MIRA INFORM REPORT

Report Date :

23.02.2011

IDENTIFICATION DETAILS

Correct Name :	DAT HUNG BAO COMPANY LIMITED
Registered Office :	No.A3/20A Tran Dai Nghia St, Tan Kien Commune - Binh Chanh District - Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2009
Date of Incorporation :	November 2009
Com. Reg. No.:	0304721356
Legal Form :	Limited Liability Company
Line of Business :	manufacturing and processing agricultural and marine products

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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	DAT HUNG BAO COMPANY LIMITED
Vietnamese Name	CONG TY TNHH DAT HUNG BAO
Trade name	DAT HUNG BAO COMPANY LIMITED
Short name	DAT HUNG BAO CO., LTD
Type of Business	Limited liability company
Year Established	2006
Business Registration No.	0304721356
Date of Registration	Nov 2009
Place of Registration	Business Registration Office of Ho Chi Minh City
Current registered capital	1,500,000,000 VND
Tax code	0304721356
Total employees	70
Size	Small

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 4102045508 Changed to: 0304721356	Nov 2009

company ADDRESSES

Head Office
Address	No.A3/20A Tran Dai Nghia St, Tan Kien Commune - Binh Chanh District - Ho Chi Minh City - Vietnam
Telephone	(84-8) 38770609
Fax	(84-8) 37561058

DIRECTORS

1 . NAME	Ms. TRINH THI LIEU
Position	Chairwoman
ID Number/Passport	022344435
Resident	No.210 Mai Xuan Thuong St, Ward 2 - 6 District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
2 . NAME	Mr. MA TUONG LAI
Position	Director
ID Number/Passport	022344434
Resident	No.210 Mai Xuan Thuong St, Ward 2 - 6 District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject is specializing in manufacturing and processing agricultural and marine products. Processing of materials from agricultural and marine products: processing crabs, crab shells, shrimp shells

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products	Materials
· Market	India, Asia
EXPORT:
· Types of products	Products
· Market	China, Japan

BANKERS

THE SOUTHERN COMMERICAL JOINT STOCK BANK
Address	No. 279 Ly Thuong Kiet Street - ward 15 - 11 District - Ho Chi Minh City - Vietnam
Telephone	(84-8) 3866 3890 / 3866 3898 / 3866 5749
Fax	(84-8) 3866 5732 / 3866 3904

SHAREHOLDERS

1 . NAME	Mr. MA TUONG LAI
Position	Director
ID Number/Passport	022344434
Resident	No.210 Mai Xuan Thuong St, Ward 2 - 6 District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Value of shares	900,000,000 VND
Percentage	60%
2 . NAME	Ms. TRINH THI LIEU
Position	Chairwoman
ID Number/Passport	022344435
Resident	No.210 Mai Xuan Thuong St, Ward 2 - 6 District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Value of shares	600,000,000 VND
Percentage	40%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2009
Number of weeks	52
ASSETS
A – CURRENT ASSETS	7,949,936,395
I. Cash and cash equivalents	286,100,127
1. Cash	286,100,127
2. Cash equivalents	0
II. Short-term investments	0
1. Short-term investments	0
2. Provisions for devaluation of short-term investments	0
III. Accounts receivable	4,822,753,444
1. Receivable from customers	1,030,119,554
2. Prepayments to suppliers	3,791,181,390
3. Inter-company receivable	0
4. Receivable according to the progress of construction	0
5. Other receivable	1,452,500
6. Provisions for bad debts	0
IV. Inventories	2,615,900,066
1. Inventories	2,615,900,066
2. Provisions for devaluation of inventories	0
V. Other Current Assets	225,182,758
1. Short-term prepaid expenses	0
2. VAT to be deducted	0
3. Taxes and other accounts receivable from the State	0
4. Other current assets	225,182,758
B. LONG-TERM ASSETS	205,063,312
I. Long term account 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	171,446,973
1. Tangible assets	171,446,973
- Historical costs	194,090,909
- Accumulated depreciation	-22,643,936
2. Financial leasehold assets	0
- Historical costs	0
- Accumulated depreciation	0
3. Intangible assets	0
- Initial costs	0
- Accumulated amortization	0
4. Construction-in-progress	0
III. Investment property	0
Historical costs	0
Accumulated depreciation	0
IV. Long-term investments	0
1. Investments in affiliates	0
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	33,616,339
1. Long-term prepaid expenses	0
2. Deferred income tax assets	0
3. Other long-term assets	33,616,339
VI. Goodwill	0
1. Goodwill	0
TOTAL ASSETS	8,154,999,707
LIABILITIES
A- LIABILITIES	6,214,427,966
I. Current liabilities	6,214,427,966
1. Short-term debts and loans	3,461,531,520
2. Payable to suppliers	782,800,259
3. Advances from customers	236,436,180
4. Taxes and other obligations to the State Budget	73,660,007
5. Payable to employees	0
6. Accrued expenses	1,660,000,000
7. Inter-company payable	0
8. Payable according to the progress of construction contracts	0
9. Other payable	0
10. Provisions for short-term accounts payable	0
II. Long-Term Liabilities	0
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	0
7. Provisions for long-term accounts payable	0
B- OWNER’S EQUITY	1,940,571,741
I. OWNER’S EQUITY	1,940,571,741
1. Capital	1,500,000,000
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	0
9. Other funds	0
10. Retained earnings	440,571,741
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	8,154,999,707

