MIRA INFORM REPORT

Report Date :

15.10.2008

IDENTIFICATION DETAILS

Name :	NGHI SON CHEMICALS CO., LTD
Registered Office :	153/2E Nguyen Thuong Hien str, Ward 6, Binh Thanh dist, Hochiminh city
Country :	Vietnam
Date of Incorporation :	2002
Com. Reg. No.:	4102012235
Legal Form :	Limited Liability Company
Line of Business :	Trading in Chemicals.

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 :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
Registered English Name	NGHI SON CHEMICALS CO., LTD
Registered Vietnamese Name	CONG TY TNHH THUONG MAI HOA CHAT NGHI SON
Registered Abbreviated Name	N & S CHEMICALS CO., LTD
Type of Business	Limited Liability Company
Founded	2002
Business Registration	No. 4102012235
Issuance on	October 21^st 2002
Issuance by	Planning and Investment Department of Hochiminh city
Current Registered Capital	3,000,000,000 VND
Former Registered Capital	300,000,000 VND
Tax code	0302757734
Total Employees	8 employees
ADDRESSES
Head Office:
Address	153/2E Nguyen Thuong Hien str, Ward 6, Binh Thanh dist, Hochiminh city
Country	Vietnam
Tel	(84-8) 35152918 / 35153845 / 39372767
Fax	(84-8) 38430075
Email	nghisonchem@hcm.vnn.vn
DIRECTORS
1. NAME	Ms. TRAN VAN TUYET NGHI
Position	Director
Date of Birth	December 6^th 1977
ID No.	385018560
Current Resident	Hochiminh city
Registered Resident	127 Hoang Van Thu str, Ward 3, Bac Lieu province
Nationality	Vietnamese
2. NAME	Mr. VO ANH SON
Position	Operation Manager
ID No.	201211654
Current Resident	Hochiminh city
Registered Resident	K03/17 Dung Si str, Thanh Loc Dan ward, Thanh Khe dist, Da Nang city
Nationality	Vietnamese
Cell Phone	++ 84 913 910 772
BUSINESS NATURE AND ACTIVITIES
The subject is specializing in trading in chemicals.
The subject registered in following business activities: - Trading in chemicals for industry and foodstuff, equipments and machinery, material using in electricity and construction, groceries, artificial coloring using for industry and foodstuff, aromatic spices and material using for industry and processing foodstuff. - Agent for goods consignment - Trading in measuring device, fertilize, chemicals, iron, steel, bronze, lead, zinc, aluminum and color metal, silk, fibre, cotton thread, materials using for garment industry, footwear, perfume, cosmetic and hygienic finished products - Services of support transport - Manufacturing chemicals, soap, detergent, hygienic finished products
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports goods from Australia, Malaysia, Thailand, Philippines, Singapore, India, Germany and China
EXPORT: N/A

BANKERS
1. SHINHAN BANK
Address	No. 41 Nguyen Thi Minh Khai Street, Ben Nghe Ward, District 1, Hochiminh city
Country	Vietnam
Tel	(84-8) 8230012
Fax	(84-8) 8230009
Telex	813218SHBHCMVT
Swift	SHBKVNVX
SHAREHOLDER(S)
The subject is a Limited Liability Company. Following is its shareholders:
1. NAME	Ms. TRAN VAN TUYET NGHI
Position	Director
Date of Birth	December 6^th 1977
ID No.	385018560
Current Resident	Hochiminh city
Registered Resident	127 Hoang Van Thu str, Ward 3, Bac Lieu province
Nationality	Vietnamese
Current Share	60 %
Current Value	1,800,000,000 VND
Former Share	66.7%
Former Value	200,000,000 VND
2. NAME	Mr. VO ANH SON
Position	Operation Manager
ID No.	201211654
Current Resident	Hochiminh city
Registered Resident	K03/17 Dung Si str, Thanh Loc Dan ward, Thanh Khe dist, Da Nang city
Nationality	Vietnamese
Current Share	40 %
Current Value	1,200,000,000 VND
Former Share	33.3%
Former Value	100,000,000 VND
FINANCIAL DATA
We tried our best to collect the financial data in recent years but not available.
BALANCE SHEET
Unit: 1,000,000 VND
Description		2005
Current assets & Short-term investment
2,979
Fixed assets & Long-term investment		52
Total assets		3,031
Payable		2,332
Owner’s Equity		699
Total Liability and Equity		3,031
PROFIT & LOSE STATEMENT
Description		FY 2005
Total revenue		16,544
Deduction Items		0
Net revenue		16,544
Net income from business activities		35
Net income from financial operation		8
Irregular Profit		0
Total pre-tax profit		43
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Normal
Liquidity	Normal
Payment status	Average
Financial Situation	Average
Development trend	Average
Litigation data	No Recorded
Bankruptcy	No Recorded
Payment Methods	Direct payment or through its corresponding bank. Foreign remittance by letter of credit (L/C) or telegraphic transfer (T/T)
Sale Methods	Directly to clients

INTERPRETATION ON THE SCORES

Nghi Son Chemicals Co., Ltd is a limited liability company, which was established in 2002.

The subject specializes in chemicals. Its products are imported directly from foreign countries such as Australia, Malaysia, Thailand, Philippines, Singapore, India, Germany and China. Over 6 years of operation, the market share of the subject is not remarkable but it is stable. The subject’s chemical are mainly sold in industrial zones in Hochiminh city, Dong Nai province and Binh Duong province. The competitiveness of the subject is average.

Management capacity of the subject is average. Mr. Vo Anh Son – its operation manager is an experienced man in chemicals field. The subject operates as a family company in small scale.

Current financial situation of the subject is average. Its annual turnover and profit are acceptable. The subject has capacity to meet small and normal financial commitments.

This amount is too big for the subject. It is unreliable.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.43
UK Pound	1	Rs.84.54
Euro	1	Rs.65.91

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