MIRA INFORM REPORT

Report Date :

30.11.2011

IDENTIFICATION DETAILS

Name :	HOANG TIEN PRODUCTION COMMERCE JOINT STOCK COMPANY

Registered Office :	Zone 5 Hai Hoa commune, Mong Cai District, Quang Ninh Province

Country :	Vietnam

Financials (as on) :	31.12.2009

Date of Incorporation :	19.10.2011

Com. Reg. No.:	5700730868

Legal Form :	Joint Stock Company

Line of Business :	Warehouse and transportation service

No. of Employees :	200 Persons

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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		HOANG TIEN PRODUCTION COMMERCE JOINT STOCK COMPANY
Registered Vietnamese Name		CONG TY CO PHAN SAN XUAT THUONG MAI HOANG TIEN
Registered Short name		HOANG TIEN JSC
Type of Business		Joint stock company
Year Established		2008
Business Registration No.		5700730868
Date of Registration		19 Oct 2011
Place of Registration		Quang Ninh Department of Planning and Investment
Current registered capital		100,000,000,000 VND
Status		Unlisted
Tax code		5700730868
Total Employees		Around 200

Historical Identification & Legal form

List

Changed Items

Date of changes

Subject has got former Business Registration No: 0802000414

Changed to: 5700730868

19 Oct 2011

company ADDRESSES

Head Office
Address		Zone 5 Hai Hoa commune, Mong Cai District, Quang Ninh Province, Vietnam
Telephone		(84-33) 3778828 / 3884186
Fax		(84-33) 3778818 / 3884433
Email		hoangtienjsc@gmail.com
Website		http://hoangtien.com.vn
Note		At this address, subject has a warehouse, a port for export. Besides, subject also owns an office in Hai Phong city for import.

SUBSIDIARIES AND RELATED COMPANIES

RELATED COMPANY - HOANG CAU TRADING JOINT STOCK COMPANY
Business Registration		0200406582
Date of Registration		05 Nov 2010
Place of Registration		Hai Phong City Department of Planning and Investment
Registered Capital		24,000,000,000 VND
Tax code		0200406582
Address		Km 2 Dinh Vu St. - Hai An Ward, Hai An District, Hai Phong City, Vietnam
Tel		(84-31) 362 9988
Fax		(84-31) 362 9445

DIRECTORS

1. NAME		Mr. HOANG TRUNG TUYEN
Position		Chairman cum General Director
Date of Birth		23 Jul 1965
ID Number/Passport		100548521
ID Issue Date		09 Nov 1998
ID Issue Place		Quang Ninh Public Security Department
Current resident		No.24 Van Don Str, group 1, zone 2, Tran Phu ward, Mong Cai District, Quang Ninh Province, Vietnam
Nationality		Vietnamese

2. NAME		Mr. NGUYEN VAN TUYEN
Position		Vice General Director
Current resident		Quang Ninh province
Nationality		Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject focuses on: - Warehouse and transportation service. - Temporary import and re-export services (goods include frozen foods, alcohol, etc)

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products		Frozen seafood, frozen meat, alcohol
· Market		USA, Brazil, Germany, Korea
· Ratio		Large
· Mode of payment		T/T, L/C

EXPORT:
· Types of products		Frozen seafood, frozen meat, alcohol
· Market		China
· Ratio		100%
· Mode of payment		Negotiable

BANKERS

DONG A COMMERCIAL JOINT STOCK BANK MONG CAI BRANCH
Address		No.01, Hung Vuong Street, Hoa Lac Ward, Mong Cai District, Quang Ninh Province, Vietnam

SHAREHOLDERS

Foundation shareholders of subject on registration:
1. NAME		Mr. HOANG TRUNG TUYEN
Position		Chairman cum General Director
Date of Birth		23 Jul 1965
ID Number/Passport		100548521
Issued on		09 Nov 1998
Issued Place		Quang Ninh Public Security Department
Current Resident		No.24 Van Don Str, group 1, zone 2, Tran Phu ward, Mong Cai District, Quang Ninh Province, Vietnam
Nationality		Vietnamese
Value of shares		26,000,000,000 VND
Percentage		26%

2. NAME		Mr. LE VAN PHONG
ID Number/Passport		101014689
Current Resident		Group 3, zone 1 Thuong mai road, Tran Phu ward, Mong Cai District, Quang Ninh Province, Vietnam
Nationality		Vietnamese
Value of shares		14,000,000,000 VND
Percentage		14%

