MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	THUY HA COMMERCIAL IM-EXPORT JOINT STOCK COMPANY
Registered Office :	No.19 Alley 26A, lane 73, Nguyen Trai Street, Khuong Trung Ward, Thanh Xuan District, Ha Noi City
Country :	Vietnam
Date of Incorporation :	08.11.2011
Com. Reg. No.:	0105624615
Legal Form :	Joint Stock Company
Line of Business :	Wholesale of agricultural products, raw materials (except wood, bamboo) and live animals
No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New 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
English Name	THUY HA COMMERCIAL IM-EXPORT JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN THUONG MAI XUAT NHAP KHAU THUY HA
Type of Business	Joint stock company
Year Established	08 Nov 2011
Business Registration No.	0105624615
Date of Registration	08 Nov 2011
Place of Registration	Ha Noi Department of Investment and Planning
Current registered capital	VND 6,000,000,000
Status	Unlisted
Tax code	0105624615
Total Employees	4
Size	Small

Note: The correct English name and address of the subject are as above.
ADDRESSES
Head Office
Address	No.19 Alley 26A, lane 73, Nguyen Trai Street, Khuong Trung Ward, Thanh Xuan District, Ha Noi City, Vietnam
Registered Telephone	(84-4) 3563 2567
Fax	(84-4) 3563 2567
Mobile Phone	+84 943134111/ +84 986936789
Note: The telephone No: (84-4) 3563 2567 (same as fax No.) is currently not in use yet. Please contact directly to Ms Nghiem Thu Ha- The subject’s director- via above mobile phone.

DIRECTORS
1. NAME	Ms. NGHIEM THU HA
Position	Director
Date of Birth	08 Oct 1974
ID Number/Passport	013339398
ID Issue Date	21 Sep 2010
ID Issue Place	Hanoi Department of Police
Resident	Room 205-A11 Khuong Trung Living Quater, Khuong Trung Ward, Thanh Xuan District, Ha Noi City, Vietnam
Current resident	Room 205-A11 Khuong Trung Living Quater, Khuong Trung Ward, Thanh Xuan District, Ha Noi City, Vietnam
Nationality	Vietnamese
Mobile Phone	+84 943134111/ +84 986936789
Note: Now, Ms Nghiem Thu Ha also takes duty as subject’s accountant. In next year 2012, the subject will start to recruit an accountant and employees.

BUSINESS NATURE AND ACTIVITIES

The subject registered following business activities:

+ Wholesale of agricultural products, raw materials (except wood, bamboo) and live animals
+ Manufacture of furniture
+ Manufacture of other products of wood, manufacture of articles of cork, straw and plaiting materials
+ Wholesale of other machinery and equipment n.e.c
+ Other transportation support activities

IMPORT & EXPORT ACTIVITIES
IMPORT:
Note: Currently, the subject does not import
EXPORT:
· Types of products	Agriculture products (maize, beans, soybeans, fish paste, fruits...)
· Market	China, India
· Ratio	100%
· Mode of payment	L/C, T/T

BANKERS
1. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE CHUONG DUONG BRANCH
Address	No.32/298 Ngoc Lam, Long Bien District, Ha Noi City, Vietnam
Telephone	(84-4) 38272725
SWIFT Code	ICBVVNVX128
2. OCEAN BANK - HAI PHONG BRANCH
Address	No.418-418A-420 To Hieu Road Tran Nguyen Han Ward, Le Chan District, Hai Phong City, Vietnam
Telephone	(84-31) 371 5555
Fax	(84-31) 378 6878

SHAREHOLDERS
1. NAME	Ms. NGHIEM THU HA
Position	Director
Date of Birth	08 Oct 1974
ID Number/Passport	013339398
Issued on	21 Sep 2010
Issued Place	Hanoi Department of Police
Resident	Room 205-A11 Khuong Trung Living Quater, Khuong Trung Ward, Thanh Xuan District, Ha Noi City, Vietnam
Current Resident	Room 205-A11 Khuong Trung Living Quater, Khuong Trung Ward, Thanh Xuan District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	18,000
Value of shares	VND 1,800,000,000
Percentage	30%
2. NAME	Ms. NGHIEM THI KIM THUY
ID Number/Passport	013339336
Resident	No.2 Alley 73, lane 26A Nguyen Trai Street, Khuong Trung Ward, Thanh Xuan District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	24,000
Value of shares	VND 2,400,000,000
Percentage	40%
3. NAME	Ms. BUI VAN HANH
ID Number/Passport	125558222
Resident	Dai Phuc Ward , Bac Ninh City, Bac Ninh Province, Vietnam
Nationality	Vietnamese
Number of Shares	12,000
Value of shares	VND 1,200,000,000
Percentage	20%
4. NAME	Ms. NGHIEM THU HANG
ID Number/Passport	080988056
Resident	Tan My Commune , Van Lang District, Lang Son Province, Vietnam
Nationality	Vietnamese
Number of Shares	6,000
Value of shares	VND 600,000,000
Percentage	10%

FINANCIAL DATA

N/A

+ Note: Because the subject has been established for a short period of time (in Nov 2011), its financial data is not available.

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Fair
Liquidity	N/A
Payment status	N/A
Financial Situation	N/A
Development trend	Developing
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	LC, T/T
Sale Methods	To Contracts, Others
Public opinion	Limited

CREDIT INQUIRY: USD 125,000

Caution is needed for this inquiry!

INTERPRETATION ON THE SCORES

THUY HA COMMERCIAL IM-EXPORT JOINT STOCK COMPANY was established in November 2011 as a joint-stock company. Currently, it is operating under the business code No. 0105624615 granted by Ha Noi Department of Investment and Planning with registered capital of VND 6,000,000,000.

The subject’s registered head office is at No.19 Alley 26A, lane 73, Nguyen Trai Street, Khuong Trung Ward, Thanh Xuan District, Ha Noi City, Vietnam. The subject's labor workforce is of 4 people who are also shareholders of the subject.

The subject is specialized in exporting agriculture products (maize, beans, soybeans, fish paste, fruits...). It buys products in domestic nationwide market then export to China, India. Besides, it also acts as intermediary in product trade and logistics.

According Ms. NGHIEM THU HA, in next time the subject will set up branches in Hai Phong province (with about 6 staff) and in Lang son province (6 staff) for doing business. Besides, it will import Coal from China and Indonesia for domestic demand. Because the subject has been established for a short period of time (in Nov 2011), its financial data is not available. It will start financial statistics from the year 2012.

In general, the subject is a small and new company in the industry. The subject’s business activities seem fairly good. The future prospect is bright. At present, the subject is capable to meet small financial commitments. Caution needed for big one.

------------ 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.51.65
UK Pound	1	Rs.79.09
Euro	1	Rs.65.32

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.