MIRA INFORM REPORT

Report Date :

09.06.2012

IDENTIFICATION DETAILS

Name :	TAN DAT DUC CO.,LTD
Registered Office :	68/9N Quang Trung Str, Ward 14, Go Vap District, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2010
Date of Incorporation :	16.01.2006
Com. Reg. No.:	4102036232
Legal Form :	Limited Liability Company
Line of Business :	Support activities for transportation such as: custom declaration, transportation contact, goods exchange service
No. of Employees :	10

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Vietnam	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	TAN DAT DUC CO.,LTD
Registration Vietnamese Name	CONG TY TNHH THUONG MAI DICH VU TAN DAT DUC
Registration Short name	TDD CO., LTD
Type of Business	Limited liability company
Year Established	2006
Business Registration No.	4102036232
Date of Registration	16 Jan 2006
02^nd Adjustment	10 Jun 2009
Place of Registration	Business Registration Office - Planning and Investment Department of Ho Chi Minh City
Chartered capital	VND 1,200,000,000
Tax code	0304195544
Total Employees	10

company ADDRESSES

Head Office
Address	28 Mac Dinh Chi Str, Dakao Ward, District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 35210566 / 3822 2375
Fax	(84-8) 3521 0567
Email	ttdcoltd@yahoo.com.vn
Registration Address
Address	68/9N Quang Trung Str, Ward 14, Go Vap District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3880 1339
Note: The given tel “(84-8) 3880 1339” is not available

DIRECTORS

1. NAME	Mr. HO TAN DONG
Position	Director
Date of Birth	16 Apr 1976
ID Number/Passport	025099794
ID Issue Date	24 Feb 2009
ID Issue Place	Police station of Hochiminh city
Resident	68/9N Quang Trung Str, Ward 14 , Go Vap District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
2. NAME	Ms. NGUYEN THI VAN DUNG
Position	Accountant
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

Support activities for transportation such as: custom declaration, transportation contact, goods exchange service…

IMPORT & EXPORT ACTIVITIES

IMPORT:

Note: Currently, the subject does not import

EXPORT:

Note: Currently, the subject does not export

BANKERS

ASIA COMMERCIAL BANK PHAN DINH PHUNG BRANCH
Address	No.164-166 Phan Dinh Phung, Phu Nhuan District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3995 6470
Fax	(84-8) 3995 6468

SHAREHOLDERS

1. NAME	Mr. HO TAN DONG
Position	Director
Date of Birth	16 Apr 1976
ID Number/Passport	025099794
Issued on	24 Feb 2009
Issued Place	Police station of Hochiminh city
Resident	68/9N Quang Trung Str, Ward 14 , Go Vap District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 800,000,000
Percentage	66.67%
Mr. Dong and Mrs. Chinh are husband and wife
2. NAME	Ms. NGUYEN THI CAM CHINH
ID Number/Passport	025111598
Resident	68/9N Quang Trung Str, Ward 14 , Go Vap District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 400,000,000
Percentage	33.33%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010
Number of weeks	52
Audit status	Unknown
ASSETS
A – CURRENT ASSETS	5,082,000,000
I. Cash and cash equivalents	1,117,000,000
1. Cash	1,117,000,000
2. Cash equivalents	0
II. Short-term investments	0
1. Short-term investments	0
2. Provisions for devaluation of short-term investments	0
III. Accounts receivable	3,965,000,000
1. Receivable from customers	3,965,000,000
2. Prepayments to suppliers	0
3. Inter-company receivable	0
4. Receivable according to the progress of construction	0
5. Other receivable	0
6. Provisions for bad debts	0
IV. Inventories	0
1. Inventories	0
2. Provisions for devaluation of inventories	0
V. Other Current Assets	0
1. Short-term prepaid expenses	0
2. VAT to be deducted	0
3. Taxes and other accounts receivable from the State	0
4. Other current assets	0
B. LONG-TERM ASSETS	131,000,000
I. Long term accounts receivable	0
1. Long term account receivable from customers	0
2. Working capital in affiliates	0
3. Long-term inter-company receivable	0
4. Other long-term receivable	0
5. Provisions for bad debts from customers	0
II. Fixed assets	131,000,000
1. Tangible assets	131,000,000
- Historical costs	543,000,000
- Accumulated depreciation	-412,000,000
2. Financial leasehold assets	0
- Historical costs	0
- Accumulated depreciation	0
3. Intangible assets	0
- Initial costs	0
- Accumulated amortization	0
4. Construction-in-progress	0
III. Investment property	0
Historical costs	0
Accumulated depreciation	0
IV. Long-term investments	0
1. Investments in affiliates	0
2. Investments in business concerns and joint ventures	0
3. Other long-term investments	0
4. Provisions for devaluation of long-term investments	0
V. Other long-term assets	0
1. Long-term prepaid expenses	0
2. Deferred income tax assets	0
3. Other long-term assets	0
VI. Goodwill	0
1. Goodwill	0
TOTAL ASSETS	5,213,000,000

