MIRA INFORM REPORT

Report Date :

17.10.2008

IDENTIFICATION DETAILS

Name :	TAN VIET SINH COMMERCIAL PRODUCTION JOINT STOCK COMPANY
Registered Office :	No. 378/20A, National Road No. 62, Ward 6, Tan An Town, Long An Province
Country :	Vietnam
Financials (as on) :	31.12.2007
Date of Incorporation :	2006
Com. Reg. No.:	1100719199
Legal Form :	Joint Stock Company
Line of Business :	Production and Trading Ink, Chemical Products

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
English Name	TAN VIET SINH COMMERCIAL PRODUCTION JOINT STOCK COMPANY
Registered Vietnamese Name	CONG TY CO PHAN SAN XUAT THUONG MAI TAN VIET SINH
Abbreviated name	TAVISCO
Type of Business	Joint Stock Company
Founded	2006
Business Registration No.	1100719199
Issuance on	March 13^th 2006
Issuance by	Long An Department of Planning and Investment
Registered Capital	20,000,000,000 VND
Tax code	1100719199
Total employees	30
Note: The tax code and business registration are the same pursuant to new regulation in Vietnam.
ADDRESSES
Address 1:
Address	No. 378/20A, National Road No. 62, Ward 6, Tan An Town, Long An Province
Country	Vietnam
Tel	(84-72) 823601
Address 2:
Address	Lot D1, Road No. 1, Loi Binh Nhon Industrial Park, Tan An Town, Long An Province
Country	Vietnam
Tel	(84-72) 820601
Fax	(84-72) 820601
Note: The subject is moving from address # 1 to address # 2.
Hanoi Branch
Address	No. 252, Group 14, Cau Dien Str, Tu Liem Dist, Hanoi City
Country	Vietnam
Tel	(84-4) 7643568
Fax	(84-4) 7643568
Ho Chi Minh City Branch
Address	C7/1A Chanh Hung Hamlet, Binh Hung Commune, Binh Chanh Dist, Ho Chi Minh City
Country	Vietnam
Tel	(84-8) 4312378
Fax	(84-8) 7312379
DIRECTORS
1. NAME	Mr. PHAN VAN HUNG
Position	Chairman
Resident	No. 378/20A National Road No. 62, Ward 6, Tan An Town, Long An Province
Nationality	Vietnamese
2. NAME	Mr. PHAN THANH HAI
Position	Director
Resident	No. 378/20A National Road No. 62, Ward 6, Tan An Town, Long An Province
Nationality	Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject registers and operates in the following business activities:
- Production and trading ink, chemical products
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports from China, Singapore
EXPORT: N/A
BANKERS
ASIA COMMERCIAL BANK – LONG AN BRANCH
Address	No. 123B Hung Vuong Str, Ward 2, Tan An Town, Long An Province
Country	Vietnam
Tel	(84-72) 523650
Fax	(84-72) 523651
SHAREHOLDER(S)
1. Name	Mr. PHAN VAN HUNG
Position	Chairman
ID Number	300617184
Resident	No. 378/20A National Road No. 62, Ward 6, Tan An Town, Long An Province
Nationality	Vietnamese
Ratio	90%
Share	180,000 units
Value	18,000,000,000 VND
2. Name	Mr. PHAN THANH HAI
Position	Director
Year of birth	1969
ID Number	300666604
Issuance on	November 27^th 2002
Issuance by	Long An Province
Resident	No. 378/20A National Road No. 62, Ward 6, Tan An Town, Long An Province
Nationality	Vietnamese
Ratio	5%
Share	10,000 units
Value	1,000,000,000 VND

3. Name		Mr. TRAN QUOC DUC
Position		Shareholder
ID Number		141856044
Resident		No. 6/16A Chanh Hung Str, Ward 4, Dist 8, Ho Chi Minh City
Ratio		5%
Share		10,000 units
Value		1,000,000,000 VND
FINANCIAL DATA
	BALANCE SHEET
	Unit: VND in Million
	Balance sheet date		31/12/2007	31/12/2006
	Number of weeks		52	52
	ASSETS
	A – CURRENT ASSETS		3,218	2,517
	I. Cash and cash equivalents		90	235
	1.Cash		90	235
	2.Cash equivalents		0	0
	II. Short-term investments		0	0
	1. Short-term investments		0	0
	2. Provisions for devaluation of short-term investments		0	0
	III. Accounts receivable		403	6
	1. Receivable from customers		137	0
	2. Prepayments to suppliers		0	0
	3. Inter-company receivable		0	0
	4. Receivable according to the progress of construction		0	0
	5. Other receivable		266	6
	6. Provisions for bad debts		0	0
	IV. Inventories		2,697	2,276
	1. Inventories		2,697	2,276
	2. Provisions for devaluation of inventories		0	0
	V. Other Current Assets		28	0
	1. Short-term prepaid expenses		0	0
	2. VAT to be deducted		28	0
	3. Taxes and other accounts receivable from the State		0	0
	4. Other current assets		0	0
	B. LONG-TERM ASSETS		2,935	396
	I. Long term account receivable		0	0
	1. Long term account receivable from customers		0	0
	2. Working capital in affiliates		0	0
	3. Long-term inter-company receivable		0	0
	4. Other long-term receivable		0	0
	5. Provisions for bad debts from customers		0	0
	II. Fixed assets		2,935	396
	1. Tangible assets		964	396
	Historical costs		1,051	396
	Accumulated depreciation		87	0
	2. Financial leasehold assets		0	0
	Historical costs		0	0
	Accumulated depreciation		0	0
	3. Intangible assets		0	0
	Initial costs		0	0
	Accumulated amortization		0	0
	4. Construction-in-progress		1,971	0
	III. Investment property		0	0
	Historical costs		0	0
	Accumulated depreciation		0	0
	IV. Long-term investments		0	0
	1. Investments in affiliates		0	0
	2. Investments in business concerns and joint ventures		0	0
	3. Other long-term investments		0	0
	4. Provisions for devaluation of long-term investments		0	0
	VI. Other long-term assets		0	0
	1. Long-term prepaid expenses		0	0
	2. Deferred income tax assets		0	0
	3. Other long-term assets		0	0
	TOTAL ASSETS		6,153	2,913

