MIRA INFORM REPORT

Report Date :

14.12.2011

IDENTIFICATION DETAILS

Name :	NGOC TUNG MANUFACTURING TRADING SERVICE JOINT STOCK COMPANY
Registered Office :	Block E 21-22-23 12^th Road, Le Minh Xuan Industrial Park , Binh Chanh District, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2010
Year of Establishment :	1997
Com. Reg. No.:	4103008343
Legal Form :	Joint Stock Company
Line of Business :	Trading in fertilizers, insecticides, agro-aqua machine, agricultural products, food and foodstuff, Foodstuff industry.
No. of Employees :	252

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

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Viet Nam	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
English Name	NGOC TUNG MANUFACTURING TRADING SERVICE JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN SAN XUAT THUONG MAI DICH VU NGOC TUNG
Trade name	NGOC TUNG MANUFACTURING TRADING SERVICE JOINT STOCK COMPANY
Short name	NGOC TUNG JSC
Type of Business	Joint stock company
Year Established	1997
Business Registration No.	4103008343
Date of Registration	05 Nov 2007
Place of Registration	Business Registration Office - Planning and Investment Department of Hochiminh City
Current registered capital	VND 200,000,000,000
Status	Unlisted
Tax code	0301415086
Total Employees	252

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Registered English Name: NGOC TUNG MANUFACTURING TRADING AND SERVICES LIABILITY LIMITED COMPANY Changed to: NGOC TUNG MANUFACTURING TRADING SERVICE JOINT STOCK COMPANY	05 Nov 2007
2	Subject has got former Registered Vietnamese Name: CONG TY TNHH SAN XUAT THUONG MAI DICH VU NGOC TUNG Changed to: CONG TY CO PHAN SAN XUAT THUONG MAI DICH VU NGOC TUNG	05 Nov 2007
3	Subject has got former Trade Name: NGOC TUNG MANUFACTURING TRADING COMPANY LIMITED Changed to: NGOC TUNG MANUFACTURING TRADING SERVICE JOINT STOCK COMPANY	05 Nov 2007
4	Subject has got former Abbreviated Name: NGOC TUNG CO., LTD Changed to: NGOC TUNG JSC	05 Nov 2007
5	Subject has got former Business Registration No: No. 052616 which was issued on September 04^th, 1997 Changed to: 4103008343	05 Nov 2007

ADDRESSES
Head Office
Address	Block E 21-22-23 12^th Road, Le Minh Xuan Industrial Park , Binh Chanh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3766 0814, 3766 0815, 7366 0816
Fax	(84-8) 3766 0674
Email	duclh@hcm.vnn.vn
Website	www.ngoctung.com.vn
Occupied Area	10,000 m^2
Land-use Right	Leased
Branch in Can Tho
Address	No. 108A - Area 2 - Ba Lang Ward , Cai Rang District, Can Tho City, Vietnam
Telephone	(84-710) 3913 761
Fax	(84-710) 3913 769
Email	ltd.ngoctung@gmail.com
Manager	Mr. LE THANH DANH
Note: Business registration no.5712000406 Tax code: 0301415086-001
Branch in Ha Noi
Address	Room 908 – The Thao Hotel, Le Van Thiem Str - Nhan Chinh Ward , Thanh Xuan District, Ha Noi City, Vietnam
Telephone	(84-4) 3791 6591
Fax	(84-4) 3791 6591
Email	pmkiem.ngoctung@gmail.com
Manager	Mr. PHAM MANH KIEM
Branch in Quang Nam
Address	Block 4 Vinh Dien Town , Dien Ban District, Quang Nam Province, Vietnam
Telephone	(84-510) 3867 879 - 913 492 070
Fax	(84-510) 3867 879
Email	tpluyen.ngoctung@gmail.com
Manager	Mr. TRAN PHUC LUYEN
Branch in Ho Chi Minh
Address	No. 955 Tran Xuan Soan Str - Tan Hung Ward , 7^th District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3775 4034 / 3775 4039
Fax	(84-8) 3775 4032
Email	hvhao@ngoctung.com
Manager	Mr. HO VAN HAO
Branch in An Giang
Address	No. 166/6 Phan Boi Chau Str - Binh Thoi Group - Binh Khanh Ward , Long Xuyen City, An Giang Province, Vietnam
Telephone	(84-76) 3989 466
Fax	(84-76) 3954 463
Email	nhthong.ngoctung@gmail.com
Manager	Mr. NGUYEN HUY THONG
Branch in Dak Lak
Address	No. 396 Nguyen Thi Dinh Str , Buon Ma Thuot City, Dak Lak Province, Vietnam
Telephone	(84-50) 3867 151
Fax	(84-50) 3867 151
Email	pqthang@ngoctung.com
Manager	Mr. PHAN QUANG THANG
Branch in Binh Phuoc
Address	No. 76 National Road 14, Quarter 1, Tan Dong Ward , Dong Xoai City, Binh Phuoc Province, Vietnam
Telephone	(84-651) 3880826 – 903 537 302
Email	ttthanh.ngoctung@gmail.com
Manager	Mr. TANG TAN THANH

