MIRA INFORM REPORT

Report Date :

28.12.2011

IDENTIFICATION DETAILS

Name :	VIET NAM FUMIGATION JOINT STOCK COMPANY

Registered Office :	VFC Tower, No. 29, Ton Duc Thang Street, Ben Nghe Ward, 1 District, Ho Chi Minh City

Country :	Vietnam

Financials (as on) :	31.09.2011

Year of Establishment :	1975

Com. Reg. No.:	0302327629

Legal Form :	Joint Stock Company

Line of Business :	Pesticides/ agro-chemicals trading, pest control service, cargo and industrial inspection, fumigation service and bottling

No. of Employees :	573

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Good
Payment Behaviour :	Regular
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

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
Registered English Name		VIET NAM FUMIGATION JOINT STOCK COMPANY
Registered Vietnamese Name		CONG TY CO PHAN KHU TRUNG VIETNAM
Trade name		VFC
Registered Short name		VIETNAM FUMIGATION COMPANY - VFC
Type of Business		Joint stock company
Year Established		1975
Business Registration No.		0302327629
Date of Registration		24 Aug 2009
Place of Registration		Planning and Investment Department of Hochiminh City
Current registered capital		VND 126,827,530,000
Status		Listed
Stock symbol		VFG
Stock Market		HOSE
Tax code		0302327629
Total Employees		573

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Registered capital: 97,584,440,000 Changed to: 126,827,530,000	14 Oct 2011
2	Subject has got former Registered capital: 69,000,000,000 VND 81,338,550,000 VND, increased on 24 August 2009 Changed to: 97,584,440,000 VND	15 Jun 2010
3	Subject has got former Registered English Name: INTERNATIONAL INSPECTION FUMIGATION JOINT STOCK COMPANY Changed to: VIETNAM FUMIGATION JOINT STOCK COMPANY	09 Sep 2009
4	Subject has got former Registered Vietnamese Name: CONG TY CO PHAN KHU TRUNG GIAM DINH VIET NAM Changed to: CONG TY CO PHAN KHU TRUNG VIET NAM	09 Sep 2009
5	Subject has got former Business Registration No: 4103000456 Changed to: 0302327629	24 Aug 2009


ADDRESSES

Head Office
Address		VFC Tower, No. 29, Ton Duc Thang Street, Ben Nghe Ward, 1 District, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3829 1617 - 3910 0596 - 3822 8097
Fax		(84-8) 3829 3 564 - 3910 0596
Email		vfc-marketing@vfc.com.vn
Website		www.vfc.com.vn

Branch in Ha Noi
Address		No. 147 Ho Dac Di Street, Dong Da District, Ha Noi City, Vietnam
Telephone		(84-4) 38511656
Fax		(84-4) 38515951
Email		vfcjshn@hn.vnn.vn
Manager		Mr. HUYNH HOANG MINH

Branch in Da Nang
Address		VFC Tower, No. 292, Road 2/9, Hoa Cuong North Ward, Hai Chau District, Da Nang City, Vietnam
Telephone		(84-511) 3621741
Fax		(84-511) 3621742
Email		vfc-cndanang@vnn.vn
Manager		Mr. NGUYEN VAN UT

Branch in Binh Dinh
Address		No. 263, Tran Hung Dao Street, Qui Nhon City, , Binh Dinh Province, Vietnam
Telephone		(84-56) 3823 687
Fax		(84-56) 3827 033
Email		vfcqn@vnn.vn
Manager		Mr. HUYNH VAN LENH

Branch in Can Tho
Address		Lot 30A3 – 3, Tra Noc Industrial Zone, Binh Thuy District, Can Tho City, Vietnam
Telephone		(84-710) 3823 890
Fax		(84-710) 3828 763
Email		sau-vfcct@vnn.vn
Manager		Mr. HUYNH VAN SAU

Branch in Dak Lak
Address		45 Ama Khe Street, Tan Lap Ward, Buon Ma Thuot City, Dak Lak Province, Vietnam
Telephone		(84-50) 3866 459
Fax		(84-50) 3865 068
Email		vfcdaklak@dng.vnn.vn
Manager		Mr. NGUYEN TRONG CHAT

Branch in An Giang
Address		104 Hoa Phat Hamlet, An Chau Town, Chau Thanh District, An Giang Province, Vietnam
Telephone		(84-76) 3836 334
Manager		Mr. TRAN THANH HAI

