MIRA INFORM REPORT

Report Date :

04.01.2012

IDENTIFICATION DETAILS

Name :	ANH THO TRADING COMPANY LIMITED
Registered Office :	No. 32/19B Dang Van Ngu Str, Ward 10 , Phu Nhuan District, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2010
Date of Incorporation :	12.01.2004
Com. Reg. No.:	4102019740
Legal Form :	Limited Liability Company
Line of Business :	Specializes in trading in handicrafts, powdered coffee, pesticide and mechanical vehicle.
No. of Employees :	6

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 :	Small Company
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, 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	ANH THO TRADING COMPANY LIMITED
Vietnamese Name	CONG TY TNHH THUONG MAI ANH THO
Trade name	ANH THO CO., LTD
Type of Business	Limited liability company
Year Established	2004
Business Registration No.	4102019740
Date of Registration	12 Jan 2004
Place of Registration	Business Registration Office (Planning and Investment Department of Hochiminh City)
Current registered capital	VND 1,500,000,000
Tax code	0303170219
Total Employees	6

Historical Identification & Legal form

List	Changed Items
1	Subject has got former Address: No. 32/35A Dang Van Ngu Str, Ward 10, Phu Nhuan Dist, Hochiminh City Changed to: No. 32/19B Dang Van Ngu Str, Ward 10, Phu Nhuan Dist , Hochiminh City

ADDRESSES
Head Office
Address	No. 32/19B Dang Van Ngu Str, Ward 10 , Phu Nhuan District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3991 3375 / 3991 9145
Fax	(84-8) 3991 6441

DIRECTORS
1. NAME	Ms. TRAN THI ANH THO
Position	Chairman
Date of Birth	01 Jan 1965
ID Number/Passport	022307184
ID Issue Date	30 May 1994
ID Issue Place	Police station of Hochiminh city
Resident	32/35A Dang Van Ngu Str, Ward 10 , Phu Nhuan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
2. NAME	Mr. TRAN DUY LE THACH
Position	Director
ID Number/Passport	250308709
Resident	25/7 Phan Chu Trinh Str, Ward 9 , Da Lat City, Lam Dong Province, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject specializes in trading in handicrafts, powdered coffee, pesticide and mechanical vehicle.

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Pesticide
· Market	China and India.
EXPORT:
· Types of products	Handicrafts
· Market	Germany

BANKERS
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM DISTRICT NO.5 BRANCH
Address	2D-2E Ly Thuong Kiet, 5 District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3957 0727
Fax	(84-8) 3957 0726

SHAREHOLDERS
1. NAME	Ms. TRAN THI ANH THO
Position	Chairman
Date of Birth	01 Jan 1965
ID Number/Passport	022307184
Issued on	30 May 1994
Issued Place	Police station of Hochiminh city
Resident	32/35A Dang Van Ngu Str, Ward 10 , Phu Nhuan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 750,000,000
Percentage	50%
2. NAME	Mr. TRAN DUY LE THACH
Position	Director
ID Number/Passport	250308709
Resident	25/7 Phan Chu Trinh Str, Ward 9 , Da Lat City, Lam Dong Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 750,000,000
Percentage	50%

