MIRA INFORM REPORT

Report Date :

25.01.2011

IDENTIFICATION DETAILS

Correct Name :	VIMEDIMEX HA NOI ONE MEMBER COMPANY LIMITED

Registered Office :	No. 260 Nghi Tam Str - Yen Phu Ward - Tay Ho District - Ha Noi City

Country :	Vietnam

Financials (as on) :	31.12.2009

Date of Incorporation :	16.12.2010

Com. Reg. No.:	0104259550

Legal Form :	One Member Liability Limited Company

Line of Business :	Trading in materials for pharmaceutical industry

RATING & COMMENTS

MIRA’s Rating :

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

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		VIMEDIMEX HA NOI ONE MEMBER COMPANY LIMITED
Registered Vietnamese Name		CONG TY TNHH MOT THANH VIEN VIMEDIMEX HA NOI
Registered Short name		VIMEDIMEX HA NOI CO .,LTD
Type of Business		One member liability limited company
Year Established		1997
Business Registration No.		0104259550
Date of Registration		16 Dec 2010
Place of Registration		Planning and Investment Department of Ha Noi City
Current registered capital		6,000,000,000 VND
Status		Unlisted
Tax code		0104259550
Total Employees		30

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Type of Business: Branch of Joint Stock Company Changed to: One Member Company Limited	16 Dec 2010
2	Subject has got former Registered English Name: VIMEDIMEX MEDI -PHARMA JOINT STOCK COMPANY HA NOI BRANCH Changed to: VIMEDIMEX HA NOI ONE MEMBER COMPANY LIMITED	16 Dec 2010
3	Subject has got former Registered Vietnamese Name: CHI NHANH CONG TY CO PHAN Y DUOC PHAM VIMEDIMEX TAI HA NOI Changed to: CONG TY TNHH MOT THANH VIEN VIMEDIMEX HA NOI	16 Dec 2010
4	Subject has got former Business Registration No: 0113013317 Changed to: 0104008637	18 Nov 2010
5	Subject has got former Business Registration No: 0104008637 Changed to: 0104259550	16 Dec 2010
6	Subject has got former Tax code No: 0300479760 – 002 Changed to: 0104259550	16 Dec 2010

Company address

Head Office
Address		No. 260 Nghi Tam Str - Yen Phu Ward - Tay Ho District - Ha Noi City - Vietnam
Telephone		(84-4) 38293907
Fax		(84-4) 37160752
Website		www.vietpharm.com.vn

Warehouse
Address		Room 101 - House C - Number 35 Cu Loc Street - Thuong Dinh Ward - Thanh Xuan District - Ha Noi City - Vietnam

SUBSIDIARIES AND RELATED COMPANIES

1. PARENT COMPANY - VIMEDIMEX MEDI-PHARMA JOINT STOCK COMPANY
Business Registration		0300479760
Date of Registration		24 Aug 2009
Place of Registration		Business Registration Office of Hochiminh City
Registered Capital		81,411,960,000 VND
Tax code		0300479760
Address		No. 246 Cong Quynh Str, - Pham Ngu Lao Ward - Binh Thanh District - Ho Chi Minh City - Vietnam
Tel		(84-8)
Fax		(84-8)
Website		www.vietpharm.com.vn

DIRECTORS

1 . NAME		Ms. TRUONG THI LAN
Position		Director
Date of Birth		10 Oct 1957
ID Number/Passport		011652065
Resident		Group 6B Giap bat Ward - Hoang Mai District - Ha Noi City - Vietnam
Current resident		Room 7 - 12 Floor - Trung Yen 1 Condominium Trung Hoa Ward - Cau Giay District - Ha Noi City - Vietnam
Nationality		Vietnamese

2 . NAME		Mr. NGUYEN QUOC HUNG
Position		Deputy Director
Resident		No. 260 Nghi Tam Street - Yen Phu Ward - Tay Ho District - Ha Noi City - Vietnam
Nationality		Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject is specialized
- Trading in materials for pharmaceutical industry
- Trading in medial equipments
- Trading in handicraft, essential oil, agriculture products
- Trading in chemical test, materials for pharmaceutical manufacturers
- Trading in food, milk, tea
- Trading in pharmaceutical
- Production medicine
- Research and technology transfer
- Leasing warehouse and office service

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products		pharmaceuticals
· Market		Germany, Bangladesh, France, Canada, Korea, Singapore, Taiwan, India …

EXPORT:
· Types of products		N/A

BANKERS

1. HANOI BUILDING COMMERCIAL JOINT STOCK BANK
Address		B7 Building Giang Vo Ward - Ba Dinh District - Ha Noi City - Vietnam
Telephone		(84-4) 38460135
Fax		(84-4) 38235693

2. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT - HOAN KIEM BRANCH
Address		No. 23 Quang Trung Str - Hoan Kiem District - Ha Noi City - Vietnam
Telephone		(84-4) 3831 3792
Fax		(84-4) 3831 3717