	LIABILITIES
	A- LIABILITIES		3,858	777
	I. Current liabilities		2,358	777
	1. Short-term debts and loans		1,969	724
	2. Payable to suppliers		0	0
	3. Advances from customers		381	0
	4. Taxes and other obligations to the State Budget		8	53
	5. Payable to employees		0	0
	6. Accrued expenses		0	0
	7. Inter-company payable		0	0
	8. Payable according to the progress of construction contracts		0	0
	9. Other payable		0	0
	10. Provisions for short-term accounts payable		0	0
	II. Long-Term Liabilities		1,500	0
	1. Long-term accounts payable to suppliers		0	0
	2. Long-term inter-company payable		0	0
	3. Other long-term payable		0	0
	4. Long-term debts and loans		1,500	0
	5. Deferred income tax payable		0	0
	6. Provisions for unemployment allowances		0	0
	7. Provisions for long-term accounts payable		0	0
	B- OWNER'S EQUITY		2,295	2,136
	I. Owner's equity		2,295	2,136
	1. Capital		2,000	2,000
	2. Share premiums		0	0
	3. Other sources of capital		0	0
	4. Treasury stocks		0	0
	5. Differences on asset revaluation		0	0
	6. Foreign exchange differences		0	0
	7. Business promotion fund		0	0
	8. Financial reserved fund		0	0
	9. Other funds		0	0
	10. Retained earnings		295	136
	11. Construction investment fund		0	0
	II. Other sources and funds		0	0
	1. Bonus and welfare funds		0	0
	2. Sources of expenditure		0	0
	3. Fund to form fixed assets		0	0
	TOTAL LIABILITIES AND OWNER'S EQUITY		6,153	2,913
	PROFIT & LOSS STATEMENT
	Description				FY 2007
	Revenue				26,120
	Deductions Items				0
	Net Revenue				26,120
	Costs of goods sold				22,970
	Gross profit				3,150
	Financial income				4
	Financial expenses				131
	In which: Loan interest expenses				131
	Selling expenses				0
	Administrative overheads				2,324
	Net operating profit				699
	Other income				0
	Other expenses				0
	Other profit /(loss)				0
	Total accounting profit before tax				699
	Current corporate income tax				196
	Deferred corporate income tax				0
	Profit after tax				503
	FINANCIAL FACTORS
	Description				2007
	Current liquidity ratio				1.36
	Quick Liquidity ratio				0.22
	Inventory circle				9.24
	Average receive period				5.63
	Utilizing Asset Performance				4.25
	Liability/ Total Asset (%)				62.70
	Liability/ Owner's equity (%)				168.10
	EBIT / Total asset (%) ROA				13.49
	EBIT / Owner's equity (%) ROE				36.17
	EBIT / Total revenue (%) NPM				3.18
	Gross Profit / Total revenue (%) GPM				12.06
PAYMENT HISTORY AND EXPERIENCES
Trade Morality		Fairly Good
Liquidity		Normal
Payment status		Average
Financial Situation		Average
Development trend		Up trend
Litigation data		No record
Bankruptcy		No record
Payment Methods		TT, L/C
Sale Methods		Supply to agent and customer
INTERPRETATION ON THE SCORES
The subject is a joint stock company. It was established in March 2006 in Long An Province. The business of the subject is production and trading inks for domestic market. The current position in the industry of the subject is considered above average. The head office and factory of the subject are located at No. 378/20A Road No. 62, Long An Province. It is now moving the office and factory to Loi Binh Nhon Industrial Park, Long An Province. So far, part of its factory has been moved. It is also building and installation equipments to official operate at Loi Binh Nhon industrial park. The business of the subject now is producing printing inks. The market share of the subject is good. Its products are distributed for domestic customers in whole parts of Vietnam. The turnover of the subject is considered above average. The revenue of the subject has increased rapidly during past time. The profit of the subject is normal in comparison with the same company in the industry. The financial status of the subject is average. It has increased the capital from VND 2 billion by VND 20 billion in October 2008 in accordance with expanding production capacity. The future prosperity of the subject seems bright. The subject is small and medium company in the industry. The business activities and operation of the subject seems busy and effective. It has capacity to meet the small financial commitment and no caution needed for the average business transactions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.68
UK Pound	1	Rs.84.37
Euro	1	Rs.65.70

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%)

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