MIRA INFORM REPORT

Report Date :

05.12.2012

IDENTIFICATION DETAILS

Name :	HUY TUAN JOINT STOCK COMPANY

Registered Office :	Group 5, Zone 7 Bai Chay Ward, Ha Long City, Quang Ninh Province

Country :	Vietnam

Date of Incorporation :	10.06.2010

Com. Reg. No.:	5701407875

Legal Form :	Joint Stock Company

Line of Business :	Subject operates in import-export services (temporary import and re-export).

No. of Employees :	10 employees

RATING & COMMENTS

MIRA’s Rating :

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:

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ECGC Country Risk Classification List – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Vietnam

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

English Name		HUY TUAN JOINT STOCK COMPANY
Vietnamese Name		CONG TY CO PHAN HUY TUAN
Short name		HT - JSC
Type of Business		Joint stock company
Year Established		2010
Business Registration No.		5701407875
Date of Registration		10 Jun 2010
Place of Registration		Department of Planning and Investment of Quang Ninh Province
Chartered capital		VND 4,800,000,000
Status		Unlisted
Tax code		5701407875
Total Employees		10
Size		Small

company ADDRESSES

Head Office
Address		Group 5, Zone 7 Bai Chay Ward, Ha Long City, Quang Ninh Province, Vietnam
Telephone		(84-33)3 623 968
Fax		(84-33)3 623 968
ormer Address
Address		No 200 - Group 1 - 4D Area Nguyen Van Cu Str - Hong Ha Ward, Ha Long City, Quang Ninh Province, Vietnam

DIRECTOR

NAME		Mr. NGUYEN HONG THAI
Position		Chairman cum Director
Date of Birth		25 Apr 1966
ID Number/Passport		100558814
ID Issue Date		21 Aug 1998
ID Issue Place		Quang Ninh Department Of Public Security
Resident		Group 5 - 7A area Bai Chay Ward, Ha Long City, Quang Ninh Province, Vietnam
Nationality		Vietnamese
Email		huytuanxnk.hl@gmail.com

BUSINESS NATURE AND ACTIVITIES

The company operates in import-export services (temporary import and re-export).

IMPORT & EXPORT ACTIVITIES

IMPORT:
 Types of products		Refrigerated goods
 Market		USA, China, Mexico, Thailand
 Mode of payment		L/C; T/T; D/A

EXPORT:
 Types of products		Refrigerated goods
 Market		Asian countries.
 Mode of payment		L/C; T/T; D/A

BANKERS

1. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE BAI CHAY BRANCH
Address		Bai Chay ward, Ha Long City, Quang Ninh Province, Vietnam
Telephone		(84-33) 3846560
Fax		(84-33) 3845 371

SHAREHOLDERS

1. NAME		Mr. NGUYEN HONG THAI
Position		Chairman cum Director
Date of Birth		25 Apr 1966
ID Number/Passport		100558814
Issued on		21 Aug 1998
Issued Place		Quang Ninh Department Of Public Security
Resident		Group 5 - 7A area Bai Chay Ward, Ha Long City, Quang Ninh Province, Vietnam
Email		huytuanxnk.hl@gmail.com
Nationality		Vietnamese
Number of Shares		30,000
Value of shares		VND 3,000,000,000
Percentage		62.5%

2. NAME		Mr. NGUYEN HONG HA
ID Number/Passport		100080925
Resident		Group 1 - 4B area Hong Hai Ward, Ha Long City, Quang Ninh Province, Vietnam
Nationality		Vietnamese
Number of Shares		9,000
Value of shares		VND 900,000,000
Percentage		18.75%

3. NAME		Mr. DO DINH CHIEN
ID Number/Passport		100776600
Resident		Group 12 - 1 area Bach Dang Ward, Ha Long City, Quang Ninh Province, Vietnam
Nationality		Vietnamese
Number of Shares		9,000
Value of shares		VND 900,000,000
Percentage		18.75%

FINANCIAL DATA

The latest financial data of the subject is not available in our source at the present.

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		L/C; T/T; D/A
Sale Methods		Agreement
Public opinion		Good

INTERPRETATION ON THE SCORES

CONG TY CO PHAN HUY TUAN was established in Jun 2010 at No 200 - Group 1 - 4D Area Nguyen Van Cu Str - Hong Ha Ward, Ha Long City, Quang Ninh Province, Vietnam according to business registration No. 5701407875. Following the license, the subject registers VND 4.8 billion in chartered capital. This amount was contributed by Mr. NGUYEN HONG THAI with 62.5%, Mr. NGUYEN HONG HA with 18.75% and Mr. DO DINH CHIEN also with 18.75%.

Head office of the subject now is changed to Group 5, Zone 7 Bai Chay Ward, Ha Long City, Quang Ninh Province, Vietnam. The subject has small business with about 10 employees.

As our checks, the subject currently focuses on operation of temporary import and re-exports. The subject will make these services according to its client’s requests. All transactions are performed at border gate.

In general, the subject is operating at small scale. And as a new enterprise, the prestige of the subject in this field is not high. Caution is needed with medium and big financial commitments with the subject.

APPENDIX

INDUSTRY DATA
Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,887		24,362.9	95,227
Industry and Construction	5.53	7.70	95,217		10,718.9	3,641,376
Trade and Services	6.69	7.52	187,195		15,270.2	6,957,082

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.54.95
UK Pound	1	Rs.88.42
Euro	1	Rs.71.71

INFORMATION DETAILS

Report Prepared by :

MNL

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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