FINANCIAL DATA
BALANCE SHEET
Unit: Million VND
Balance sheet date	31/12/2010	31/12/2009
Number of weeks	52	52
ASSETS
A – CURRENT ASSETS	22,959	7,092
I. Cash and cash equivalents	4,501	372
1. Cash	2,464	17
2. Cash equivalents	2,037	355
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	18,405	6,676
1. Receivable from customers	18,260	6,676
2. Prepayments to suppliers	145	0
3. Inter-company receivable	0	0
4. Receivable according to the progress of construction	0	0
5. Other receivable	0	0
6. Provisions for bad debts	0	0
IV. Inventories	0	0
1. Inventories	0	0
2. Provisions for devaluation of inventories	0	0
V. Other Current Assets	53	44
1. Short-term prepaid expenses	0	0
2. VAT to be deducted	53	44
3. Taxes and other accounts receivable from the State	0	0
4. Other current assets	0	0
B. LONG-TERM ASSETS	5,020	2,008
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	5,020	1,664
1. Tangible assets	5,020	1,664
- Historical costs	5,556	1,772
- Accumulated depreciation	-536	-108
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	344
1. Long-term prepaid expenses	0	344
2. Deferred income tax assets	0	0
3. Other long-term assets	0	0
VI. Goodwill	0	0
1. Goodwill	0	0
TOTAL ASSETS	27,979	9,100
LIABILITIES
A- LIABILITIES	25,036	7,187
I. Current liabilities	25,036	7,187
1. Short-term debts and loans	6,714	3,231
2. Payable to suppliers	17,750	3,925
3. Advances from customers	0	0
4. Taxes and other obligations to the State Budget	572	31
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	0	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	2,943	1,913
I. OWNER’S EQUITY	2,943	1,913
1. Capital	1,500	1,500
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	-15	-16
7. Business promotion fund	0	0
8. Financial reserved fund	0	0
9. Other funds	0	0
10. Retained earnings	1,458	429
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	27,979	9,100

PROFIT & LOSS STATEMENT
Description	FY2010	FY2009
1. Total Sales	44,636	11,001
2. Deduction item	0	0
3. Net revenue	44,636	11,001
4. Costs of goods sold	41,309	10,324
5. Gross profit	3,327	677
6. Financial income	11	3
7. Financial expenses	1,210	73
- In which: Loan interest expenses	202	73
8. Selling expenses	45	26
9. Administrative overheads	609	502
10. Net operating profit	1,474	79
11. Other income	0	0
12. Other expenses	0	13
13. Other profit /(loss)	0	-13
14. Total accounting profit before tax	1,474	66
15. Current corporate income tax	0	18
16. Deferred corporate income tax	0	0
17. Interest from subsidiaries/related companies	0	0
18. Profit after tax	1,474	48

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	FY2009	Average Industry
Current liquidity ratio	0.92	0.99	1.45
Quick liquidity ratio	0.92	0.99	0.87
Inventory circle	0	0	7.48
Average receive period	150.50	221.50	64.15
Utilizing asset performance	1.60	1.21	2.38
Liability by total assets	89.48	78.98	69.14
Liability by owner's equity	850.70	375.69	281.46
Ebit / Total assets (ROA)	5.99	1.53	10.33
Ebit / Owner's equity (ROE)	56.95	7.27	35.61
Ebit / Total revenue (NPM)	3.75	1.26	4.71
Gross profit / Total revenue (GPM)	7.45	6.15	15.43
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	Normal
Development trend	Even
Litigation data	No
Bankruptcy	No
Payment Methods	Direct payment or through its corresponding bank. Foreign remittance by document against acceptance
Sale Methods	To contracts

INTERPRETATION ON THE SCORES

Anh Tho is a limited liability company which was established in the beginning of the year 2004 and started operation at the same time. Its head office is at No. 32/19B Dang Van Ngu Str, Ward 10 - Phu Nhuan District - Ho Chi Minh City - Vietnam.
The subject specializes in trading in handicrafts, insecticide, powdered coffee and mechanical vehicles.
Anh Tho imports insecticide from foreign countries to distribute in domestic market. Main import markets of the subject are China and India. The subject exports handicrafts including rattan and bamboo products to Germany.
Director of subject has experienced in this field for long time and created stable market share. However, its scale is still small in comparison with companies in same field. In overview, the premises and facilities of the subject are normal. Its management capability is normal with 6 employees. Currently, it is operating normally. Its financial situation is not strong. In our opinion, the subject has capacity to meet small financial commitments.

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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.53.23
UK Pound	1	Rs.82.87
Euro	1	Rs.69.13

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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