MIRA INFORM REPORT

Report Date :

09.02.2012

IDENTIFICATION DETAILS

Name :	PHI NHUNG COMPANY LIMITED
Registered Office :	Room 412 – Block A – 17 floors, the General Staff Department Nhan My Hamlet, Tu Liem District, Ha Noi City
Country :	Vietnam
Financials (as on) :	31.12.2007
Year of Establishment :	2007
Com. Reg. No.:	0102190335
Legal Form :	Limited Liability Company
Line of Business :	Mining, processing and exporting natural stone
No. of Employees :	7

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Small Company
Payment Behaviour :	Unknown
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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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	PHI NHUNG COMPANY LIMITED
Vietnamese Name	CONG TY TNHH PHI NHUNG
Short name	PHI NHUNG CO., LTD
Type of Business	Limited liability company
Year Established	2007
Business Registration No.	0102190335
Place of Registration	Planning and Investment Department of Ha Noi City
Current registered capital	VND 200,000,000
Status	Unlisted
Tax code	0102190335
Total Employees	7
Size	Small

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Address: Cluster 12 Trung Hamlet, Xuan Dinh Commune, Tu Liem District, Ha Noi City Changed to: Room 412 – Block A – 17 floors, the General Staff Department, Nhan My Hamlet, Tu Liem District, Ha Noi City, Vietnam	2008

ADDRESSES
Head Office
Address	Room 412 – Block A – 17 floors, the General Staff Department Nhan My Hamlet, Tu Liem District, Ha Noi City, Vietnam
Telephone	(84-4) 85822734
Note: The given address is the former one.

DIRECTORS
1. NAME	Mr. VO VAN PHI
Position	Director
Date of Birth	15 Feb 1979
ID Number/Passport	013431862
ID Issue Date	03 Jun 2011
ID Issue Place	Police of Ha Noi City
Resident	Room A412, Don Nguyen 2, Block A - 17 Floors the General Staff Department, Nhan My Hamlet, My Dinh Commune, Tu Liem District, Ha Noi City, Vietnam
Nationality	Vietnamese
Tel/Mobil phone	++84 904 196 227
Email	vovanphi150279@vnn.vn

BUSINESS NATURE AND ACTIVITIES

Mining, processing and exporting natural stone

IMPORT & EXPORT ACTIVITIES
IMPORT:
Note: Currently, the subject does not import
EXPORT:
· Types of products	natural stone
· Market	Netherland, Belgium
· Ratio	100%
· Mode of payment	TT

BANKERS
1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Address	No. 198 Tran Quang Khai Street, Hoan Kiem District, Ha Noi City, Vietnam
Telephone	(84-4) 3934 3137 / 3814 8919
Fax	(84-4) 3826 9067 / 3825 1322

SHAREHOLDERS
1. NAME	Mr. VO VAN PHI
Position	Director
Date of Birth	15 Feb 1979
ID Number/Passport	013431862
Issued on	03 Jun 2011
Issued Place	Police of Ha Noi City
Resident	Room A412, Don Nguyen 2, Block A - 17 Floors the General Staff Department, Nhan My Hamlet, My Dinh Commune, Tu Liem District, Ha Noi City, Vietnam
Email	vovanphi150279@vnn.vn
Mobile phone	++84 904 196 227
Nationality	Vietnamese
Value of shares	VND 100,000,000
Percentage	50%
2. NAME	Ms. NGUYEN THI KIM NHUNG
ID Number/Passport	013431861
Resident	Room A412, Don Nguyen 2, Block A - 17 Floors the General Staff Department, Nhan My Hamlet, My Dinh Commune, Tu Liem District, Ha Noi City, Vietnam
Value of shares	VND 100,000,000
Percentage	50%

FINANCIAL DATA

N/A

FINANCIAL HIGHLIGHT
Following Is overview financial data in our source to reference:
BALANCE SHEET
Unit: Million VND
Balance sheet date	31/12/2007
Number of weeks	52
ASSETS
A. Current Asset	830
Receivables	0
Inventory	70
Cash and other current assets	760
B. Long term Asset	261
1. Long term account receivable	0
2. Fixed assets	261
Tangible fixed assets	261
+ Original cost	272
+ Accumulated depreciation value	-11
Financial leasehold assets	0
Intangible fixed assets	0
Construction in progress and other long term asset	0
TOTAL ASSETS	1,091
LIABILITIES
Payable loans	877
Owner’s Equity	214
TOTAL LIABILITY AND EQUITY	1,091
PROFIT & LOSS STATEMENT
1. Total Sales	1,048
2. Deduction item	0
3. Net revenue	1,048
4. Costs of goods sold	1,032
5. Gross profit	16
6. Financial income	1
7. Financial expenses	1
8. Selling expenses and Administrative overheads	0
9. Net operating profit	16
10. Other income	0
11. Other expenses	0
12. Other profit /(loss)	0
13. Total accounting profit before tax	16
14. Current corporate income tax	0
15. Deferred corporate income tax	0
16. Interest from subsidiaries/related companies	0
17. Profit after tax	16

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	N/A
Development trend	N/A
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	TT
Sale Methods	To contracts

INTERPRETATION ON THE SCORES

PHI NHUNG CO., LTD was founded in 2007 as a limited liability company, following the business registration No. 0102190335, issued by Planning and Investment Department of Ha Noi City. Currently, the company has registered capital of VND 200 million, which is a small amount in compared with other companies in the same field, and the humble labor force of 7 employees.

Head office of the subject was moved from Cluster 12 Trung Hamlet, Xuan Dinh Commune, Tu Liem District, Ha Noi City to Room 412 - Block A - 17 floors, the General Staff Department Nhan My Hamlet, Tu Liem District, Ha Noi City, Vietnam in 2008. Formerly, it had a branch in Thanh Hoa Province, but now the branch was closed. The subject focuses much in exporting, and participates a little in mining, processing natural stone products. The biggest export market of the subject is Netherland. Besides, it also exports to Belgium.

Mr. Phi, director, refused to provide us the full financial data; therefore, it is difficult to have an overview investigation on operation effectiveness of the subject. He only revealed that in more 4 years in operation, its business results were stable at around VND 1 billion in revenue and nearly did not have profit.

In general, this is a small-company in this industry. Caution is needed for every financial commitment.

------------ 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)
	2010	2009
Agriculture, Forestry and Fishing	2.78	1.82	8,749		23,896.3	81,559
Industry and Construction	7.70	5.52	85,115		10,630	2,751,975
Trade and Services	7.52	6.63	154,978		14,522	4,939,069
ECONOMIC INDICATORS
			2010	2009		2008
Population (Million person)			86.93	86.02		86.1
Gross Domestic Products (US$ billion)			102.2	91		84.9
GDP Growth (%)			6.78	5.32		6.2
GDP Per Capita (US$)			1,160	1,080		1,040
Inflation (% Change in Composite CPI)			11.75	6.88		24.4
SERVICE TRADE PERFORMANCE
Billion USD			2010	2009		2008
Exports			72.2	57.1		62.7
Imports			84.8	69.9		80.7
Trade Balance			-12.6	-12.8		-18

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.07
UK Pound	1	Rs.78.09
Euro	1	Rs.65.15

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.