SHAREHOLDERS

1 . NAME		VIMEDIMEX MEDI-PHARMA JOINT STOCK COMPANY
Business Registration		0300479760
Date of Registration		24 Aug 2009
Place of Registration		Business Registration Office of Hochiminh City
Registered Capital		81,411,960,000 VND
Tax code		0300479760
Address		No. 246 Cong Quynh Str, - Pham Ngu Lao Ward - Binh Thanh District - Ho Chi Minh City - Vietnam
Value of shares		6,000,000,000 VND
Percentage		100%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2009	31/12/2008
Number of weeks	52	52
ASSETS
A – CURRENT ASSETS	138,415,000,000	27,459,000,000
I. Cash and cash equivalents	2,628,000,000	2,987,000,000
1. Cash	2,628,000,000	2,987,000,000
2. Cash equivalents	0	0
II. Short-term investments	0	0
1. Short-term investments	0	0
2. Provisions for devaluation of short-term investments	0	0
III. Accounts receivable	125,531,000,000	16,901,000,000
1. Receivable from customers	123,166,000,000	9,721,000,000
2. Prepayments to suppliers	1,250,000,000	6,261,000,000
3. Inter-company receivable	1,042,000,000	763,000,000
4. Receivable according to the progress of construction	0	0
5. Other receivable	222,000,000	156,000,000
6. Provisions for bad debts	-149,000,000	0
IV. Inventories	6,148,000,000	3,750,000,000
1. Inventories	6,148,000,000	3,750,000,000
2. Provisions for devaluation of inventories	0	0
V. Other Current Assets	4,108,000,000	3,821,000,000
1. Short-term prepaid expenses	0	27,000,000
2. VAT to be deducted	0	61,000,000
3. Taxes and other accounts receivable from the State	0	0
4. Other current assets	4,108,000,000	3,733,000,000
B. LONG-TERM ASSETS	2,539,000,000	1,225,000,000
I. Long term account receivable	0	0
1. Long term account receivable from customers	0	0
2. Working capital in affiliates	0	0
3. Long-term inter-company receivable	0	0
4. Other long-term receivable	0	0
5. Provisions for bad debts from customers	0	0
II. Fixed assets	2,539,000,000	1,225,000,000
1. Tangible assets	2,535,000,000	1,218,000,000
- Historical costs	2,884,000,000	1,452,000,000
- Accumulated depreciation	-349,000,000	-234,000,000
2. Financial leasehold assets	0	0
- Historical costs	0	0
- Accumulated depreciation	0	0
3. Intangible assets	4,000,000	7,000,000
- Initial costs	12,000,000	12,000,000
- Accumulated amortization	-8,000,000	-5,000,000
4. Construction-in-progress	0	0
III. Investment property	0	0
Historical costs	0	0
Accumulated depreciation	0	0
IV. Long-term investments	0	0
1. Investments in affiliates	0	0
2. Investments in business concerns and joint ventures	0	0
3. Other long-term investments	0	0
4. Provisions for devaluation of long-term investments	0	0
VI. Other long-term assets	0	0
1. Long-term prepaid expenses	0	0
2. Deferred income tax assets	0	0
3. Other long-term assets	0	0
TOTAL ASSETS	140,954,000,000	28,684,000,000
LIABILITIES
A- LIABILITIES	140,954,000,000	28,684,000,000
I. Current liabilities	140,954,000,000	28,684,000,000
1. Short-term debts and loans	3,266,000,000	0
2. Payable to suppliers	7,858,000,000	15,788,000,000
3. Advances from customers	5,188,000,000	4,958,000,000
4. Taxes and other obligations to the State Budget	184,000,000	856,000,000
5. Payable to employees	0	94,000,000
6. Accrued expenses	836,000,000	51,000,000
7. Inter-company payable	122,695,000,000	5,909,000,000
8. Payable according to the progress of construction contracts	0	0
9. Other payable	927,000,000	1,028,000,000
10. Provisions for short-term accounts payable	0	0
II. Long-Term Liabilities	0	0
1. Long-term accounts payable to suppliers	0	0
2. Long-term inter-company payable	0	0
3. Other long-term payable	0	0
4. Long-term debts and loans	0	0
5. Deferred income tax payable	0	0
6. Provisions for unemployment allowances	0	0
7. Provisions for long-term accounts payable	0	0
B- OWNER’S EQUITY	0	0
I. OWNER’S EQUITY	0	0
1. Capital	0	0
2. Share premiums	0	0
3. Other sources of capital	0	0
4. Treasury stocks	0	0
5. Differences on asset revaluation	0	0
6. Foreign exchange differences	0	0
7. Business promotion fund	0	0
8. Financial reserved fund	0	0
9. Other funds	0	0
10. Retained earnings	0	0
11. Construction investment fund	0	0
II. Other sources and funds	0	0
1. Bonus and welfare funds	0	0
2. Sources of expenditure	0	0
3. Fund to form fixed assets	0	0
MINORITY’S INTEREST		0
TOTAL LIABILITIES AND OWNER’S EQUITY	140,954,000,000	28,684,000,000

