MIRA INFORM REPORT

Report Date :

01.03.2012

IDENTIFICATION DETAILS

Name :	DONG A PLASTIC COMPANY LIMITED
Registered Office :	Chau Son Industrial Zone, Phu Ly City, Ha Nam Province
Country :	Vietnam
Financials (as on) :	31.12.2010
Year of Establishment :	2001
Com. Reg. No.:	0101099228-002
Legal Form :	Limited Liability Company
Line of Business :	The subject is specialized in manufacturing and trading plastics products
No. of Employees :	Over 500

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 – 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
Registered English Name	DONG A PLASTIC COMPANY LIMITED
Registered Vietnamese Name	CONG TY TRACH NHIEM HUU HAN NHUA DONG A
Registered Short name	CONG TY NHUA DONG A
Type of Business	Limited liability company
Year Established	2001
Business Registration No.	0101099228-002
Date of Registration	19 Jan 2009
Place of Registration	Ha Nam province Department of Planning and Investment
Current registered capital	VND 58,000,000,000
Status	Unlisted
Tax code	0101099228-002
Total Employees	Over 500
Size	Medium

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 0604000011 Changed to: 0101099228-002	19 Jan 2009

ADDRESSES
Head Office
Address	Chau Son Industrial Zone, Phu Ly City, Ha Nam Province, Vietnam
Telephone	(84-351) 3878888
Fax	(84-351) 3848988
Email	nda@nhuadonga.com.vn
Note: The given telephone and fax number belong to the subject's transaction office where is also transaction office of its parent company.
Transaction office in Ha Noi
Address	Suite 601, 6th Flr, DMC Building, 535 Kim Ma Street, Ba Dinh District, Ha Noi City, Vietnam
Telephone	(84-4) 37710788/ 37342888
Fax	(84-4) 37710789

PARENT COMPANY
DONG A PLASTIC GROUP JOINT STOCK COMPANY
Business Registration	0101099228
Date of Registration	18 Jul 2011
Place of Registration	Hanoi Department of Planning and Investment
Registered Capital	VND 100,000,000,000
Tax code	0101099228
Address	Lot 1 - CN5 Ngoc Hoi Industrial Zone, Thanh Tri District, Ha Noi City, Vietnam
Tel	(84-4) 36891888
Fax	(84-4) 36861616
Website	www.nhuadonga.com.vn

DIRECTORS
1. NAME	Ms. TRAN THI LE HAI
Position	Chairwoman
Date of Birth	02 Jan 1972
ID Number/Passport	011629609
ID Issue Date	30 Oct 2002
ID Issue Place	Police Station Of Hanoi City
Resident	No.41 Hang Non Str, Hoan Kiem District, Ha Noi City, Vietnam
Nationality	Vietnamese
2. NAME	Mr. NGUYEN PHU THANG
Position	Director
Nationality	Vietnamese
3. NAME	Mr. NGUYEN TRUNG THUC
Position	Deputy Director
Nationality	Vietnamese

4. NAME	Mr. PHAM VAN SANG
Position	Chief Accountant
Nationality	Vietnamese
Mobil phone	+84 936499228
BUSINESS NATURE AND ACTIVITIES
The subject is specialized in manufacturing and trading plastics products

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Materials
· Market	Thailand, Japan, China, Taiwan, etc
EXPORT:
· Types of products	Products
· Market	Sri lanka, Japan, Taiwan, India, etc

BANKERS
1. MILITARY COMMERCIAL JOINT STOCK BANK
Address	No.3 Lieu Giai, Ba Dinh District, Ha Noi City, Vietnam
Telephone	(84-4) 62661088
Fax	(84-4) 62661080