SUBSIDIARIES AND RELATED COMPANIES
1. NGOCTUNG PESTICIDE JOINT STOCK COMPANY
Business Registration	1101187395
Tax code	1101187395
Address	Lot C2-C3 Nhut Chanh Industrial Park, Ben Luc District, Long An Province, Vietnam

DIRECTORS
BOD
1. NAME	Mr. LA HOANG DUC
Position	Chairman
Date of Birth	28 Mar 1963
ID Number/Passport	024526400
ID Issue Date	27 Mar 2006
ID Issue Place	Police Station of Hochiminh City
Resident	No. 6, Road No. 34 Binh Phu Residential Area , Ward 10, 6^thDistrict, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Email	duclh@hcm.vnn.vn
Qualification	Management
2. NAME		Ms. LA HOANG HUE NGOC
Position	Vice chairwoman
Date of Birth	15 May 1982
ID Number/Passport	024797558
Issued on	02 Aug 2007
Issued Place	Police Station of Hochiminh City
Resident	No. 6, Road No. 34 Binh Phu Residential Area , Ward 10, 10^th District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
3. NAME	Ms. BUI THI SAU
Position	Member of BOD
Date of Birth	18 Nov 1961
ID Number/Passport	350215480
Issued on	27 Mar 2000
Issued Place	Police station of An Giang Province
Resident	No. 1/4 Nguyen Thai Hoc Street, My Binh Ward, Long Xuyen City, An Giang Province, Vietnam
Nationality	Vietnamese
4. NAME	TRUONG CONG DUC
Position	Member of BOD
Date of Birth	11 Feb 1955
ID Number/Passport	023740673
ID Issue Date	28 Jun 1999
ID Issue Place	Police Station of Ho Chi Minh City
Resident	98/111/63 Cach Mang Thang Tam Street, Ward 5, Tan Binh District, Ho Chi Minh City, Vietnam
Current resident	No. 96 Song Hanh Str - Ward 10, 6^th District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Email	tcduc@hcm.vnn.vn
Managing board:
1. NAME	Mr. LA HOANG DUC
Position	General Director
2. NAME	TRUONG CONG DUC
Position	Deputy General Director
3. NAME	Mr. MAI VAN HOANH
Position	Deputy General Director
Date of Birth	06 Jan 1956
Current resident	No. 335/43/7 Dien Bien Phu Str - Ward 4 , 3^rd District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
4. NAME	Mr. TRAN THANH BINH
Position	Deputy General Director
Date of Birth	27 May 1975
Current resident	No. 92B/17/12A Ton That Thuyet Str - Ward 15 , 4^th District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
5. NAME	Ms. LIEN THUY THANH
Position	Chief Accountant
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject registered in the following activities:
Trading in fertilizers, insecticides, agro-aqua machine, agricultural products, food and foodstuff, Foodstuff industry.
Goods on consignment agent's.
Termite insecticide killing service for houses and stores.
Bottling insecticides.
Civil & industrial construction
Home & abroad travel
Transporting goods and passengers by land.

