MIRA INFORM REPORT

Report Date :

28.12.2011

IDENTIFICATION DETAILS

Name :	SAI GON TRADING & PACKAGING CO., LTD
Registered Office :	Lot B56/II No.2E Str, Vinh Loc IP, Binh Chanh District, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2010
Date of Incorporation :	06.05.1995
Com. Reg. No.:	0301444432
Legal Form :	Limited Liability Company
Line of Business :	manufacturing and trading paper and plastic packing
No. of Employees :	240 persons

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^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Vietnam	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	SAI GON TRADING & PACKAGING CO., LTD
Vietnamese Name	CONG TY THUONG MAI VA BAO BI SAI GON TRACH NHIEM HUU HAN
Short name	SAI GON TRAPACO
Type of Business	Limited liability company
Year Established	1995
Establishment Decision	884
Date of Issuance	06 May 1995
Place of Issuance	People’s Committee of Ho Chi Minh City
Business Registration No.	0301444432
Date of Registration	13 Aug 2009
Place of Registration	Business Registration Office - Planning and Investment Department of Hochiminh
Current registered capital	VND 50,000,000,000
Tax code	0301444432
Total Employees	240

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Registered capital: 40,000,000,000 VND Changed to: 50,000,000,000 VND	07 Apr 2011
2	Subject has got former Registered capital: 35,000,000,000 VND Changed to: 40,000,000,000 VND	10 Aug 2010
3	Subject has got former Registered Vietnamese Name: CONG TY TNHH THUONG MAI BAO BI SAI GON Changed to: CONG TY THUONG MAI VA BAO BI SAI GON TRACH NHIEM HUU HAN	13 Aug 2009
4	Subject has got former Business Registration No: 051131 which was issued on May 27th, 1995 Changed to: 0301444432	13 Aug 2009
5	Subject has got former Registered capital: 23,500,000,000 VND Changed to: 35,000,000,000 VND	13 Aug 2009

company ADDRESSES

Head Office
Address	Lot B56/II No.2E Str, Vinh Loc IP, Binh Chanh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3765 2180 – 2215 2410 – 3765 2181 – 3765 2182 – 3765 2183 – 3765 2185
Fax	(84-8) 3765 2191
Email	trapaco@saigontrapaco.com.vn
Website	www.saigontrapaco.com.vn
Representative office in Ha Noi
Address	No. 25N7B Trung Hoa Nhan Chinh Urban Zone, Nhan Chinh Ward, Thanh Xuan District, Ha Noi City, Vietnam
Telephone	(84-4) 3556 8991
Fax	(84-4) 3556 8993

DIRECTORS

1. NAME	Mr. DUONG VAN XUYEN
Position	Chairman
Date of Birth	30 Jul 1936
ID Number/Passport	020425806
Resident	105 Ho Tung Mau Str, Ben Nghe Ward , 1 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Tel/Mobil phone	+84 913 924 615
Qualification	Bachelor of Economics
2. NAME	Mr. DANG VAN CHUNG
Position	General Director
Date of Birth	24 Apr 1957
ID Number/Passport	022509289
ID Issue Date	23 Nov 2004
ID Issue Place	Police Station of Hochiminh city
Resident	248 Truong Chinh Str, Ward 13, Tan Binh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
3. NAME	Mr. DAO HIEN THANG
Position	Deputy General Director
ID Number/Passport	022704550
Resident	49/8 Huynh Man Dat, Ward 19, Binh Thanh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
4. NAME	Mr. TRAN HAI BANG
Position	Sales Manager
Nationality	Vietnamese
5. NAME	Mr. NGUYEN VAN DUNG
Position	Chief Accountant
Resident	Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Tel/Mobil phone	(84-8) 3765 2180 ext 121

BUSINESS NATURE AND ACTIVITIES

The subject is specializing in manufacturing and trading paper and plastic packing as roll and bag of confectioneries, tee, coffee, foodstuffs, snack, detergent, shampoo, seafood…

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Market	The subject imports materials for processing from Singapore, India, China…
EXPORT:
· Market	Singapore and Malaysia
· Ratio	15%

