MIRA INFORM REPORT

Report Date :

11.10.2008

IDENTIFICATION DETAILS

Name :	NC INTERNATIONAL TRADING JOINT STOCK CORPORATION
Registered Office :	No.24 Le Hong Phong Str, Tran Phu ward, Mong Cai town, Quang Ninh province
Country :	Vietnam
Date of Incorporation :	2007
Com. Reg. No.:	2203000805
Legal Form :	Joint Stock Company
Line of Business :	General Import and Export Being Agent of China Partner to Import Goods then Export to China Imported Goods of subject are kinds of products that China is banned importing

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 Registered Name	NC INTERNATIONAL TRADING JOINT STOCK CORPORATION
Vietnamese Registered Name	CONG TY CO PHAN THUONG MAI QUOC TE NC
Trade Name	NC INTERCO
Type of Business	Joint stock company
Founded	2007
Business Registration	No.2203000805
Issuance on	March 26^th 2007
Issuance by	Quang Ninh Department of Planning and Investment
Registered Capital	6,000,000,000 VND
Tax code	No.5700642266
Total Employees	About 30 in all
Note: The given name from client is not very correct.
ADDRESSES
Head Office
Address	No.24 Le Hong Phong Str, Tran Phu ward, Mong Cai town, Quang Ninh province
Country	Vietnam
Tel	(84-33) 773399
Fax	(84-33) 776699
DIRECTORS
1. NAME	Mr. HOANG DAO XUAN NGHIA
Position	Director / Legal representative
Date of birth	May 21^st 1975
ID No.	100617919
Issued on	July 14^th 1999
Issued by	Quang Ninh Police Station
Education	University of foreign studies – major in Chinese
Resident	Group 16A, zone 3A, Yet Kieu ward, Ha Long city, Quang Ninh province
Nationality	Vietnamese
Cell phone	+84 936333888
2. NAME	Mr. NGUYEN THANH CHUNG
Position	Vice Director
Date of birth	October 22^nd 1977
ID No.	100731989
Education	University of Trade of Vietnam
Resident	Group 10, zone 2, Tran Phu ward, Mong Cai town, Quang Ninh province
Nationality	Vietnamese
Cell phone	+84 906635888
BUSINESS NATURE AND ACTIVITIES
The subject registers and operates in the following business activities: - General import and export - Being agent of China partner to import goods then export to China - Imported goods of subject are kinds of products that China is banned importing
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports goods from Euro countries, Malaysia, Philippines, Japan, Korea, USA, India, Germany…
EXPORT: 100% imported goods are distributed to China.
BANKERS
1. JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM – VIETCOMBANK – MONG CAI BRANCH
Address	No.2 Van Don Str, Mong Cai town, Quang Ninh province
Country	Vietnam
Tel	(84-33) 882193
Fax	(84-33) 881676
2. VIETNAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT – MONG CAI BRANCH
SHAREHOLDER(S)
The subject is a Joint stock company. Following is its shareholders:
1. NAME	Mr. HOANG DAO XUAN NGHIA
Position	Director / Legal representative
Date of birth	May 21^st 1975
ID No.	100617919
Issued on	July 14^th 1999
Issued by	Quang Ninh Police Station
Education	University of foreign studies – major in Chinese
Resident	Group 16A, zone 3A, Yet Kieu ward, Ha Long city, Quang Ninh province
Nationality	Vietnamese
Cell phone	+84 936333888
Number of shares	3,000 units
Value	3,000,000,000 VND
2. NAME	Mr. NGUYEN THANH CHUNG
Position	Vice Director
Date of birth	October 22^nd 1977
ID No.	100731989
Education	University of Trade of Vietnam
Resident	Group 10, zone 2, Tran Phu ward, Mong Cai town, Quang Ninh province
Nationality	Vietnamese
Cell phone	+84 906635888
Number of shares	1,500 units
Value	1,500,000,000 VND
3. NAME	Mrs. NGUYEN THI THIEU LAN
Resident	Group 10, zone 2, Tran Phu ward, Mong Cai town, Quang Ninh province
Nationality	Vietnamese
Number of shares	1,500 units
Value	1,500,000,000 VND
FINANCIAL DATA
Being a new company, we failed in collecting financial data of subject. It is not available. Following is highlight that directly gathered from subject:
Total revenue in 2007		6,221,473,515 VND
Total revenue in 2008 (planned)		8,189,646,540 VND
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Normal
Liquidity	N/A
Payment status	Normal
Financial Situation	Average
Development trend	Stable
Litigation data	No recorded
Bankruptcy	No recorded
Payment Methods	TTR
INTERPRETATION ON THE SCORES
The NC international trading joint stock company has just been found since March 2007 and started operation the April the same year. It seems very new in the field. The subject focuses on the field of general import and export. It temporarily imports goods from foreign countries to Vietnam then after a short time, it will re-export. Main import markets of subject are many countries in Europe and Asia such as Germany, Japan, Korea, Malaysia, India, USA, and so on. Goods are free-tax products, and many others such as rubber plastic, plastic components, canned meat, etc. Its products are diversiform. All these products are not distributed in Vietnam. They are 100% re-exports to China. The subject’s director, who had been studied in Chinese language, has many relations with Chinese partners. The subject is considered as an agent of Chinese partners in importing goods. The subject has advantage of convenient location in import and export activities when situated in Quang Ninh province, which is a province with large area of sea and seaport. It now seems relatively busy with 30 staffs. Director board is very young but active. In general, the subject is a new established company. Its financial and operation bases are regarded average level. It is reliable for small and normal credit.
The subject said that it is reliable for this credit but in our opinion, this credit inquiry is big for the subject. The guarantee is necessary.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.72
UK Pound	1	Rs.82.17
Euro	1	Rs.65.90

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