3. NAME		Ms. TO THI LA
ID Number/Passport		100810120
Current Resident		No.3 Dao Phuc Loc Str, group 2 - Tran Phu ward, Mong Cai District, Quang Ninh Province, Vietnam
Nationality		Vietnamese
Value of shares		20,000,000,000 VND
Percentage		20%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2009
Number of weeks	52
ASSETS
A – CURRENT ASSETS	22,965,000,000
I. Cash and cash equivalents	14,075,000,000
1. Cash	14,075,000,000
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	8,622,000,000
1. Receivable from customers	8,015,000,000
2. Prepayments to suppliers	607,000,000
3. Inter-company receivable	0
4. Receivable according to the progress of construction	0
5. Other receivable	0
6. Provisions for bad debts	0
IV. Inventories	43,000,000
1. Inventories	43,000,000
2. Provisions for devaluation of inventories	0
V. Other Current Assets	225,000,000
1. Short-term prepaid expenses	0
2. VAT to be deducted	225,000,000
3. Taxes and other accounts receivable from the State	0
4. Other current assets	0
B. LONG-TERM ASSETS	27,820,000,000
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	27,820,000,000
1. Tangible assets	27,820,000,000
- Historical costs	27,820,000,000
- Accumulated depreciation	0
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	0
1. Long-term prepaid expenses	0
2. Deferred income tax assets	0
3. Other long-term assets	0
VI. Goodwill	0
1. Goodwill	0
TOTAL ASSETS	50,785,000,000
LIABILITIES
A- LIABILITIES	20,174,000,000
I. Current liabilities	20,174,000,000
1. Short-term debts and loans	15,000,000,000
2. Payable to suppliers	4,282,000,000
3. Advances from customers	744,000,000
4. Taxes and other obligations to the State Budget	148,000,000
5. Payable to employees	0
6. Accrued expenses	0
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	30,611,000,000
I. OWNER’S EQUITY	30,611,000,000
1. Capital	30,000,000,000
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	0
9. Other funds	0
10. Retained earnings	611,000,000
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	50,785,000,000

PROFIT & LOSS STATEMENT

Description	FY2009
1. Total Sale	54,178,000,000
2. Deduction item	0
3. Net sale	54,178,000,000
4. Costs of goods sold	39,094,000,000
5. Gross profit	15,084,000,000
6. Financial income	20,000,000
7. Financial expenses	1,034,000,000
- In which: Loan interest expenses	1,034,000,000
8. Selling expenses	12,642,000,000
9. Administrative overheads	680,000,000
10. Net operating profit	748,000,000
11. Other income	61,000,000
12. Other expenses	0
13. Other profit /(loss)	61,000,000
14. Total accounting profit before tax	809,000,000
15. Current corporate income tax	202,000,000
16. Deferred corporate income tax	0
17. Interest from subsidiaries/related companies	0
18. Profit after tax	607,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS

Description	FY2009	Average Industry
Current liquidity ratio	1.14	1.94
Quick liquidity ratio	1.14	0.98
Inventory circle	909.16	9.29
Average receive period	58.09	54.01
Utilizing asset performance	1.07	2.21
Liability by total asset	39.72	58.72
Liability by owner equity	65.90	256.76
Ebit / Total asset (ROA)	3.63	7.90
Ebit / Owner's equity (ROE)	6.02	25.68
Ebit / Total sale (NPM)	3.40	4.18
Gross profit / Total sale (GPM)	27.84	15.30
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		Average
Financial Situation		Normal
Development trend		Stable
Litigation data		No Record
Bankruptcy		No Record
Payment Methods		Via bank, Cash, T/T, L/C
Sale Methods		Retailer and Wholesaler
Public opinion		Normal

CREDIT INQUIRY: 125,000 USD

Subject revealed it is capable for this credit, however you should have a small caution.

INTERPRETATION ON THE SCORES

The subject was officially established in year 2008 in Quang Ninh province. However, its forerunner is a brand office in Quang Ninh of Hoang Cau Trading Joint Stock Company, which is located in Hai Phong city. The Hoang Cau Trading Jsc and subject have close relation and have similar business lines. Subject has total registered capital of 100 billion dong.

So far, the subject has had 3 years in operation field. It focuses on service of import and export. The subject temporary imports goods from many foreign countries then re-exports these goods to third nations. It only supplies the service, including the customs service, transportation service, import and export and it gets benefit from these services. Goods that subject imports include frozen foods, meat (pork, beef…), alcohol, and so on. After these products come to Vietnam via Hai Phong port (subject has an office in Hai Phong to respond for taking goods), then these goods are transported via truck to Mong Cai city and subject re-exports to China via Mong Cai port. The operation of subject is fairly busy with around nearly 200 employees (both office and seasonal staffs).

The facilities of subject are fair. Beside the head office, subject also has an office in Hai Phong, a warehouse and a port in Mong Cai city. Here, subject owns some trucks for transport goods.

On the hand of finance, the subject has a normal financial status. In its asset structure of fiscal year 2009, subject’s cash and equivalent account large amount (more than 14 billion dong in total nearly 23 billion dong of total current assets). Using much cash in hand reflects that subject has good capacity for immediate payment, however it also implies that subject uses ineffectively its asset. Liquidity ratios are acceptable and the debt rate is controllable. However, its profitability seemed unremarkable. Total sale of subject in 2009 was 54,178 million dong and profit after tax reported only 607 million dong for the year.

In general, subject is a small company. Its future prospect is average. The subject is suitable for small financial commitments. For the given credit inquiry, you should pay small caution.

APPENDIXES

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.51.93
UK Pound	1	Rs.80.62
Euro	1	Rs.69.37

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.