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	materials and good sources
· Market	India, China, Netherlands, Australia, USA, France, Germany, Argentina and Malaysia.
EXPORT:
· Types of products	N/A
· Market	N/A

BANKERS
1. VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK
Address	8^th Floor, VinCom Center, No. 72 Le Thanh Ton street , 1^st District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3821 0055
Fax	(84-8) 3829 6063
2. ASIA COMMERCIAL JOINT STOCK BANK PHU LAM BRANCH
Address	No.391A Kinh Duong Vuong, 6^th District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3751 6100
Fax	(84-8) 3877 6590
3. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM HOCHIMINH CITY BRANCH
Address	No. 134 Nguyen Cong Tru Street, 1^st District, Ho Chi Minh City, Vietnam
Telephone	(84-08) 3823 0125 /3829 7384
Fax	(84-08) 3829 8862
4. VIETIN BANK HO CHI MINH CITY BRANCH NO. 1
Address	No. 93 – 95 Ham Nghi Street, Nguyen Thai Binh Ward, 1^st District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 38215388 – 38210089
Fax	(84-8) 38290696
5. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HOCHIMINH CITY BRANCH
Address	No. 50 Ben Chuong Duong Street, 1^st District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 38222752 - 38295434
Fax	(84-8) 38294063
6. DONG A COMMERCIAL JOINT STOCK BANK
Address	No. 56-58 Nguyen Cong Tru, Nguyen Thai Binh Ward, 1^st District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3821 5005
Fax	(84-8) 3821 5006

SHAREHOLDERS
Registration shareholder information:
1. NAME	Mr. LA HOANG DUC
Position	Chairman and General Director
Date of Birth	28 Mar 1963
ID Number/Passport	024526400
Issued on	27 Mar 2006
Issued Place	Police Station of Hochiminh City
Resident	No. 6, Road No. 34 Binh Phu Residential Area , Ward 10, 6 District, Ho Chi Minh City, Vietnam
Email	duclh@hcm.vnn.vn
Nationality	Vietnamese
Number of Shares	10,000,000
Value of shares	VND 100,000,000,000
Percentage	50%
2. NAME	Ms. LA HOANG HUE NGOC
Date of Birth	15 May 1982
ID Number/Passport	024797558
Issued on	02 Aug 2007
Issued Place	Police Station of Hochiminh City
Resident	No. 6, Road No. 34 Binh Phu Residential Area , Ward 10, 10 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	6,000,000
Value of shares	VND 60,000,000,000
Percentage	30%
3. NAME	Ms. BUI THI SAU
Date of Birth	18 Nov 1961
ID Number/Passport	350215480
Issued on	27 Mar 2000
Issued Place	Police station of An Giang Province
Resident	No. 1/4 Nguyen Thai Hoc Street, My Binh Ward, Long Xuyen City, An Giang Province, Vietnam
Nationality	Vietnamese
Number of Shares	3,900,000
Value of shares	VND 39,000,000,000
Percentage	19.5%
4. NAME	TRUONG CONG DUC
Position	Deputy General Director
Date of Birth	11 Feb 1955
ID Number/Passport	023740673
Issued on	28 Jun 1999
Issued Place	Police Station of Ho Chi Minh City
Resident	98/111/63 Cach Mang Thang Tam Street, Ward 5, Tan Binh District, Ho Chi Minh City, Vietnam
Current Resident	No. 96 Song Hanh Str - Ward 10 , 6 District, Ho Chi Minh City, Vietnam
Email	tcduc@hcm.vnn.vn
Nationality	Vietnamese
Number of Shares	100,000
Value of shares	VND 1,000,000,000
Percentage	0.5%
Note: In annual report, its founding shareholder information was not similar to registration information. Following is founding shareholder information in the annual report of the subject company:
1. NAME	Mr. LA HOANG DUC
Value of shares	VND 85,419,700,000
Number of Shares	8,541,970
2. NAME	Ms. LA HOANG HUE NGOC
Value of shares	VND 32,791,470,000
Number of Shares	3,279,147
3. NAME	Ms. BUI THI SAU
Value of shares	VND 41,349,180,000
Number of Shares	4,134,918
4. NAME	Mr. TRUONG CONG DUC
Value of shares	VND 1,004,800,000
Number of Shares	100,480

FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010
Number of weeks	52
ASSETS
A – CURRENT ASSETS	259,039,128,029
I. Cash and cash equivalents	2,153,223,144
1. Cash	2,153,223,144
2. Cash equivalents	0
II. Short-term investments
1. Short-term investments	0
2. Provisions for devaluation of short-term investments	0
III. Accounts receivable	135,956,999,302
1. Receivable from customers	129,280,142,371
2. Prepayments to suppliers	6,908,892,862
3. Inter-company receivable	0
4. Receivable according to the progress of construction	0
5. Other receivable	231,504,899
6. Provisions for bad debts	-463,540,830
IV. Inventories	119,541,732,231
1. Inventories	119,541,732,231
2. Provisions for devaluation of inventories	0
V. Other Current Assets	1,387,173,352
1. Short-term prepaid expenses	0
2. VAT to be deducted	504,027,811
3. Taxes and other accounts receivable from the State	0
4. Other current assets	883,145,541
B. LONG-TERM ASSETS	110,610,362,043
I. Long term accounts receivable	0
1. Long term account receivable from customers	0
2. Working capital in affiliates	0
3. Long-term inter-company receivable	0
4. Other long-term receivable	0
5. Provisions for bad debts from customers	0
II. Fixed assets	59,962,655,559
1. Tangible assets	21,111,209,694
- Historical costs	38,014,141,027
- Accumulated depreciation	-16,902,931,333
2. Financial leasehold assets	0
- Historical costs	0
- Accumulated depreciation	0
3. Intangible assets	5,289,078,013
- Initial costs	6,556,729,924
- Accumulated amortization	-1,267,651,911
4. Construction-in-progress	33,562,367,852
III. Investment property	0
Historical costs	0
Accumulated depreciation	0
IV. Long-term investments	50,647,706,484
1. Investments in affiliates	50,647,706,484
2. Investments in business concerns and joint ventures	0
3. Other long-term investments	0
4. Provisions for devaluation of long-term investments	0
V. Other long-term assets	0
1. Long-term prepaid expenses	0
2. Deferred income tax assets	0
3. Other long-term assets	0
TOTAL ASSETS	369,649,490,072
LIABILITIES
A- LIABILITIES	122,959,872,760
I. Current liabilities	122,873,957,424
1. Short-term debts and loans	65,475,314,720
2. Payable to suppliers	43,476,107,228
3. Advances from customers	302,620,995
4. Taxes and other obligations to the State Budget	12,579,054,229
5. Payable to employees	784,638,500
6. Accrued expenses	110,977,185
7. Inter-company payable	0
8. Payable according to the progress of construction contracts	0
9. Other payable	145,244,567
10. Provisions for short-term accounts payable	0
II. Long-Term Liabilities	85,915,336
1. Long-term accounts payable to suppliers	0
2. Long-term inter-company payable	0
3. Other long-term payable	0
4. Long-term debts and loans	0
5. Deferred income tax payable	0
6. Provisions for unemployment allowances	85,915,336
7. Provisions for long-term accounts payable	0
B- OWNER’S EQUITY	246,689,617,312
I. OWNER’S EQUITY	246,689,617,312
1. Capital	200,000,000,000
2. Share premiums	0
3. Other sources of capital	0
4. Treasury stocks	0
5. Differences on asset revaluation	0
6. Foreign exchange differences	0
7. Business promotion fund	0
8. Financial reserved fund	2,158,144,868
9. Other funds
10. Retained earnings	44,531,472,444
11. Construction investment fund	0
II. Other sources and funds	0
1. Bonus and welfare funds	0
2. Sources of expenditure	0
3. Fund to form fixed assets	0
MINORITY’S INTEREST	0
TOTAL LIABILITIES AND OWNER’S EQUITY	369,649,490,072

PROFIT & LOSS STATEMENT
Description	FY2010
1. Total Sales	459,811,340,582
2. Deduction item	29,176,800
3. Net revenue	459,782,163,782
4. Costs of goods sold	351,303,779,982
5. Gross profit	108,478,383,800
6. Financial income	4,998,527,570
7. Financial expenses	17,089,904,255
- In which: Loan interest expenses	8,043,359,199
8. Selling expenses	23,397,432,807
9. Administrative overheads	13,265,958,496
10. Net operating profit	59,723,615,812
11. Other income	121,185,067
12. Other expenses	3,224,551,592
13. Other profit /(loss)	-3,103,366,525
14. Total accounting profit before tax	56,620,249,287
15. Current corporate income tax	14,669,988,830
16. Deferred corporate income tax	0
18. Profit after tax	41,950,260,457