Branch in Kien Giang
Address		No. 572 Vinh Thanh Hamlet, Vinh Hoa Hiep Commune, , Kien Giang Province, Vietnam
Telephone		(84-77) 3919 313
Fax		(84-77) 3919 396
Email		kietng_tuan@vfc.com.vn
Manager		Mr. NGUYEN TUAN KIET

Branch in Khanh Hoa
Address		7 Nguyen Thien Thuat - Loc Tho, Nha Trang City, Khanh Hoa Province, Vietnam

Branch in Da Nang
Address		91B Nguyen Chi Thanh - Thach Thang, Hai Chau District, Da Nang City, Vietnam

Branch in Soc Trang
Address		An Trach An Hiep, , Soc Trang Province, Vietnam

Branch in Son La
Address		Tieu Khu 3 Hat Lot, Mai Son District, Son La Province, Vietnam

Branch in Dong Thap
Address		154 Le Duan - My Phu, Cao Lanh City, Dong Thap Province, Vietnam

Branch in Nghe An
Address		220 Tran Hung Dao Doi Cung, Vinh City, Nghe An Province, Vietnam

Representative office in Binh Duong
Address		5/2 1B An Phu, Thuan An Town, Binh Duong Province, Vietnam

DIRECTORS

1. NAME		Ms. NGUYEN BACH TUYET
Position		Chairman
Date of Birth		10 Nov 1940
ID Number/Passport		020035735
ID Issue Date		27 Jun 2001
ID Issue Place		Police Station Of Ho Chi Minh City
Resident		No. 30, Dinh Bo Linh Street, Ward 24, Binh Thanh District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese

2. NAME		Mr. TRUONG CONG CU
Position		General Director
ID Number/Passport		021655085
Resident		No. 306 Co Bac Street, Co Giang Ward, 1 District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Tel/Mobil phone		(84-8) 3825 1773 +84 913 900 843

3. NAME		Mr. NGUYEN BAO SON
Position		Deputy General Director
Nationality		Vietnamese
Tel/Mobil phone		(84-8) 3822 5069 +84 913 808 992

4. NAME		Mr. NGUYEN MINH DUNG
Position		Deputy General Director
ID Number/Passport		023745322
Resident		No. 43 Dang Dung Street, Tan Dinh Ward, 1 District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Tel/Mobil phone		+84 903 829 501

5. NAME		Ms. THAI THI HONG CHAU
Position		Administrative Manager
Nationality		Vietnamese

6. NAME		Ms. NGUYEN NGOC DUNG
Position		Chief Accountant
Nationality		Vietnamese

BUSINESS NATURE AND ACTIVITIES

Main business scope: pesticides/ agro-chemicals trading, pest control service, cargo and industrial inspection, fumigation service and bottling
- Fumigation: ship fumigation – in-transit fumigation – bulk cargo treatment, container fumigation, warehouse – storage – silo – bin, soil fumigation, imported commodities, cargo assessment for infestation and customized method of treatment, cargo receiving and cross-checking at destinations.
- Pest control services: office buildings, schools, kindergarten, apartment, industrial parks, ep zones, residence, villa, mansion, furniture, hotel, restaurant, food shop, entertainment garden, swimming pool, golf resort and lawn care.
- Inspection center: agricultural products, industrial products and capital projects, consumer products, fertilizer, ores, metals and coals, cotton, port operation and marine surveys, logistics, dispatch, consultancy services and psl inspection
- Agricultural department: weighing, sampling, analyzing, and loading/ discharge supervision.
- Marine department: inspection on marine vessels and equipment, loss and damage surveys, consulting service in maritime legal matters and shipping/forwarding.
- Industry & manufacturing department: cargo inspection, inspection to assembly lines, asset appraisals, loss and damage inspection in sea voyage, delivery, installation, production including fault finding and costs for recovery, supervision over equipment installation, on-site construction and other analysis services.
- Investment consulting service: investment targets: search and introduction, technical design assessment, bidding for construction – equipment and investment financial re ports / statements
- Pesticides trading / agro-chemical: herbicides, insecticides and fungicides

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Market		Australia, Canada, France, China, Japan and Switzerland.