BANKERS

1. VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK
Address	8th Floor, VinCom Center, No. 72 Le Thanh Ton street , 1 District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3821 0055
Fax	(84-8) 3829 6063
2. ASIA COMMERCIAL BANK SAI GON BRANCH
Address	No.30 Mac Dinh Chi, 1 District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3824 3770
Fax	(84-8) 3824 3946
3. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM HOCHIMINH CITY BRANCH
Address	No. 134 Nguyen Cong Tru Street,, 1 District, Ho Chi Minh City, Vietnam
Telephone	(84-08) 3823 0125 - 3829 7384
Fax	(84-08) 3829 8862

SHAREHOLDERS

1. NAME	Mr. DANG VAN CHUNG
Position	General Director
Date of Birth	24 Apr 1957
ID Number/Passport	022509289
Issued on	23 Nov 2004
Issued Place	Police Station of Hochiminh city
Resident	248 Truong Chinh Str, Ward 13, Tan Binh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 5,400,000,000
Percentage	10.8%
2. NAME	Mr. DUONG VAN XUYEN
Position	Chairman
Date of Birth	30 Jul 1936
ID Number/Passport	020425806
Resident	105 Ho Tung Mau Str, Ben Nghe Ward , 1 District, Ho Chi Minh City, Vietnam
Mobile phone	+84 913 924 615
Nationality	Vietnamese
Value of shares	VND 12,020,000,000
Percentage	24.04%
3. NAME	Mr. LE VAN HAI
ID Number/Passport	020203869
Resident	C6 Le Hong Phong Str, Ward 12, 10 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 11,225,000,000
Percentage	22.45%
4. NAME	Ms. NGUYEN THI NGOC MAI
ID Number/Passport	023802123
Resident	106/216B Ton That Hiep Str, Ward 13, 11 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 6,440,000,000
Percentage	12.88%
5. NAME	Ms. NGUYEN THI XUAN THUY
ID Number/Passport	022159854
Resident	No. 137 Nguyen Van Troi Str. - Ward 12, Phu Nhuan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 5,290,000,000
Percentage	10.58%
6. NAME	Ms. TRINH THI EN
ID Number/Passport	023143616
Resident	293 Canh Mang Thang 8, Ward 13, Tan Binh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 6,970,000,000
Percentage	13.94%
7. NAME	Mr. DAO HIEN THANG
Position	Deputy General Director
ID Number/Passport	022704550
Resident	49/8 Huynh Man Dat, Ward 19, Binh Thanh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 2,655,000,000
Percentage	5.31%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010	31/12/2009	31/12/2008
Number of weeks	52	52	52
ASSETS
A – CURRENT ASSETS	160,230,633,675	103,881,000,000	86,044,429,523
I. Cash and cash equivalents	6,069,989,820	2,528,000,000	1,229,033,047
1. Cash	6,069,989,820	2,528,000,000	139,040,407
2. Cash equivalents	0	0	1,089,992,640
II. Short-term investments	0	168,000,000	0
1. Short-term investments	0	168,000,000	0
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	54,798,175,414	45,637,000,000	48,631,259,163
1. Receivable from customers	54,889,434,535	43,759,000,000	36,500,828,583
2. Prepayments to suppliers	419,591,674	2,688,000,000	259,213,000
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	395,004,579	96,000,000	11,871,217,580
6. Provisions for bad debts	-905,855,374	-906,000,000	0
IV. Inventories	94,723,375,933	51,629,000,000	35,532,451,426
1. Inventories	95,223,375,933	51,629,000,000	36,282,248,334
2. Provisions for devaluation of inventories	-500,000,000	0	-749,796,908
V. Other Current Assets	4,639,092,508	3,919,000,000	651,685,887
1. Short-term prepaid expenses	149,665,310	131,000,000	134,241,052
2. VAT to be deducted	3,866,761,538	2,645,000,000	0
3. Taxes and other accounts receivable from the State	0	0	0
4. Other current assets	622,665,660	1,143,000,000	517,444,835
