MIRA INFORM REPORT

Report Date :

25.01.2008

IDENTIFICATION DETAILS

Name :	HIGHWAY TRADING SERVICE CO., LTD
Registered Office :	34/1 Van Hanh Hamlet, Trung Chanh Commune, Hoc Mon Dist, Hochiminh City
Country :	Vietnam
Date of Incorporation :	09.05.2006
Legal Form :	Liability Limited Company
Line of Business :	Import-export services. Consultant services. Trade forwarding services.

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	HIGHWAY TRADING SERVICE CO., LTD
Vietnamese name	CONG TY TNHH THUONG MAI DICH VU CAO TOC
Short name	HIGHWAY CO., LTD
Founded	2006
Type of Business	Liability Limited Company
Business Registration No.	4102039214
Date of Issuance	May 09^th, 2006
Place of Issuance	Planning and Investment Department of HoChiMinh City
Registered Capital	1,500,000,000 VND
Tax Code	0304354762
Total Employees	15
Qualification	Average
ADDRESS
Head Office
Address	34/1 Van Hanh Hamlet, Trung Chanh Commune, Hoc Mon Dist, Hochiminh City
Country	Vietnam
Tel	(84-8) 2187469
Fax	(84-8) 4271922
Email	caotocforwarding@gmail.com
DIRECTORS
NAME	MR. VO VUONG QUOC BAO
Position	Director
Qualification	Management
Year of birth	October 27^th, 1972
ID Number	024309491
Issued on	March 14^th, 2005
Issued by	Police Station of Hochiminh City
Resident	34/1 Van Hanh Hamlet, Trung Chanh Commune, Hoc Mon District, Hochiminh City
Nationality	Vietnamese
BUSINESS NATURE AND ACTIVITIES
Import-export services. Consultant services. Trade forwarding services.

IMPORT & EXPORT ACTIVITIES
IMPORT: The Subject imports Singapore, China, Taiwan, Korea, Japan, Thailand, Indian
EXPORT: N/A
BANKERS
EXIMBANK – HOCHIMINH CITY
Address	No.7 Le Thi Hong Gam Street, District No.1, HoChiMinh City
Country	Vietnam
Tel	(84-8) 821 0055
Fax	(84-8) 829 6063
Telex	812690 EIB VT
Swift	EBVIVNVX
SHAREHOLDERS
Subject is a private limited company. Following are its current shareholders
NAME	MR. VO VUONG QUOC BAO
Position	Director
Qualification	Management
Year of birth	October 27^th, 1972
ID Number	024309491
Issued on	March 14^th, 2005
Issued by	Police Station of Hochiminh City
Resident	34/1 Van Hanh Hamlet, Trung Chanh Commune, Hoc Mon District, Hochiminh City
Nationality	Vietnamese
Shares	86.67%
Values	1,300,000,000 vnd
2. NAME	MR. NGUYEN VAN TAM
Position	Shareholder
ID No	331164858
Resident	No.1253 Ong Tin Hamlet, Tra Con Commune, Tra On District, Vinh Long Province
Nationality	Vietnamese
Shares	13.33
Values	200,000,000 VND
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Normal
Liquidity	Normal
Previous Payments	Normal
Payment status	Normal
Past Financial Situation	Average
Current Financial Situation	Average
Litigation Data	No recorded
Bankruptcy	No recorded
Public opinion	Humble
Payment Methods	Direct payment or through its corresponding bank. L/C, TT, D/P
FINANCIAL DATA
The subject is a newly established company so its financial statement is not available. Following are financial highlight:
Trading Capital	1.5 billion VND
Total revenue of 2007	15 billion VND
Total profit of 2007	1 billion VND
Total revenue of 2006	8.5 billion VND
Total profit of 2006	0.5 billion VND
Growth	25%
INTERPRETATION ON THE SCORES
Subject is a new small company. Subject is specializing in consulting on import-export and related service for other companies. Subject’s director is active person. Subject is seemed to be busy now. The subject is a young company, which is operating in small scale. The subject started operation in 2006 but its director has some old business relation with customers. The market share of the subject is normal. Management capacity of the subject is average, It is a new company, so there is not much record on payment & financial status. The caution needed for any credit inquiry.
The company’s stability is expected to be IMPAIRED by adverse changes in circumstances and economic conditions.
CREDIT INQUIRY: 500,000 USD, Against DA terms.
CAUTION NEEDED FOR THIS AMOUNT WITH D/A TERM

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