MIRA INFORM REPORT

Report Date :

05.12.2012

IDENTIFICATION DETAILS

Correct Name :	HA UYEN COMPANY LIMITED
Registered Office :	No. 10B Dan Tien Street, Hoa Lac Ward, Mong Cai City, Quang Ninh Province
Country :	Vietnam
Financials (as on) :	31.12.2009
Year of Establishment :	2006
Com. Reg. No.:	5700623577
Legal Form :	Limited Liability Company
Line of Business :	import for re-export and trading agricultural products, mining equipments and automobile tires
No. of Employees :	32

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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Vietnam	b1	bn1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

vietnam - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM

Current legal status
Registered English Name	HA UYEN COMPANY LIMITED
Registered Vietnamese Name	CONG TY TNHH HA UYEN
Registered short name	HA UYEN CO.,LTD
Type of Business	Limited liability company
Year Established	2006
Business Registration No.	5700623577
Date of Registration	25 Jun 2009
Place of Registration	Quang Ninh Department of Planning and Investment
Current registered capital	VND 1,850,000,000
Status	Unlisted
Tax code	5700623577
Total Employees	32

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 2202001429 Changed to: 5700623577	25 Jun 2009

company ADDRESSES

Head Office
Address	No. 01 Dan Tien Street, Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3772047 /+84 906125888
Fax	(84-33) 3772047
Note	The full address of the subject is as above.
Registration Address
Address	No. 10B Dan Tien Street, Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3772092
Note	This is also the address of the director’s private house.

DIRECTORS

1. NAME	Mr. PHAM VAN LUAN
Position	Director
Date of Birth	15 Sep 1978
ID Number/Passport	186123053
ID Issue Date	07 Sep 2001
ID Issue Place	Nghe An Police Dept
Resident	No. 10B Dan Tien Street, Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Vietnam
Current resident	No. 10B Dan Tien Street, Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
Tel/Mobil phone	+(84-33) 3772092/ +84 906125888

BUSINESS NATURE AND ACTIVITIES

The company specializes in temporary import for re-export and trading agricultural products, mining equipments and automobile tires.

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products	Agricultural products, mining equipments
· Market	India and South African Countries
· Mode of payment	TT, LC
EXPORT:
· Types of products	Finished Products
· Market	China

BANKERS

1. VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK MONG CAI BRANCH
Address	No.9 Hung Vuong Street-Tran Phu, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-033) 3886816
Fax	(84-033) 3882777

SHAREHOLDERS

1. NAME	Mr. PHAM VAN LUAN
Position	Director
Date of Birth	15 Sep 1978
ID Number/Passport	186123053
Issued on	07 Sep 2001
Issued Place	Nghe An Police Dept
Resident	No. 10B Dan Tien Street, Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Vietnam
Current Resident	No. 10B Dan Tien Street, Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Vietnam
Home phone	+(84-33) 3772092
Mobile phone	+84 906125888
Nationality	Vietnamese
Value of shares	VND 1,054,500,000
Percentage	57%
2. NAME	Mr. HA QUOC DOANH
ID Number/Passport	101015927
Resident	Group 20 Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 795,500,000
Percentage	43%

FINANCIAL HIGHLIGHT

BALANCE SHEET
Unit: Million VND
Balance sheet date	31/12/2009
Number of weeks	52
ASSETS
A. Current Asset	7,166
Receivables	0
Inventory	54
Cash and other current assets	7,112
B. Long term Asset	324
1. Long term account receivable	0
2. Fixed assets	324
Tangible fixed assets	324
+ Original cost	324
+ Accumulated depreciation value	0
Financial leasehold assets	0
Intangible fixed assets	0
Construction in progress and other long term asset	0
TOTAL ASSETS	7,490
LIABILITIES
Payable loans	6,746
Owner’s Equity	744
TOTAL LIABILITY AND EQUITY	7,490
PROFIT & LOSS STATEMENT
1. Total Sales	7,759
2. Deduction item	0
3. Net sale	7,759
4. Costs of goods sold	7,662
5. Gross profit	97
6. Financial income	0
7. Financial expenses	0
8. Selling expenses and Administrative overheads	66
9. Net operating profit	31
10. Other income	0
11. Other expenses	25
12. Other profit /(loss)	-25
13. Total accounting profit before tax	6
14. Current corporate income tax	3
15. Deferred corporate income tax	0
16. Interest from subsidiaries/related companies	0
17. Profit after tax	3

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	Average
Development trend	Stable
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	TT, LC
Sale Methods	Wholesaler
Public opinion	Normal

INTERPRETATION ON THE SCORES

The subject was established in 2006 following the business registration No. 2202001429 issued by Quang Ninh Department of Planning and Investment. Currently, it is operating under the business registration No. 5700623577 which is the same with the company's tax code.

The subject's registration address is at No. 10B, Dan Tien Street, Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Viet Nam where is the private house of Mr. Pham Van Luan - the subject's director. Its head office is located at No. 01, Dan Tien Street, Hoa Lac Ward, Mong Cai City, Quang Ninh Province. According to Mr. Pham Van Luan, the subject also has a transaction office in Hai Phong City, Viet Nam. The company has about 32 employees in total. It specializes in temporary import for re-export and trading field. According to Mr. Pham Van Luan, the subject focuses on trading agricultural products. In addition, it also trades automobile tires and mining equipments. Its import markets are India and South African Countries, etc. The main export market is China.

The company's financial situation is considered average. This is a small sized company in the industry. In 2009, the subject's total sales were accounted for VND 7.8 billion. According to Mr. Pham Van Luan, the number of total sales in 2010 and 2011 were bigger than in 2009, but he did not reveal the exact number.

In general, the subject has capacity to meet small financial commitments.

Note: The subject is operating in temporary import for re-export and trading field. Its products include agricultural products, automobile tires and mining equipments. According to Mr. Pham Van Luan, the main products are agricultural products such as: sesame seeds, peanut, chilly, cumin seeds, etc.

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.54.94
UK Pound	1	Rs.88.42
Euro	1	Rs.71.71

INFORMATION DETAILS

Report Prepared by :

SDA

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.