MIRA INFORM REPORT

Report Date :

30.08.2008

IDENTIFICATION DETAILS

Name :	THIEN PHAT INVESTMENT TRADING AND SERVICE JOINT STOCK COMPANY
Registered Office :	No. 101 Tran Duy Hung str, Trung Hoa Ward, Cau Giay Dist, Hanoi City
Country :	Vietnam
Date of Incorporation :	2004
Com. Reg. No.:	0103005447
Legal Form :	Joint Stock Company
Line of Business :	Trade Industrial, Agriculture and Civil Electronic Equipments Trade Environmental and Water – supplying materials and equipments Interior and Outside Decoration

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

English Name	THIEN PHAT INVESTMENT TRADING AND SERVICE JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN DAU TU THUONG MAI VA DICH VU THIEN PHAT
Trade name	THIEN PHAT .,JSC
Type of Business	Joint stock company
Founded	2004
Business Registration	0103005447
Issuance on	September 27^th, 2004
Issuance by	Hanoi Planning and Investment Department
Registered Capital	1,800,000,000 VND
Tax code	0101535724
Total Employees	About 20 Persons

ADDRESSES

Head Office
Address	No. 101 Tran Duy Hung str, Trung Hoa Ward, Cau Giay Dist, Hanoi City
Country	Vietnam
Tel	( 84 – 4) 5565358
Fax	( 84 – 4) 5565358
Email	thienphatjsc@yahoo.com
Website	www.thienphatesl.vn
Notes: The subject also have two showrooms at Tay Son and Doi Can str.

DIRECTORS

1. NAME	Ms. NGUYEN THI HOA
Position	Director
Date of birth	April 27^th , 1974
ID No.	012279224
Issuance on	August 28^th, 1999
Issuance by	Police of Hanoi
Contact Address	No. 101 Tran Duy Hung str, Trung Hoa Ward, Cau Giay Dist, Hanoi City
Resident	H4 – Kim Lien Collective Zone, Kim Lien Ward, Dong Da Dist, Hanoi city
Nationality	Vietnamese
Hand phone	+84 904581886

BUSINESS NATURE AND ACTIVITIES

The subject focuses on the main business activities:

- Trade industrial, agriculture and civil electronic equipments

- Trade environmental and water – supplying materials and equipments

- Interior and outside decoration

- Trade real estate

- Produce and trade aluminium and glass belongings

- Produce and trade electrical goods and electronics

- Trade inland and international travel and ecological tourism

- Trade and consignment agencies

- Produce and trade constructional materials, office supplies and handicraft products

IMPORT & EXPORT ACTIVITIES

IMPORT: The subject imports from Boland, Austria and China

EXPORT: The subject doesn’t export.

BANKERS

1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM – THANG LONG BRANCH
Address	Pham Van Dong Str, Tu Liem Dist, Hanoi City
Country	Vietnam
Tel	( 84-4) 7544965
2. VIB BANK – TRAN DUY HUNG BRANCH
Address	No. 1 Lang – Hoa Lac, Tu Liem Dist, Hanoi City.
Country	Vietnam
Tel	( 84-4) 553 7428
Fax	( 84-4) 553 7429
SHAREHOLDER(S)
The subject is a Joint stock Company. Following is its shareholders:
1. NAME	Ms. NGUYEN THI HOA
Position	Director
Nationality	Vietnamese
Number of Share	10,000 units
Value	1,000,000,000 VND
2. NAME	Mr. NGUYEN TRONG TRUNG
Resident	H1, No 81, Kim Liem Collective Zone, Kim Lien Ward, Dong Da Dist, Hanoi City.
Nationality	Vietnamese
Number of Share	2,000 units
Value	200,000,000 VND
3. NAME	Ms. HA THU DUNG
Resident	Van Mo Ward, Ha Dong, Hanoi city.
Nationality	Vietnamese
Number of Share	2,000 units
Value	200,000,000 VND
4. NAME	Mr. TRAN DANG DAI
Resident	No. 63, Be Tong collective Zone, Trung Tu Ward, Dong Da Dist, Hanoi City.
Nationality	Vietnamese
Number of Share	2,000 units
Value	200,000,000 VND
5. NAME	Ms. NGUYEN THI THU DUNG
Resident	H4 – Kim Lien Collective Zone, Kim Lien Ward, Dong Da Dist, Hanoi city
Nationality	Vietnamese
Number of Share	2,000 units
Value	200,000,000 VND

FINANCIAL DATA

We tried to collect the full financial data but it’s not available. Following is its highlight financial highlight:
Description	2006
Current assets & Short term Investment	4,678
Fixed assets & Long term investment	179
TOTAL ASSETS	4,857
Payables	3,078
Owner’s Equity	1,779
TOTAL LIABILITY AND EQUITY	4,857
Total revenue	7,751
Deductions Items	0
Net revenue	7,751
Net income from business activity	0
Net income from financial operation	33
Irregular Profit	0
Total pre-tax profit	33

PAYMENT HISTORY AND EXPERIENCES

Trade Morality	Average
Liquidity	Normal
Payment status	Average
Financial Situation	Average
Development trend	Normal
Litigation data	No record
Bankruptcy	No record
Payment Methods	L/C, T/T
Sale Methods	Direct to clients

INTERPRETATION ON THE SCORES

THIEN PHAT Investment Trading And Service JSC was established in 2004

The subject’s head office is located in Hanoi city. It also has two other showroom at Tay Son and Doi Can street, where are a good place for trading.

The subject was set up in 2004 by 5 members. It is now specialized in trade of industrial, agricultural and civil electronic equipments, trade environmental and water – supplying materials and equipments, Interior and outside decoration, trade real estate, produce and trade aluminium and glass belongings, produce and trade of electrical goods and electronics.

The subject hasn’t exported to foreign markets yet. In term of material for production, the subject imports from some foreign markets, such as: Poland, Austria and China.

2008 is a hard year of the world economics in general and Vietnamese one in specific. The subject may face with difficulties in trade.

In general, the position in the industry of the subject is average. Its competitive capability in the market is normal. Its financial status is average. The subject has capacity to meet financial commitments. Caution needed for the normal and big business transactions with the subject.

CREDIT INQUIRY: 500,000 USD

This credit inquiry is too big for the subject, psl caution needed.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.43.79
UK Pound	1	Rs.80.05
Euro	1	Rs.64.56

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