B. LONG-TERM ASSETS	64,144,097,668	54,229,000,000	26,422,948,218
I. Long term accounts receivable	0	0	0
1. Long term account receivable from customers	0	0	0
2. Working capital in affiliates	0	0	0
3. Long-term inter-company receivable	0	0	0
4. Other long-term receivable	0	0	0
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	63,507,238,278	53,395,000,000	25,772,064,507
1. Tangible assets	54,926,395,651	16,589,000,000	16,387,651,909
- Historical costs	116,421,865,348	69,507,000,000	64,170,566,631
- Accumulated depreciation	-61,495,469,697	-52,918,000,000	-47,782,914,722
2. Financial leasehold assets	3,071,342,310	1,673,000,000	2,119,332,202
- Historical costs	3,097,151,909	2,231,000,000	2,230,876,000
- Accumulated depreciation	-25,809,599	-558,000,000	-111,543,798
3. Intangible assets	5,509,500,317	5,676,000,000	5,745,239,047
- Initial costs	6,473,167,762	6,458,000,000	6,354,737,562
- Accumulated amortization	-963,667,445	-782,000,000	-609,498,515
4. Construction-in-progress	0	29,457,000,000	1,519,841,349
III. Investment property	50,637,704	80,000,000	93,974,876
Historical costs	636,772,425	637,000,000	636,772,425
Accumulated depreciation	-586,134,721	-557,000,000	-542,797,549
IV. Long-term investments	0	0	0
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	0	0	0
3. Other long-term investments	0	0	0
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	1,586,221,686	754,000,000	556,908,835
1. Long-term prepaid expenses	960,584,304	104,000,000	110,797,447
2. Deferred income tax assets	0	0	0
3. Other long-term assets	625,637,382	650,000,000	446,111,388
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	225,374,731,343	158,110,000,000	112,467,377,741
LIABILITIES
A- LIABILITIES	182,001,402,869	125,490,000,000	68,580,268,331
I. Current liabilities	170,170,687,254	113,928,000,000	63,558,716,298
1. Short-term debts and loans	126,684,564,672	88,990,000,000	46,948,909,860
2. Payable to suppliers	31,082,581,608	13,344,000,000	8,049,859,195
3. Advances from customers	60,527,243	23,000,000	88,854,786
4. Taxes and other obligations to the State Budget	8,363,373,732	9,422,000,000	6,938,905,488
5. Payable to employees	923,565,000	729,000,000	-1,500,000
6. Accrued expenses	0	0	101,152,000
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	1,685,580,323	1,420,000,000	1,432,534,969
10. Provisions for short-term accounts payable	1,370,494,676	0	0
II. Long-Term Liabilities	11,830,715,615	11,562,000,000	5,021,552,033
1. Long-term accounts payable to suppliers	11,830,715,615	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	0	0	0
4. Long-term debts and loans	0	11,562,000,000	5,198,052,123
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	0	0	-176,500,090
7. Provisions for long-term accounts payable	0	0	0
B- OWNER’S EQUITY	43,373,328,474	32,620,000,000	43,887,109,410
I. OWNER’S EQUITY	43,373,328,474	30,942,000,000	42,719,026,465
1. Capital	35,000,000,000	32,000,000,000	35,000,000,000
2. Share premiums	0	0	0
3. Other sources of capital	0	0	0
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	-2,647,000,000	0
6. Foreign exchange differences	0	0	0
7. Business promotion fund	0	0	0
8. Financial reserved fund	0	0	0
9. Other funds	0	0	0
10. Retained earnings	8,373,328,474	1,589,000,000	7,719,026,465
11. Construction investment fund	0	0	0
II. Other sources and funds	0	1,678,000,000	1,168,082,945
1. Bonus and welfare funds	0	1,678,000,000	1,168,082,945
2. Sources of expenditure	0	0	0
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	225,374,731,343	158,110,000,000	112,467,377,741