PROFIT & LOSS STATEMENT
Description	FY2009
1. Total Sale	13,086,735,461
2. Deduction item	0
3. Net sale	13,086,735,461
4. Costs of goods sold	11,692,153,528
5. Gross profit	1,394,581,933
6. Financial income	18,271,602
7. Financial expenses	436,669,217
- In which: Loan interest expenses	426,287,049
8. Selling expenses	0
9. Administrative overheads	443,709,685
10. Net operating profit	532,474,633
11. Other income	1,564,329
12. Other expenses	0
13. Other profit /(loss)	1,564,329
14. Total accounting profit before tax	534,038,962
15. Current corporate income tax	93,456,818
16. Deferred corporate income tax	0
17. Interest from subsidiaries/related companies	0
18. Profit after tax	440,529,222

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2009	Average Industry
Current liquidity ratio	1.28	1.45
Quick liquidity ratio	0.86	0.93
Inventory circle	4.47	7.42
Average receive period	134.51	68.87
Utilizing asset performance	1.60	1.66
Liability by total asset	76.20	63.62
Liability by owner equity	320.24	289.65
Ebit / Total asset (ROA)	11.78	8.16
Ebit / Owner's equity (ROE)	49.49	27.66
Ebit / Total sale (NPM)	7.34	5.74
Gross profit / Total sale (GPM)	10.66	11.21
Note: The Average Industry was calculated by Vietnam Credit based on our owned statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Normal
Liquidity	Medium
Payment status	Normal
Financial Situation	Average
Development trend	Stable
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Direct or through the bank
Sale Methods	Retailer and Wholesaler
Public opinion	Normal

CREDIT INQUIRY: USD 125,000

Only acceptable if close term.

INTERPRETATION ON THE SCORES

The subject is limited liability Company which was established in 2006. The subject is operating under Business Registration No. 0304721356 issued by Business Registration Office of Ho Chi Minh City with registered capital VND 1,500,000,000.

Head office of the subject is located at No. A3/ 20A Tran Dai Nghia St, Tan Kien Commune, Binh Chanh District, Ho Chi Minh City.

The subject is specializing in manufacturing and processing agricultural and processing of materials from agricultural and marine products: processing crabs, crab shells, shrimp shells.
Currently, the subject mainly imports materials from India and some countries in Asia. Products of the subject are exported to China, Japan. Its products are not consumed in domestic market.
According to financial statement of the subject in 2009, sale and profit are average. Liquidity ratios are normal. In 2010, sale of the subject is 15 billion VND.

Facilities and premise of the subject are normal. The subject is busy now with about 70 employees.
In general, the subject is small scale company. It has capacity to meet small transactions

APPENDIXES

INDUSTRY DATA
Industry code	Growth speed (%)		Total employees 2009 (Thousand)		Total enterprises	Annual average capital of enterprises
	Predict 2010	2009
Agriculture, Forestry and Fishing	2.8	3.0	24,788.5		2,399	50,530
Trade and Services	7.5	11	10,517.9		79,181	1,754,973
Construction	7	11.3	2,692.8		17,783	248,268
Manufacturing	12	7.6	7,591.2		30,786	967,068
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			71.6	56.6		62.9
Imports			84	68.8		76.6
Trade Balance			-12.4	-12.2		-14.6

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.20
UK Pound	1	Rs.73.07
Euro	1	Rs.61.41

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

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