LIABILITIES
A- LIABILITIES	3,087,000,000
I. Current liabilities	3,087,000,000
1. Short-term debts and loans	1,100,000,000
2. Payable to suppliers	1,750,000,000
3. Advances from customers	0
4. Taxes and other obligations to the State Budget	117,000,000
5. Payable to employees	0
6. Accrued expenses	120,000,000
7. Inter-company payable	0
8. Payable according to the progress of construction contracts	0
9. Other payable	0
10. Provisions for short-term accounts payable	0
II. Long-Term Liabilities	0
1. Long-term accounts payable to suppliers	0
2. Long-term inter-company payable	0
3. Other long-term payable	0
4. Long-term debts and loans	0
5. Deferred income tax payable	0
6. Provisions for unemployment allowances	0
7. Provisions for long-term accounts payable	0
B- OWNER’S EQUITY	2,126,000,000
I. OWNER’S EQUITY	2,126,000,000
1. Capital	1,200,000,000
2. Share premiums	0
3. Other sources of capital	0
4. Treasury stocks	0
5. Differences on asset revaluation	0
6. Foreign exchange differences	0
7. Business promotion fund	0
8. Financial reserved fund	0
9. Other funds	0
10. Retained earnings	926,000,000
11. Construction investment fund	0
II. Other sources and funds	0
1. Bonus and welfare funds	0
2. Sources of expenditure	0
3. Fund to form fixed assets	0
MINORITY’S INTEREST
TOTAL LIABILITIES AND OWNER’S EQUITY	5,213,000,000

PROFIT & LOSS STATEMENT
Description	FY2010
1. Total Sales	46,400,000,000
2. Deduction item	0
3. Net sale	46,400,000,000
4. Costs of goods sold	44,394,000,000
5. Gross profit	2,006,000,000
6. Financial income	11,000,000
7. Financial expenses	158,000,000
- In which: Loan interest expenses
8. Selling expenses	199,000,000
9. Administrative overheads	425,000,000
10. Net operating profit	1,235,000,000
11. Other income	0
12. Other expenses	0
13. Other profit /(loss)	0
14. Total accounting profit before tax	1,235,000,000
15. Current corporate income tax	309,000,000
16. Deferred corporate income tax	0
17. Interest from subsidiaries/related companies	0
18. Profit after tax	926,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	Average Industry
Current liquidity ratio	1.65	1.21
Quick liquidity ratio	1.65	0.72
Inventory circle	-	12.25
Average receive period	31.19	51.49
Utilizing asset performance	8.90	2.30
Liability by total assets	59.22	59.32
Liability by owner's equity	145.20	229.17
Ebit / Total assets (ROA)	23.69	8.16
Ebit / Owner's equity (ROE)	58.09	24.08
Ebit / Total sale (NPM)	2.66	6.61
Gross profit / Total sale (GPM)	4.32	16.82
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Normal
Liquidity	Medium
Payment status	Average
Financial Situation	Average
Development trend	Developing
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Direct payment or through its corresponding bank
Sale Methods	Other

INTERPRETATION ON THE SCORES

TAN DAT DUC CO.,LTD was established in 2006. Its head office is at No. 28 Mac Dinh Chi Str, Dakao Ward, District 1, Ho Chi Minh City, Vietnam.

The subject is specialized in support activities for transportation such as: custom declaration, transportation contact, goods exchange service… Main operation market of subject is domestic market. It doesn’t have international logistic activity.

The subject’s premises and facilities are normal. Its management capability is average. According to Ms.Nguyen Thi Van Dung- accountant, its turnover 2011 was about VND45 billion and profit was about VND2.530 billion.

In general, the subject is operating fairly effective. It has capacity to meet normal financial commitments.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.36
UK Pound	1	Rs.85.64
Euro	1	Rs.69.21

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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