PROFIT & LOSS STATEMENT
Description	FY2010	FY2009	FY2008
1. Total Sales	311,106,736,407	241,226,000,000	243,417,917,565
2. Deduction item	1,579,863,294	1,199,000,000	696,015,267
3. Net sale	309,526,873,113	240,027,000,000	242,721,902,298
4. Costs of goods sold	247,653,940,250	195,887,000,000	199,355,973,364
5. Gross profit	61,872,932,863	44,140,000,000	43,365,928,934
6. Financial income	2,471,248,815	779,000,000	461,392,360
7. Financial expenses	22,726,726,055	11,081,000,000	13,246,395,402
- In which: Loan interest expenses	13,199,307,677	5,564,000,000	8,218,943,416
8. Selling expenses	7,258,950,175	3,479,000,000	5,208,082,882
9. Administrative overheads	18,651,096,466	11,525,000,000	8,869,009,430
10. Net operating profit	15,707,408,982	18,834,000,000	16,503,833,580
11. Other income	933,039,503	605,000,000	818,724,387
12. Other expenses	338,311,756	64,000,000	838,370,278
13. Other profit /(loss)	594,727,747	541,000,000	-19,645,891
14. Total accounting profit before tax	16,302,136,729	19,375,000,000	16,484,187,689
15. Current corporate income tax	3,801,790,618	3,176,000,000	4,218,317,489
16. Deferred corporate income tax	0	0	0
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	12,500,346,111	16,199,000,000	12,265,870,200

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	FY2009	FY2008	Average Industry
Current liquidity ratio	0.94	0.91	1.35	1.49
Quick liquidity ratio	0.39	0.46	0.79	1.00
Inventory circle	2.61	3.79	5.69	7.00
Average receive period	64.62	69.40	73.13	86.82
Utilizing asset performance	1.37	1.52	2.16	1.21
Liability by total assets	80.76	79.37	60.98	54.91
Liability by owner's equity	419.62	384.70	156.27	141.20
Ebit / Total assets (ROA)	13.09	15.77	21.96	9.38
Ebit / Owner's equity (ROE)	68.02	76.45	56.29	19.96
Ebit / Total sale (NPM)	9.48	10.34	10.15	7.73
Gross profit / Total sale (GPM)	19.89	18.30	17.82	16.38
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Fair
Liquidity	Low/Medium
Payment status	Average
Financial Situation	Above Average
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Direct payment or through its corresponding bank. TTA, D/P, T/T
Sale Methods	Retailer and Wholesaler

CREDIT INQUIRY: 125,000 USD Against da intemrs

Acceptable!

INTERPRETATION ON THE SCORES

SAIGON TRAPACO was established in 1995 as a liability company limited. The subject has adjusted its business registration 12th times, the last time was on April 07th, 2011. Now it is operating under business registration No. 0301444432 and registered capital is 50,000,000,000 VND.

The subject is specializing in manufacturing and trading paper and plastic packing as roll and bag of confectioneries, tee, coffee, foodstuffs, snack, detergent, shampoo, seafood… Subject imports materials from Singapore. India, China (about 90 percent). It has many interior clients such as VIFON, VINA ACEKOOK, TRUNG NGUYEN, VINACAFE, HAIHA, PHUHACO, DASO GROUP, VIET FOOD, ANTHAI FOOD… According to Mr. Nguyen Van Dung – Chief Accountant of subject, in 2011, subject started exporting its products to Singapore and Malaysia market with ratio about 15%.

With long operation history the subject has gained a stable market share and established good relationship with traditional customers. The subject is operating at medium scale with total area of 7,000 square meters and about 240 staff and workers. The premises and facilities are standard. It is considered as one of the large private packing manufacturing companies in Vietnam. Current position in industry of the subject is remarkable. Premise and facility of subject are good.

According to the financial statement, the subject has achieved sale over VND 300 billion in 2010 and increased about 130% compared with 2009. But profit after tax of subject in 2010 was lower than 2009. The subject is now using high financial leverage, so the liability over equity is so higher than industry average ratio. However, after several years of operation the subject has gradually stabilized its capacity of production. Subject has capacity to meet small-normal transaction.

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.52.89
UK Pound	1	Rs.82.71
Euro	1	Rs.69.15

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%)

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.