PROFIT & LOSS STATEMENT

Description	FY2009	FY2008
1. Total Sale	57,728,000,000	81,144,000,000
2. Deduction item	0	0
3. Net sale	57,728,000,000	81,144,000,000
4. Costs of goods sold	40,377,000,000	68,865,000,000
5. Gross profit	17,351,000,000	12,279,000,000
6. Financial income	1,499,000,000	866,000,000
7. Financial expenses	3,587,000,000	1,646,000,000
- In which: Loan interest expenses	198,000,000	309,000,000
8. Selling expenses	9,253,000,000	6,136,000,000
9. Administrative overheads	5,328,000,000	5,269,000,000
10. Net operating profit	682,000,000	94,000,000
11. Other income	46,000,000	345,000,000
12. Other expenses	10,000,000	285,000,000
13. Other profit /(loss)	36,000,000	60,000,000
14. Total accounting profit before tax	718,000,000	154,000,000
15. Current corporate income tax	0	0
16. Deferred corporate income tax	0	0
17. Profit after tax	718,000,000	154,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS

Description	FY2009	FY2008	Average Industry
Current liquidity ratio	0.98	0.96	1.62
Quick liquidity ratio	0.94	0.83	0.76
Inventory circle	8.16	18.36	5.48
Average receive period	793.70	76.02	53.65
Utilizing asset performance	0.41	2.83	2.30
Liability by total asset	100.00	100.00	66.69
Liability by owner equity	N/A	N/A	343.70
Ebit / Total asset (ROA)	0.65	1.61	10.97
Ebit / Owner's equity (ROE)	N/A	N/A	34.94
Ebit / Total sale (NPM)	1.59	0.57	5.46
Gross profit / Total sale (GPM)	30.06	15.13	16.15
Note: The Average Industry was calculated by Vietnam Credit based on our owned statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality		Fair
Liquidity		Low
Payment status		Average
Financial Situation		Average
Development trend		Even
Litigation data		No
Bankruptcy		No
Payment Methods		T/T, L/C
Sale Methods		Retailer and Wholesaler

CREDIT INQUIRY: 125,000 USD

Seems not reliable! Little pay attention

INTERPRETATION ON THE SCORES

The subject was the branch of Vimedimex Pharma Joint Stock Company at Ha Noi City. It was changed the branch form to one member company limited on 16 Dec 2010. Now, it has the registration No. 0104259550 which is same with the tax code following the new law of Vietnam. The registration capital is VND 6,000,000,000. The head office is located at No. 260, Nghi Tam Street, Tay Ho District, Ha Noi City. There are about 30 employees working for the company.

The company provides the imported medicines for domestic market. The medicines products are imported from Germany, Bangladesh, France, Canada…The company is prestige enterprise at Ha Noi and local area in pharmaceutical. Vimedimex Ha Noi also committed to satisfy all the requirements of customers and provide communities high quality products at a competitive price.

Following the financial statement, the asset structure in 2009 was better than 2008. The total asset in 2009 was increased 390% the figure in 2008, in which the accounts receivable was VND 125,531,000,000 accounted 90.6 % the current asset. The cash on the company was reduced about 12%. It shows that the company has applied the easy credit policies for the costumers. So, the average receive period was so high. In 2009, Vimedimex Ha Noi invested in fixed asset such as warehouse, facilities to service for the business activities. The liquidity ratios of the company was higher than 2008 but lower than industry average. The inventory reduced to 8.16 days. The company efforts to improve the financial situation for more stable.

Vimedimex Ha Noi has changed to one member company limited for few months. However, it still uses dependent accounting with parent company to the end of 2010.

In generation, VIMEDIMEX HA NOI CO .,LTD is a efficiency branch in operating at North of Vietnam. It has opportunities to develop and expand the market in the future. Now, it can meet the small financial commitments in business.

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

			2009	2008		2007
Population (Million person)			87	86.1		85.1
Gross Domestic Products (US$ billion)			91	84.9		71.2
GDP Growth (%)			5.32	6.2		8.5
GDP Per Capita (US$)			1,080	1,040		814
Inflation (% Change in Composite CPI)			6.88	24.4		8.3

SERVICE TRADE PERFORMANCE

Billion USD			2009	2008		2007
Exports			56.6	62.9		48.6
Imports			68.8	76.6		58.9
Trade Balance			-12.2	-14.6		-10.3

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.58
UK Pound	1	Rs.72.79
Euro	1	Rs.62.01

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.