EXPORT:
· Market		N/A


BANKERS

1. HSBC VIETNAM LTD
Address		6 Floor, No. 235 Dong Khoi Str., Ben Nghe ward, 1 District, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3829 2288

2. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE
Address		No.79A Ham Nghi Str, Nguyen Thai Binh Ward, 1 District, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3829 0715
Fax		(84-8) 3829 5342

SHAREHOLDERS

Foudation Shareholders:
1. NAME		Ms. NGUYEN BACH TUYET
Position		Chairman
Date of Birth		10 Nov 1940
ID Number/Passport		020035735
ID Issue Date		27 Jun 2001
ID Issue Place		Police Station Of Ho Chi Minh City
Resident		No. 30, Dinh Bo Linh Street, Ward 24, Binh Thanh District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Value of shares		VND 1,805,800,000
Percentage		1.85%

2. NAME		Mr. NGUYEN MINH DUNG
Position		Deputy General Director
ID Number/Passport		023745322
Resident		No. 43 Dang Dung Street, Tan Dinh Ward, 1 District, Ho Chi Minh City, Vietnam
Mobile phone		+84 903 829 501
Nationality		Vietnamese
Value of shares		VND 1,527,200,000
Percentage		1.57%

3. NAME		Mr. TRUONG CONG CU
Position		General Director
ID Number/Passport		021655085
Resident		No. 306 Co Bac Street, Co Giang Ward, 1 District, Ho Chi Minh City, Vietnam
Work phone		(84-8) 3825 1773
Mobile phone		+84 913 900 843
Nationality		Vietnamese
Value of shares		VND 1,744,600,000
Percentage		1.79%

4. NAME		270 Other Shareholders
Value of shares		VND 63,922,400,000
Percentage		65.5%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/09/2011	31/12/2010	31/12/2009
Number of weeks	39	52	52
ASSETS
A – CURRENT ASSETS	625,468,774,466	416,473,981,130	354,444,994,281
I. Cash and cash equivalents	36,431,245,096	77,176,601,019	64,419,650,399
1. Cash	36,431,245,096	77,176,601,019	64,419,650,399
2. Cash equivalents	0	0	0
II. Short-term investments	4,000,000,000	0	0
1. Short-term investments	0	0	0
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	326,704,732,348	196,714,987,095	167,534,650,083
1. Receivable from customers	300,503,308,590	195,628,061,828	166,632,768,695
2. Prepayments to suppliers	24,944,781,612	235,063,160	20,380,360
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	2,064,945,791	1,264,237,211	1,259,403,952
6. Provisions for bad debts	-808,303,645	-412,375,104	-377,902,924
IV. Inventories	251,230,005,775	137,954,552,383	118,787,006,944
1. Inventories	251,661,614,379	138,188,420,687	119,849,212,459
2. Provisions for devaluation of inventories	-431,608,604	-233,868,304	-1,062,205,515
V. Other Current Assets	7,102,791,247	4,627,840,633	3,703,686,855
1. Short-term prepaid expenses	1,079,829,831	867,218,416	251,247,151
2. VAT to be deducted	560,185,013	0	1,266,130,557
3. Taxes and other accounts receivable from the State	0	1,199,400,809	27,468,526
4. Other current assets	5,462,776,403	2,561,221,408	2,158,840,621
B. LONG-TERM ASSETS	305,016,454,672	298,500,296,861	285,547,329,770
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	63,103,702,568	54,506,705,054	39,716,214,265
1. Tangible assets	43,159,241,977	34,923,340,043	19,488,245,901
- Historical costs	84,413,344,972	70,374,895,137	51,201,417,056
- Accumulated depreciation	-41,254,102,995	-35,451,555,094	-31,713,171,155
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	17,843,566,058	16,730,769,805	14,789,603,033
- Initial costs	19,478,795,539	18,059,821,539	15,874,994,539
- Accumulated amortization	-1,635,229,481	-1,329,051,734	-1,085,391,506
4. Construction-in-progress	2,100,894,533	2,852,595,206	5,438,365,331
III. Investment property	37,067,795,538	36,823,033,041	37,661,415,449
Historical costs	42,360,278,761	40,850,086,483	40,103,855,723
Accumulated depreciation	-5,292,483,223	-4,027,053,442	-2,442,440,274
IV. Long-term investments	202,246,587,793	206,468,587,793	207,668,637,793
1. Investments in affiliates	0	194,168,637,793	0
2. Investments in business concerns and joint ventures	194,168,637,793	0	194,168,637,793
3. Other long-term investments	19,477,190,000	19,477,190,000	19,312,190,000
4. Provisions for devaluation of long-term investments	-11,399,240,000	-7,177,240,000	-5,812,190,000
V. Other long-term assets	2,598,368,773	701,970,973	501,062,263
1. Long-term prepaid expenses	2,431,837,535	586,127,815	427,383,705
2. Deferred income tax assets	72,852,680	0	0
3. Other long-term assets	93,678,558	115,843,158	73,678,558
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	930,485,229,138	714,974,277,991	639,992,324,051

