MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	HUNG THANH DAT MANUFACTURE - COMMERCE - SERVICE - IMPORTING - EXPORTING COMPANY LIMITED
Registered Office :	210 Le Quang Dinh Str, Ward 14, Binh Thanh District, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2011
Year of Establishment :	2004
Com. Reg. No.:	0303378175
Legal Form :	Limited Liability Company
Line of Business :	Renting and leasing of other machinery, equipment and tangible goods
No. of Employees :	400

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 – 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
English Name	HUNG THANH DAT MANUFACTURE - COMMERCE - SERVICE - IMPORTING – EXPORTING COMPANY LIMITED
Vietnamese Name	CONG TY TNHH SAN XUAT - THUONG MAI - DICH VU - XUAT NHAP KHAU HUNG THANH DAT
Short name	HUTHADA CO., LTD
Type of Business	Limited liability company
Year Established	2004
Business Registration No.	0303378175
Date of Registration	02 Jun 2011
Place of Registration	Business Registration Office - Planning and Investment Department of Ho Chi Minh City
Current registered capital	VND 40,000,000,000
Tax code	0303378175
Total Employees	400

Historical Identification & Legal form

List	Changed Items
1	Subject has got former registered capital: 3,500,000,000 VND Changed to: 8,000,000,000 VND

ADDRESSES
Head Office
Address	210 Le Quang Dinh Str, Ward 14, Binh Thanh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3510 0020 – 3516 4669 – 3516 4668 – 3510 91
Fax	(84-8) 3516 4667
Email	huthadaco@vnn.vn
Website	www.huthada.com
Registration Address
Address	8Th Floor, My Thinh Building, No 137, Le Quang Dinh Street, Ward 14, Binh Thanh District, Ho Chi Minh City, Vietnam
Branch in Long An
Address	Road No. 4, Thinh Phat Inductrial Area - Hamlet 3 - Luong Hoa Commune , Ben Luc District, Long An Province, Vietnam
Branch in Dong Nai
Address	Road No. 2 , Xuan Loc District, Dong Nai Province, Vietnam
Branch in Dong Nai
Address	Nhon Trach District, Dong Nai Province, Vietnam
Branch in Ho Chi Minh
Address	No. 304 Quang Trung Str - Ward 11, Go Vap District, Ho Chi Minh City, Vietnam
Branch in Ho Chi Minh
Address	No. 678/62/35 Lo C - Quang Trung Industrial Area - Quarter 5 - Hiep Thanh Ward , 12 District, Ho Chi Minh City, Vietnam
Branch in Ho Chi Minh
Address	No. 5 Road No. 4 - Phu Huu Ward , 9 District, Ho Chi Minh City, Vietnam
Branch in Ho Chi Minh
Address	No. 36/70/19 D2 Str - Ward 25 , Binh Thanh District, Ho Chi Minh City, Vietnam
Branch in Dong Nai
Address	Hiep Phuoc Commune , Nhon Trach District, Dong Nai Province, Vietnam

DIRECTORS
1. NAME	Ms. NGUYEN TUYET VAN
Position	Director
Date of Birth	11 Jul 1972
ID Number/Passport	022105992
ID Issue Date	03 Apr 2003
ID Issue Place	Police Station of Ho Chi Minh City
Resident	No. 658 Le Hong Phong Str - Ward 10 , 10 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
2. NAME	Mr. NGUYEN TRUNG QUAN
Position	Deputy Director
ID Number/Passport	020618526
Resident	No. 280A1 Cach Mang Thang Tam Str - Ward 10 , 10 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
3. NAME	Mr. NGUYEN TRUNG THANH
Position	Deputy Director
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

Renting and leasing of other machinery, equipment and tangible goods
Wholesale of other machinery and equipment n.e.c
Wholesale of waste and scrap and other products n.e.c
Real estate agent, consultant activities;
Manufacture of knitted and crocheted fabrics
Real estate activities with own or leased property

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Market	American, Japan, Switzerland, Spain, Italy, Taiwan and Switzerland.
EXPORT:
· Market	Philippines, Malaysia, Thailand, Indonesia, Korea, Turkey, UAE...

