MIRA INFORM REPORT

Report Date :

16.04.2012

IDENTIFICATION DETAILS

Name :	HUYSON CO., LTD
Registered Office :	No. 96 Ho Van Hue Street, Ward 9 , Phu Nhuan District, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2010
Date of Incorporation :	15.05.2000
Com. Reg. No.:	41020001054
Legal Form :	Limited Liability Company
Line of Business :	Delivery service of goods import and export
No. of Employees :	18

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 :	Slow
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
Current legal status
Registered English Name	HUYSON CO., LTD
Registered Vietnamese Name	CONG TY TNHH SX TM DICH VU HANG NONG LAM HAI SUC SAN HUY SON
Registered Short name	CONG TY TNHH HUY - SON
Type of Business	Limited liability company
Year Established	2000
Business Registration No.	41020001054
Date of Registration	15 May 2000
Place of Registration	Planning and Investment Department of Hochiminh City
Current registered capital	VND 6,000,000,000
Tax code	0302006784
Total Employees	18
NOTE	The given name (Huy Son Producing…) could be translated from registered Vietnamese name. The registered names of subject are as above

Historical Identification & Legal form

List	Changed Items
1	Subject has got former Address: No. 240 Nguyen Dinh Chinh Street, Ward 11, Phu Nhuan Dist, Hochiminh City changed to No. 12/47 Dao Duy Anh Str, Ward 9, Phu Nhuan Dist, Hochiminh City Changed to: No. 96 Ho Van Hue Street, Ward 9 , Phu Nhuan District, Ho Chi Minh City, Vietnam

ADDRESSES
Head Office
Address	No. 96 Ho Van Hue Street, Ward 9 , Phu Nhuan District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3844 4557/ 3844 4558
Fax	(84-8) 3844 4704
Email	huysoncompany@hcm.vnn.vn
Warehouse
Address	No. 34 quarter 3, Phuoc Long A Ward, 9 District, Ho Chi Minh City, Vietnam

DIRECTORS
1. NAME	Mr. PHAM DINH LONG
Position	Chairman
Date of Birth	04 Jul 1955
ID Number/Passport	020056485
ID Issue Date	13 Jul 1995
ID Issue Place	Police station of Ho Chi Minh City
Resident	No. 288/C7 Nam Ky Khoi Nghia Street, Ward 8, 3 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
2. NAME	Mr. DO MINH TRUONG DUY
Position	Director
ID Number/Passport	361409212
Resident	No. 18C/29 Au Co Street, Tan Son Nhi Ward , Tan Phu District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Tel/Mobil phone	+84 903 717 106
3. NAME	Mr. LE DUC MAN
Position	Deputy Director
Nationality	Vietnamese
4. NAME	Mr. NGUYEN TAN LONG
Position	Chief Accountant
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject registers in the following line of business:

Ø Delivery service of goods import and export

Ø Transporting goods by road and waterway

Ø Processing and trading of food, agriculture, forestry and seafood

Ø Trading of electrical equipment and stationery, cosmetics

Ø Manufacture ice, plastic products, packaging and detergents

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Market	China, India, Malaysia
EXPORT:
· Market	Japan, Korea, India, European countries

BANKERS
1. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK
Address	5 Cong Hoa, Ward 4, Tan Binh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3811 7534
Fax	(84-8) 3811 6896
2. ASIA COMMERCIAL BANK PHAN DANG LUU BRANCH
Address	No.30A Phan Dang Luu, Binh Thanh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3510 3623
Fax	(84-8) 3510 3624

SHAREHOLDERS
1. NAME	Mr. PHAM DINH LONG
Position	Chairman
Date of Birth	04 Jul 1955
ID Number/Passport	020056485
Issued on	13 Jul 1995
Issued Place	Police station of Ho Chi Minh City
Resident	No. 288/C7 Nam Ky Khoi Nghia Street, Ward 8, 3 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 3,300,000,000
Percentage	55%
2. NAME	Mr. DO MINH TRUONG DUY
Position	Director
ID Number/Passport	361409212
Resident	No. 18C/29 Au Co Street, Tan Son Nhi Ward , Tan Phu District, Ho Chi Minh City, Vietnam
Mobile phone	+84 903 717 106
Nationality	Vietnamese
Value of shares	VND 2,700,000,000
Percentage	45%

FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010	31/12/2009
Number of weeks	52	52
ASSETS
A – CURRENT ASSETS	39,106,000,000	34,502,061,065
I. Cash and cash equivalents	2,855,000,000	5,922,304,173
1. Cash	0	5,922,304,173
2. Cash equivalents	2,855,000,000	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	22,376,000,000	16,909,795,862
1. Receivable from customers	17,264,000,000	12,008,322,036
2. Prepayments to suppliers	5,112,000,000	4,895,102,162
3. Inter-company receivable	0	0
4. Receivable according to the progress of construction	0	0
5. Other receivable	0	6,371,664
6. Provisions for bad debts	0	0
IV. Inventories	13,650,000,000	11,424,613,109
1. Inventories	13,650,000,000	11,424,613,109
2. Provisions for devaluation of inventories	0	0
V. Other Current Assets	225,000,000	245,347,921
1. Short-term prepaid expenses	0	9,104,324
2. VAT to be deducted	0	54,860,669
3. Taxes and other accounts receivable from the State	0	181,382,928
4. Other current assets	225,000,000	0
B. LONG-TERM ASSETS	0	5,513,443
I. Long term accounts 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	0	5,513,443
1. Tangible assets	0	5,513,443
- Historical costs	93,000,000	92,626,190
- Accumulated depreciation	-93,000,000	-87,112,747
2. Financial leasehold assets	0	0
- Historical costs	0	0
- Accumulated depreciation	0	0
3. Intangible assets	0	0
- Initial costs	0	0
- Accumulated amortization	0	0
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
V. 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
VI. Goodwill	0	0
1. Goodwill	0	0
TOTAL ASSETS	39,106,000,000	34,507,574,508
LIABILITIES
A- LIABILITIES	34,712,000,000	28,870,594,199
I. Current liabilities	34,712,000,000	28,870,594,199
1. Short-term debts and loans	9,372,000,000	5,919,396,849
2. Payable to suppliers	22,305,000,000	20,046,777,694
3. Advances from customers	2,809,000,000	2,795,765,641
4. Taxes and other obligations to the State Budget	224,000,000	108,654,015
5. Payable to employees	0	0
6. Accrued expenses	0	0
7. Inter-company payable	0	0
8. Payable according to the progress of construction contracts	0	0
9. Other payable	2,000,000	0
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	4,394,000,000	5,636,980,309
I. OWNER’S EQUITY	4,394,000,000	5,636,980,309
1. Capital	6,000,000,000	6,000,000,000
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	-1,606,000,000	-363,019,691
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	0
TOTAL LIABILITIES AND OWNER’S EQUITY	39,106,000,000	34,507,574,508

PROFIT & LOSS STATEMENT
Description	FY2010	FY2009
1. Total Sales	88,101,000,000	77,837,117,624
2. Deduction item	0	0
3. Net revenue	88,101,000,000	77,837,117,624
4. Costs of goods sold	82,332,000,000	72,927,796,840
5. Gross profit	5,769,000,000	4,909,320,784
6. Financial income	28,000,000	57,411,668
7. Financial expenses	1,430,000,000	1,280,642,851
- In which: Loan interest expenses	1,058,000,000	1,280,642,851
8. Selling expenses	0	2,728,966,731
9. Administrative overheads	4,057,000,000	683,410,378
10. Net operating profit	310,000,000	273,712,492
11. Other income	0	0
12. Other expenses	0	0
13. Other profit /(loss)	0	0
14. Total accounting profit before tax	310,000,000	273,712,492
15. Current corporate income tax	77,000,000	68,428,123
16. Deferred corporate income tax	0	0
17. Interest from subsidiaries/related companies	0	0
18. Profit after tax	233,000,000	205,284,369

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	FY2009	Average Industry
Current liquidity ratio	1.13	1.20	1.21
Quick liquidity ratio	0.73	0.80	0.72
Inventory circle	6.03	7.14	12.25
Average receive period	92.70	79.29	51.49
Utilizing asset performance	2.25	2.26	2.30
Liability by total assets	88.76	83.66	59.32
Liability by owner's equity	789.99	512.16	229.17
Ebit / Total assets (ROA)	3.50	4.50	8.16
Ebit / Owner's equity (ROE)	31.13	27.57	24.08
Ebit / Total revenue (NPM)	1.55	2.00	6.61
Gross profit / Total revenue (GPM)	6.55	6.31	16.82
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	Medium
Payment status	Average
Financial Situation	Above Average
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Direct payment or through its corresponding bank, Foreign remittance by letter of credit (L/C), T/T
Sale Methods	To contracts

INTERPRETATION ON THE SCORES

The subject, HUYSON CO., LTD was established in May 2000 under the business registration No. 4102001054.

It specializes in processing and trading of food, agriculture, forestry and seafood and trading of electrical equipment and stationery, cosmetics.

According to the financial reported, net revenue and profit after tax had grown up each year, quick liquidity ratios in short-term was fair. Moreover, working capital is 4,394,000,000 VND and the currently quidity ratio was higher than 1, so the subject can meet short term payments. However, profit of subject is still humble. According to Mr. NGUYEN TAN LONG - Chief Accountant, net revenue and profit 2011 is better than in 2010. Now the subject has no export activities.

Management capacity of the subject is good, Mr. Pham Dinh Long- Chairman of subject is also deputy general director of Animex SaiGon Joint Stock Company. Competition capacity of the subject is fairly. In our opinion, Subject has capacity to meet all small-normal financial commitments

----------- 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)
	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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