts

- Providing machines for transportation, construction industries.

- Forwarding

IMPORT & EXPORT ACTIVITIES

IMPORT: The subject imports from Russia, China, Malaysia.

EXPORT: The subject exports to China, India, Singapore, Malaysia, Turkey, Pakistan, Poland, Germany, Argentina, Russia, etc.

BANKERS

1. TECHCOMBANK
Address	1^st Flr., 18T1 Building, Trung Hoa Nhan Chinh, Thanh Xuan Dist., Ha Noi City
Country	Vietnam
Tel	(84-4) 2511032
Fax	(84-4) 2511035
Account	11020061843021

SHAREHOLDERS

The following are founders of the subject
1. Name	Mr. BUI QUOC HOAN
Position	Director cum Chairman
Resident	Ha Noi City, Vietnam
Nationality	Vietnamese
Share	63.3%
Value	VND 94,950,000,000
2. Name	Mr. BUI QUANG TU
Position	Vice Director
Resident	Ha Noi City, Vietnam
Nationality	Vietnamese
Share	1.4%
Value	VND 2,100,000,000
3. Name	Mr. LUU TRAN HUY
Position	Shareholder
Resident	Ha Noi City, Vietnam
Nationality	Vietnamese
Share	0.3%
Value	VND 450,000,000

PAYMENT HISTORY AND EXPERIENCES

Trade Morality	Normal
Liquidity	Above average
Previous Payments	Average
Payment status	Above average
Past Financial Situation	Above average
Current Financial Situation	Developing
Litigation Data	No recorded
Bankruptcy	No recorded
Public opinion	Normal
Payment Methods	L/C at sight, T/T in advance 30% contract value and 70% by D/P at sight.
FINANCIAL DATA
FINANCIAL HIGHLIGHTS
Turnover in 2007	VND 100 billion
Turnover in 2006	VND 70 billion

INTERPRETATION ON THE SCORES

After many years working as a employee, Mr. BUI QUOC HOAN and his brother established the DONG DUONG INTERNATIONAL COMMERCIAL INVESTMENT JSC. Now, the subject has registered capital of VND 150 billion.

With more than 10 years experiences in managing import and export activities, Mr. BUI QUOC HOAN established the subject in order to focus on import – export activities. Now, the subject is specializing in export natural rubber, including SVR10, SVR20, RSS3. The kinds of export products are being expanded to handicrafts, agricultural products. Besides, the subject plans to import fertilizer from Russia for supplying domestic markets. At the moment, the main export market is China. Its rubber supplying capacity is big because it has setup good relationships with rubber companies in Southern provinces of Vietnam. The subject’s branch in Hai Phong city is being built. This branch will operate in forwarding field. This business line is very potential in Vietnam.

The premises and facilities are above average. The registered address is private house of Mr. BUI QUOC HOAN. The head office is being moved from unit 20.6 to larger unit 20.7 at VIMECO building. There are about 30 employees working for the subject and they are well trained. The working environment is fairly good. Business result of the subject is above average. As a young company, the subject’s prestige and position are still modest.

In general, the subject is a new established company. It is on the way seeking clients. With good management capacity and well trained employee team, the subject has bright prospect. The subject is capable to meet small commitments. A little caution needed for normal business transactions.

The company is expected to be VULNERABLE TO ADVERSE changes in circumstances and economic conditions.

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