BANKERS
1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM KY DONG BRANCH
Address	No. 13-13Bis Ky Dong Str,No.9 Ward, 3 District, Ho Chi Minh City, Vietnam
Telephone	(84-08) 3931 8956
Fax	(84-08) 3931 8953
SWIFT Code	BFTVVBVX 007
2. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK - PASTER BRANCH
Address	24-26 Pasteur Str, Ben Nghe Ward, 1 District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3821 2155
Fax	(84-8) 3821 2153
SWIFT Code	VTCBVNVX
3. ASIA COMMERCIAL JOINT STOCK BANK
Address	444 Nguyen Thi Minh Khai, 3 District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3832 8988
Fax	(84-8) 3832 8987

SHAREHOLDERS
1. NAME	Ms. NGUYEN TUYET VAN
Position	Director
Date of Birth	11 Jul 1972
ID Number/Passport	022105992
Issued on	03 Apr 2003
Issued Place	Police Station of Ho Chi Minh City
Resident	No. 658 Le Hong Phong Str - Ward 10 , 10 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 24,000,000,000
Percentage	60%
2. NAME	Mr. NGUYEN TRUNG QUAN
Position	Deputy Director
ID Number/Passport	020618526
Resident	No. 280A1 Cach Mang Thang Tam Str - Ward 10 , 10 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 16,000,000,000
Percentage	40%

FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2011	31/12/2010
Number of weeks	52	52
ASSETS
A – CURRENT ASSETS	124,173,278,000	125,885,000,000
I. Cash and cash equivalents	5,092,152,669	5,609,000,000
1. Cash	5,092,152,669	827,000,000
2. Cash equivalents	0	4,782,000,000
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	50,859,849,586	72,441,000,000
1. Receivable from customers	45,249,985,518	71,502,000,000
2. Prepayments to suppliers	5,609,864,068	0
3. Inter-company receivable	0	939,000,000
4. Receivable according to the progress of construction	0	0
5. Other receivable	0	0
6. Provisions for bad debts	0	0
IV. Inventories	60,979,037,244	44,345,000,000
1. Inventories	60,979,037,244	44,345,000,000
2. Provisions for devaluation of inventories	0	0
V. Other Current Assets	7,242,238,501	3,490,000,000
1. Short-term prepaid expenses	225,763,043	1,003,000,000
2. VAT to be deducted	4,733,935,343	2,487,000,000
3. Taxes and other accounts receivable from the State	633,808,945	0
4. Other current assets	1,648,731,170	0
B. LONG-TERM ASSETS	89,991,699,097	88,327,000,000
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	88,764,624,596	87,758,000,000
1. Tangible assets	84,011,898,897	65,149,000,000
- Historical costs	101,906,725,170	74,902,000,000
- Accumulated depreciation	-17,894,826,273	-9,753,000,000
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	4,752,725,699	22,609,000,000
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	1,227,074,501	569,000,000
1. Long-term prepaid expenses	1,192,037,227	569,000,000
2. Deferred income tax assets	0	0
3. Other long-term assets	35,037,274	0
VI. Goodwill	0	0
1. Goodwill	0	0
TOTAL ASSETS	214,164,977,097	214,212,000,000
LIABILITIES
A- LIABILITIES	159,504,873,868	189,933,000,000
I. Current liabilities	123,002,841,766	124,120,000,000
1. Short-term debts and loans	117,372,261,511	100,566,000,000
2. Payable to suppliers	5,201,797,044	12,575,000,000
3. Advances from customers	261,680,115	8,237,000,000
4. Taxes and other obligations to the State Budget	30,373,362	2,742,000,000
5. Payable to employees	104,644,642	0
6. Accrued expenses	32,085,092	0
7. Inter-company payable	0	0
8. Payable according to the progress of construction contracts	0	0
9. Other payable	0	0
10. Provisions for short-term accounts payable	0	0
II. Long-Term Liabilities	36,502,032,102	65,813,000,000
1. Long-term accounts payable to suppliers	0	4,594,000,000
2. Long-term inter-company payable	0	28,388,000,000
3. Other long-term payable	0	0
4. Long-term debts and loans	36,502,032,102	32,831,000,000
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	54,660,103,229	24,279,000,000
I. OWNER’S EQUITY	53,505,964,405	23,125,000,000
1. Capital	40,000,000,000	8,000,000,000
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	-1,922,813,476	0
7. Business promotion fund	2,308,277,648	2,308,000,000
8. Financial reserved fund	1,154,138,824	1,154,000,000
9. Other funds	1,154,138,824	1,154,000,000
10. Retained earnings	10,812,222,585	10,509,000,000
11. Construction investment fund	0	0
II. Other sources and funds	1,154,138,824	1,154,000,000
1. Bonus and welfare funds	0	1,154,000,000
2. Sources of expenditure	0	0
3. Fund to form fixed assets	1,154,138,824	0
MINORITY’S INTEREST	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	214,164,977,097	214,212,000,000

