MIRA INFORM REPORT

Report Date :

22.05.2008

IDENTIFICATION DETAILS

Name :	THANH HUNG COMPANY LIMITED
Registered Office :	G04A, Duc Hoa 1 Hanh Phuc Industrial Zone, Hamlet 5, Duc Hoa Dong Commune, Duc Hoa District, Long An Province
Country :	Vietnam
Date of Incorporation :	2006
Com. Reg. No.:	5002000926
Legal Form :	Liability Limited Company
Line of Business :	Manufacturing and Trading Pesticide Products, Trading Fertilizer

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 translated name	THANH HUNG COMPANY LIMITED
Vietnamese registered name	CONG TY TNHH THANH HUNG
Type of Business	Liability limited company
Founded	2006
Business Registration	5002000926
Issuance on	September 26^th, 2006
Issuance by	Planning and investment department of Long An Province
Registered Capital	10,000,000,000 VND
Tax code	1100745093
Total Employees	40 employees
ADDRESSES
Registered Head Office and factory
Address	G04A, Duc Hoa 1 Hanh Phuc Industrial Zone, Hamlet 5, Duc Hoa Dong Commune, Duc Hoa District, Long An Province
Country	Vietnam
Tel	(84-72) 779343
Fax	(84-72) 779353
Former transaction office and current shop
Address	No. 96/6C, Tran Hung Dao Street, My Phuoc Ward, Long Xuyen City, An Giang Province
Country	Vietnam
Tel	(84-76) 843656
Fax	(84-76) 845400
Note: Formerly, the subject used this address to transact with client; its transaction office has been moved to the address to location of the factory. Currently, this address is used to be detail shop to consumers.
DIRECTORS
1. NAME	Mr. LE THIEN NHON
Position	Director
Date of birth	August 17^th, 1974
ID No	340755404
Issued on	August 12^th, 1995
Issued by	Police station of Dong Thap Province
Resident	No. 234A, An Thanh Hamlet, Binh Thanh Commune, Lap Vo District, Dong Thap province
Nationality	Vietnamese
2. NAME	Mr. PHAN KHAC PHI
Position	Deputy director
Resident	Long An province
Nationality	Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject registers and operates in manufacturing and trading pesticide products, trading fertilizer
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports materials from China, Hong Kong, Taiwan, Japan and America
EXPORT: The subject does not export
BANKERS
1. SAIGON COMMERICAL JOINT STOCK BANK-TAN BINH BRANCH
Address	No. 224, Le Van Sy Street, Ward 1, Tan Binh District, Hochiminh City
Country	Vietnam
Account No	09037133087

SHAREHOLDER(S)

The subject is a Limited Liability Company. Following is its shareholders:
1. NAME	Mr. LE THIEN NHON
Position	Director
Date of birth	August 17^th, 1974
ID No	340755404
Issued on	August 12^th, 1995
Issued by	Police station of Dong Thap Province
Resident	No. 234A, An Thanh Hamlet, Binh Thanh Commune, Lap Vo District, Dong Thap province
Nationality	Vietnamese
Share	80%
Value	8,000,000,000 VND
2. NAME	Ms. LE THI TUYET
Position	Shareholder
Resident	Dong Thanh 2 Hamlet, My Phuoc Commune, Long Xuyen City, An Giang Province
Nationality	Vietnamese
Share	20%
Value	2,000,000,000 VND
FINANCIAL DATA
The Subject was established late 2006, we tried to collect but there is no financial data available.
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Normal
Liquidity	N.A
Payment status	N.A
Financial Situation	Humble
Development trend	Average
Litigation data	No recorded
Bankruptcy	No recorded
Payment Methods	Through its bank, L.C
Sale Methods	Directly to clients
INTERPRETATION ON THE SCORES
Thanh Hung Company Limited is now specializing in processing, packaging and trading pesticides. With about 40 employees in the factory where is at G04-A, Duc Hoa 1 Hanh Phuc Industrial Zone, Hamlet 5, Duc Hoa Dong Commune, Duc Hoa District, Long An Province. A part from its factory, the subject has a shop to distribute directly to consumers at the address of No. 96/6C, Tran Hung Dao Street, My Phuoc Ward, Long Xuyen City, An Giang Province. Formerly, this address was used to transact with its clients but recently, most of its transaction are taken place at the address of registered head office and factory in Duc Hoa 1 Hanh Phuc Industrial Zone, Hamlet 5, Duc Hoa Dong Commune, Duc Hoa District, Long An Province. The subject’s main market share is in Eastern and Western of Southern provinces of Vietnam. It imports materials from Chine, Hong Kong, Taiwan, Japan and America to package, process and distribute in domestic market. The subject company has been operated in a short time so its market share is still humble. Its management capability is average. It is needed to invest more and more to improve its operation, expand market share and improve its competitive capability to exist in the hard competitive environment.

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