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	Average Industry
Current liquidity ratio	2.11	1.98
Quick liquidity ratio	1.14	1.14
Inventory circle	2.94	4.57
Average receive period	107.93	74.01
Utilizing asset performance	1.24	1.52
Liability by total assets	33.26	56.31
Liability by owner's equity	49.84	172.82
Ebit / Total assets (ROA)	17.49	11.85
Ebit / Owner's equity (ROE)	26.21	32.44
Ebit / Total revenue (NPM)	14.06	7.81
Gross profit / Total revenue (GPM)	23.59	21.11
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Fair
Liquidity	Medium
Payment status	Average
Financial Situation	Strong
Development trend	Uptrend
Litigation data	No
Bankruptcy	No
Payment Methods	Direct payment or through its corresponding bank ( L/C or T/T)
Sale Methods	Other

CREDIT INQUIRY: US$125,000, Against D/A in terms

INTERPRETATION ON THE SCORES

NGOC TUNG JSC was formerly known as “Ngoc Tung Manufacturing Trading Service Co., Ltd” which was established in September 1997. The subject has been changed to Joint Stock Company since November 5^th 2007 with trade name Ngoc Tung Manufacturing Trading Service Joint Stock Company. At present, its registration capital is VND200 billion.

Its head office is at Block E 21-22-23 Road No. 12, Le Minh Xuan Industrial Park - Binh Chanh District - Ho Chi Minh City – Vietnam. Total workforce is about 252 employees .

The subject is specialized in producing and trading in pesticides. Its materials are imported from India, China, Netherlands, Australia, USA, France, Germany, Argentina and Malaysia. The subject has created a wide distribution network with about 500 the branches and representative offices in many provinces of Vietnam but its strategy market has been Mekong Delta Area. It continues to expand business activities and improve the ability to meet customer requirements. The subject has established a subsidiary (NGOCTUNG PESTICIDE JOINT STOCK COMPANY) to manufacture NPK fertilizer.
The management capacity of the subject is good. Its business operations are regular. All products of Ngoc Tung are produced under the control of the quality management system. Thus, their quality is stable and effective. Being chosen as the “Vietnam high quality products” since 2005, Ngoc Tung is one of the top pesticide manufactures in Vietnam. Up to 2010, Total asset is about VND 369,649,490,072 lower than in 2009 because of decreasing of inventories. Liquidity was average with current liquidity ratio 2.11. It is operating effectively. The subject is one of the top 1000 companies paying the largest enterprise income tax in 2011.

In general, the subject is a large scale company and has developing potential. Its financial status is reliable. The subject has capacity to meet small and normal financial commitments.

----------- APPENDIX ----------

INDUSTRY DATA
Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2009		Total employees 2010 (Thous.pers.)	Annual average capital of enterprises 2009 (billion dongs)
	2010	2009
Agriculture, Forestry and Fishing	2.78	1.82	8,749		23,896.3	81,559
Industry and Construction	7.70	5.52	85,115		10,630	2,751,975
Trade and Services	7.52	6.63	154,978		14,522	4,939,069
ECONOMIC INDICATORS
			2010	2009		2008
Population (Million person)			86.93	86.02		86.1
Gross Domestic Products (US$ billion)			102.2	91		84.9
GDP Growth (%)			6.78	5.32		6.2
GDP Per Capita (US$)			1,160	1,080		1,040
Inflation (% Change in Composite CPI)			11.75	6.88		24.4
SERVICE TRADE PERFORMANCE
Billion USD			2010	2009		2008
Exports			72.2	57.1		62.7
Imports			84.8	69.9		80.7
Trade Balance			-12.6	-12.8		-18

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.40
UK Pound	1	Rs.83.32
Euro	1	Rs.70.44

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	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
--	NB	New Business	--

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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