LIABILITIES
A- LIABILITIES	426,054,515,229	285,448,349,657	250,585,595,257
I. Current liabilities	380,910,350,043	240,215,903,446	205,913,763,689
1. Short-term debts and loans	34,737,086,129	100,147,854,885	74,224,411,546
2. Payable to suppliers	209,854,651,632	75,936,507,771	101,098,833,769
3. Advances from customers	1,295,676,233	2,247,675,939	448,440,642
4. Taxes and other obligations to the State Budget	19,710,306,293	18,017,372,891	21,854,345,005
5. Payable to employees	42,846,385,407	12,293,534,972	6,685,379,709
6. Accrued expenses	13,955,907,591	55,528,059	429,606,687
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	58,510,336,758	31,517,428,929	1,172,746,331
10. Provisions for short-term accounts payable	0	0	0
II. Long-Term Liabilities	45,144,165,186	45,232,446,211	44,671,831,568
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	42,864,234,235	43,194,775,639	42,756,229,401
4. Long-term debts and loans	0	0	0
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	2,279,930,951	2,037,670,572	1,915,602,167
7. Provisions for long-term accounts payable	0	0	0
B- OWNER’S EQUITY	504,430,713,909	429,525,928,334	389,406,728,794
I. OWNER’S EQUITY	500,839,851,781	429,525,928,334	383,633,157,247
1. Capital	97,584,440,000	97,584,440,000	81,338,550,000
2. Share premiums	70,731,808,592	70,731,808,592	70,731,808,592
3. Other sources of capital	0	0	0
4. Treasury stocks	-702,100,000	-702,100,000	-702,100,000
5. Differences on asset revaluation	-5,879,884	0	0
6. Foreign exchange differences	0	0	0
7. Business promotion fund	132,897,222,841	113,978,604,126	93,462,382,278
8. Financial reserved fund	24,396,110,000	24,000,000,000	20,000,000,000
9. Other funds	4,729,654,678	0	0
10. Retained earnings	171,208,595,554	123,933,175,616	118,802,516,377
11. Construction investment fund	0	0	0
II. Other sources and funds	3,590,862,128	0	5,773,571,547
1. Bonus and welfare funds	3,590,862,128	0	5,773,571,547
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	930,485,229,138	714,974,277,991	639,992,324,051


PROFIT & LOSS STATEMENT

Description	FY9 months of 2011	FY2010	FY2009
1. Total Sales	1,081,705,524,291	1,070,534,882,054	826,831,668,359
2. Deduction item	56,476,871,151	28,240,756,718	13,987,505,176
3. Net revenue	1,025,228,653,140	1,042,294,125,336	812,844,163,183
4. Costs of goods sold	735,714,259,535	788,143,707,503	591,313,579,264
5. Gross profit	289,514,393,605	254,150,417,833	221,530,583,919
6. Financial income	4,131,363,807	5,512,418,253	6,629,479,709
7. Financial expenses	21,875,735,762	27,467,697,910	10,127,845,040
- In which: Loan interest expenses	5,578,988,644	13,531,986,671	5,396,537,736
8. Selling expenses	102,607,568,906	67,760,731,061	53,596,537,736
9. Administrative overheads	35,315,003,741	37,591,915,205	26,503,712,000
10. Net operating profit	133,847,449,003	126,842,491,910	137,931,968,852
11. Other income	1,885,889,557	843,567,623	459,225,120
12. Other expenses	1,656,943,092	787,894,711	832,118,639
13. Other profit /(loss)	228,946,465	55,672,912	-372,893,519
14. Total accounting profit before tax	134,076,395,468	126,898,164,822	137,559,075,333
15. Current corporate income tax	33,605,043,200	32,305,071,249	34,977,966,090
16. Deferred corporate income tax	0	0	0
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	100,471,352,268	94,593,093,573	102,581,109,243


FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS

Description	FY2011	FY2010	FY2009	Average Industry
Current liquidity ratio	1.64	1.73	1.72	1.98
Quick liquidity ratio	0.98	1.16	1.14	1.14
Inventory circle	2.93	5.71	4.98	4.57
Average receive period	116.31	68.89	75.23	74.01
Utilizing asset performance	1.10	1.46	1.27	1.52
Liability by total assets	45.79	39.92	39.15	56.31
Liability by owner's equity	84.46	66.46	64.35	172.82
Ebit / Total assets (ROA)	15.01	19.64	22.34	11.85
Ebit / Owner's equity (ROE)	27.69	32.69	36.71	32.44
Ebit / Total revenue (NPM)	12.91	13.12	17.29	7.81
Gross profit / Total revenue (GPM)	26.76	23.74	26.79	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		Prompt
Financial Situation		Strong
Development trend		Uptrend
Litigation data		No
Bankruptcy		No
Payment Methods		Cash, L/C, T/T and Transfer of Money
Sale Methods		Retailer

CREDIT INQUIRY: 125,000 USD against DA in terms

Acceptable!

Note: The subject has not any transaction in Vietcombank (HCM)

INTERPRETATION ON THE SCORES

The subject was set up based on the merger of two companies: VIETNAM FUMIGATION JOINT STOCK COMPANY and VIETNAM INSPECTION JOINT STOCK COMPANY in 2001. Subject has many changes on legal document. Now, subject is operating under name VIETNAM FUMIGATION JOINT STOCK COMPANY, business registration 0302327629 and 126,827,530,000 VND registered capital.
Currently, the subject is the leading company in providing services of fumigation, pest control, cargo and industrial inspection and invested consulting service, trading pesticides/ agro-chemicals, office for rent. Starting trading in agricultural pharmaceutical since 1996, the subject has become one of leading enterprise in this field. Products for trading of the subject are supplied by many large and prestigious firms in the world: SYNGENTA (VN) LTD, AVENTIS CROP SCIENCE, KUMIAI CHEMICAL INDUSTRY LTD., HELM A.G. , SUMITOMO CORP., MEIWA CORP., ARYSTA AGROSCIENCE LTD., FMC, MAKHTESHIM CHEMICAL WORKS LTD...
The premises and facilities of the subject are good. The subject is now located at VFC Tower, no. 29 Ton Duc Thang Str., Dist 1, Hochiminh City. Besides, subject also has VFC Tower – Da Nang and “NOVOTEL NHA TRANG” and “Mekong technology agriculture – Sevice – Trading center“ with investment total about 200 billion VND… Moreover, the subject has bought shares of HAI company and SPC company to associate business. The subject has invested much in technology and advanced machine to improve its services quality regularly.
The subject is the exclusive authorized provider of fumigation service of imported commodities. It has an agricultural pharmaceutical distribution network nationwide. The subject is considered to operate effectively and has good prospects in future development. The subject has seniority over 30 years in the control and fumigation field and is one of first companies gained ISO 9001:2000 Standard in quality management. The subject has been the member of International Maritime Fumigation Organization - IMFO and National Pest Management Association- NPMA International.
In overview, the subject is operating on the relative scale. Management capability of the subject is good. It has an effective and qualified human resource. The development prospect of the subject is fairly bright and its competitive capability is good.
The subject’s finance situation is relatively good. Subject is one of listed companies, who has been operated effectively in recent times. Revenue of subject increased annually. Liquidity ratios are also quite good. The subject has capacity to meet financial commitments. No caution needed for normal business transactions.

------------ 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.

MIRA INFORM REPORT

SUBJECT IDENTIFICATION & LEGAL FORM

Current legal status

ADDRESSES

DIRECTORS

BUSINESS NATURE AND ACTIVITIES

IMPORT & EXPORT ACTIVITIES

BANKERS

SHAREHOLDERS

Foudation Shareholders:

FINANCIAL DATA

Unit: One VND

ASSETS

LIABILITIES

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

INTERPRETATION ON THE SCORES

INDUSTRY DATA

ECONOMIC INDICATORS

SERVICE TRADE PERFORMANCE

Unit