PROFIT & LOSS STATEMENT
Description	FY2011	FY2010
1. Total Sales	211,783,322,927	321,143,000,000
2. Deduction item	2,344,546,787	889,000,000
3. Net revenue	209,438,776,140	320,254,000,000
4. Costs of goods sold	182,477,973,578	283,733,000,000
5. Gross profit	26,960,802,562	36,521,000,000
6. Financial income	1,994,047,925	1,496,000,000
7. Financial expenses	9,910,634,560	5,868,000,000
- In which: Loan interest expenses	8,938,178,684	5,868,000,000
8. Selling expenses	6,520,792,084	10,277,000,000
9. Administrative overheads	7,054,329,156	10,966,000,000
10. Net operating profit	5,469,094,687	10,906,000,000
11. Other income	206,661,833	0
12. Other expenses	3,348,422,010	0
13. Other profit /(loss)	-3,141,760,177	0
14. Total accounting profit before tax	2,327,334,510	10,906,000,000
15. Current corporate income tax	581,833,628	2,762,000,000
16. Deferred corporate income tax	0	0
17. Interest from subsidiaries/related companies	0	0
18. Profit after tax	1,745,500,882	8,144,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2011	FY2010	Average Industry
Current liquidity ratio	1.01	1.01	1.13
Quick liquidity ratio	0.51	0.66	0.62
Inventory circle	2.99	6.40	5.92
Average receive period	88.64	82.56	55.47
Utilizing asset performance	0.98	1.50	1.39
Liability by total assets	74.48	88.67	70.41
Liability by owner's equity	291.81	782.29	301.78
Ebit / Total assets (ROA)	5.26	7.83	9.72
Ebit / Owner's equity (ROE)	20.61	69.09	34.85
Ebit / Total revenue (NPM)	5.32	5.22	7.85
Gross profit / Total revenue (GPM)	12.73	11.37	16.74
Note: The Average Industry was calculated by VietnamCredit based on our own 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	Direct payment or through its corresponding bank. Foreign remittance by letter of credit (L/C), by t
Sale Methods	Retailer and Wholesaler

INTERPRETATION ON THE SCORES

HUNG THANH DAT is a limited liability company which was established in 2004. Currently, the subject is operating under the Business Registration No. 0303378175, issued by Business Registration Office - Planning and Investment Department of Ho Chi Minh City with registered capital VND 40 billion. Total workforce is about 400 employees.

The subject specializes in textile - garment products. Main products of the subject are: yarns, fabrics, ready-make clothes, gloves, many kind of sewing thread. Besides, the subject trades construction materials, sanitary wares, real estates, apparel products, yarns, dying stuffs, materials and equipment for garment industry, car, motorbikes and spare parts, foodstuffs, materials for metal - paper and plastic industrie. The subject imports materials and machines from American, Japan, Switzerland, Spain, Italy, Taiwan and Switzerland. The subject has exported its products to many countries such as USA, Singapore, Japan, Philippines, Thailand, Korea, Turkey, and UAE...

According to financial data, the premise and facilities of the subject are fair good. Total asses and annual revenue were high. However, in 2011 the revenue was reduced 51 percent compared with 2010. The profit also was strong reduced. Liquidity capacity of subject is fair low compared with average industry due liabilities and inventories were high.

In geneal, competition capacity of this subject is rather strong. Its market share is acceptable. The position in the industry of the subject is relative. A little caution need for short –term commitment with the subject.

------------ 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.51.89
UK Pound	1	Rs.83.18
Euro	1	Rs.68.06

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