MIRA INFORM REPORT

Report Date :

14.04.2012

IDENTIFICATION DETAILS

Name :	THUY HAI TRADING SERVICE AND PRODUCTION COMPANY LIMITED
Registered Office :	No.62B Duong Duc Hien Street- Tay Thanh ward , Tan Phu District, Ho Chi Minh City
Country :	Vietnam
Date of Incorporation :	17.09.2010
Com. Reg. No.:	0310259838
Legal Form :	Limited Liability Company
Line of Business :	Packaging activities
No. of Employees :	7

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 :	Small Company
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Viet Nam	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
English Name	THUY HAI TRADING SERVICE AND PRODUCTION COMPANY LIMITED
Registration Vietnamese Name	CONG TY TNHH THUONG MAI DICH VU VA SAN XUAT THUY HAI
Registration Trade name	THUY HAI TRADING SERVICE AND PRODUCTION COMPANY LIMITED
Registration short name	TH T.S.A.P CO., LTD
Type of Business	Limited liability company
Year Established	2010
Business Registration No.	0310259838
Date of 01^st Registration	17 Sep 2010
Date of 2^nd adjustment	21 Mar 2012
Place of Registration	Business Registration Office- Planning and Investment Department of Ho Chi Minh City
Current registered capital	VND 5,000,000,000
Tax code	0310259838
Total Employees	7

ADDRESSES
Head Office
Address	No.62B Duong Duc Hien Street- Tay Thanh ward , Tan Phu District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 62672336
Fax	(84-8) 62672336
Website	www.thuyhaisalt.com
Email	info@thuyhaisalt.com
Note	The given address (No 62, Duong Due Hien Street, Tay Thanh Ward, Tan Phu Dist) is not correct. The correct address is as above.

DIRECTORS
NAME	Ms. NGUYEN VAN THUY UYEN NHI
Position	Director
Date of birth	01 Nov 1988
ID Number/Passport	024283702
Issued on	19 Sep 2004
Issued by	Police station of Ho Chi Minh city
Resident	No.164/7 Nguyen Son - Phu Tho Hoa Ward, Tan Phu District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

Cargo handling
Packaging activities
Trading salt

IMPORT & EXPORT ACTIVITIES

IMPORT:

Note: N/A

EXPORT:

Note: N/A

BANKERS
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK TAN PHU BRANCH
Address	No.90-90A Luy Ban Bich Hiep Tan ward, Tan Phu District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 39737303
Fax	(84-8) 39737312

SHAREHOLDERS
1. NAME	Ms. NGUYEN VAN THUY UYEN NHI
Position	Director
Date of birth	01 Nov 1988
ID Number/Passport	024283702
Resident	No.164/7 Nguyen Son – Phu Tho Hoa Ward , Tan Phu District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 3,500,000,000
Percentage	70%
2. NAME	Ms. VAN THI TUYET NHUNG
ID Number/Passport	024283701
Resident	No.164/7 Nguyen Son Street – Phu Tho Hoa ward , Tan Phu District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 1,500,000,000
Percentage	30%

FINANCIAL DATA

The financial statement of the subject is not available.

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	Below Average
Development trend	Stable
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Direct or through the bank
Sale Methods	Wholesaler
Public opinion	Limited

CREDIT INQUIRY: US$125,000 D/A in term

Caution is needed!

INTERPRETATION ON THE SCORES

The subject is small company which was established in 2010. It is operating under Business Registration Office of Ho Chi Minh City with registered capital of VND 5,000,000,000.
Head office of the subject is located at No. 62B Duong Duc Hien Street – Tay Thanh Ward – Tan Phu District – Ho Chi Minh City.

It specializes in trading salt. Import activities of the subject are not available. However, most of companies in this field import salt from India. 

Facilities and premises are normal. Management capacity seems to be humble. Ms. NGUYEN VAN THUY UYEN NHI  is  Director of the subject. She was born in 1988. We contacted with the subject, its staff is not professional and courteous. The subject is young company, its market share is limited. Caution is needed for most of transactions of the subject.

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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)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,749		23,896.3	81,559
Industry and Construction	5.53	7.70	85,115		10,630	2,751,975
Trade and Services	6.69	7.52	154,978		14,522	4,939,069
ECONOMIC INDICATORS
			2011	2010		2009
Population (Million person)			87.84	86.93		86.02
Gross Domestic Products (USD billion)			119	102.2		91
GDP Growth (%)			5.89	6.78		5.32
GDP Per Capita (USD/person/year)			1,300	1,160		1,080
Inflation (% Change in Composite CPI)			18.58	11.75		6.88
State Budget Deficit compared with GDP (%)			4.9	5.8		6.9
SERVICE TRADE PERFORMANCE
Billion USD			2011	2010		2009
Exports			96.3	72.2		57.1
Imports			105.8	84.8		69.9
Trade Balance			-9.5	-12.6		-12.8

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.42
UK Pound	1	Rs.81.93
Euro	1	Rs.67.67

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%)

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