SHAREHOLDERS
1. NAME	DONG A PLASTIC GROUP JOINT STOCK COMPANY
Business Registration	0101099228
Date of Registration	18 Jul 2011
Place of Registration	Hanoi Department of Planning and Investment
Registered Capital	VND 100,000,000,000
Tax code	0101099228
Address	Lot 1 - CN5 Ngoc Hoi Industrial Zone, Thanh Tri District, Ha Noi City, Vietnam
Tel	(84-4) 36891888
Fax	(84-4) 36861616
Value of shares	VND 58,000,000,000
Percentage	100%

FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010	31/12/2009
Number of weeks	52	52
Audited situation	Audited	Audited
ASSETS
A – CURRENT ASSETS	74,697,181,875	76,794,534,708
I. Cash and cash equivalents	367,673,025	415,768,732
1. Cash	367,673,025	415,768,732
2. Cash equivalents	0	0
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	33,095,247,118	38,217,105,100
1. Receivable from customers	30,692,818,159	24,891,118,175
2. Prepayments to suppliers	2,380,205,708	468,568,737
3. Inter-company receivable	0	0
4. Receivable according to the progress of construction	0	0
5. Other receivable	22,223,251	12,857,418,188
6. Provisions for bad debts	0	0
IV. Inventories	41,018,792,332	37,587,356,016
1. Inventories	41,018,792,332	37,587,356,016
2. Provisions for devaluation of inventories	0	0
V. Other Current Assets	215,469,400	574,304,860
1. Short-term prepaid expenses	0	0
2. VAT to be deducted	39,836,200	0
3. Taxes and other accounts receivable from the State	0	0
4. Other current assets	175,633,200	574,304,860
B. LONG-TERM ASSETS	74,160,231,032	57,750,744,332
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	73,840,474,404	57,641,730,293
1. Tangible assets	58,621,959,993	53,871,770,114
- Historical costs	84,625,345,726	73,862,767,613
- Accumulated depreciation	-26,003,385,733	-19,990,997,499
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	15,218,514,411	3,769,960,179
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	319,756,628	109,014,039
1. Long-term prepaid expenses	319,756,628	109,014,039
2. Deferred income tax assets	0	0
3. Other long-term assets	0	0
VI. Goodwill	0	0
1. Goodwill	0	0
TOTAL ASSETS	148,857,412,907	134,545,279,040
LIABILITIES
A- LIABILITIES	71,594,322,084	59,428,306,235
I. Current liabilities	61,690,986,943	48,853,905,680
1. Short-term debts and loans	0	0
2. Payable to suppliers	20,404,575,872	16,991,510,852
3. Advances from customers	244,561,777	1,935,130,015
4. Taxes and other obligations to the State Budget	945,205,123	350,814,797
5. Payable to employees	498,538,253	370,024,659
6. Accrued expenses	281,378,256	295,451,008
7. Inter-company payable	0	0
8. Payable according to the progress of construction contracts	0	0
9. Other payable	39,316,727,662	28,910,974,349
10. Provisions for short-term accounts payable	0	0
II. Long-Term Liabilities	9,903,335,141	10,574,400,555
1. Long-term accounts payable to suppliers	0	0
2. Long-term inter-company payable	0	0
3. Other long-term payable	9,264,046,055	10,574,400,555
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	639,289,086	0
B- OWNER’S EQUITY	77,263,090,823	75,116,972,805
I. OWNER’S EQUITY	77,263,090,823	75,116,972,805
1. Capital	58,000,000,000	58,000,000,000
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	-62,118,224	4,436,378
7. Business promotion fund	1,529,036,527	722,827,115
8. Financial reserved fund	1,276,310,599	470,101,187
9. Other funds	806,209,412	0
10. Retained earnings	15,713,652,509	15,919,608,125
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	148,857,412,907	134,545,279,040

PROFIT & LOSS STATEMENT
Description	FY2010	FY2009
1. Total Sales	186,157,701,384	124,828,421,926
2. Deduction item	2,651,787,505	3,305,760,584
3. Net revenue	183,505,913,879	121,522,661,342
4. Costs of goods sold	148,698,922,935	90,128,357,168
5. Gross profit	34,806,990,944	31,394,304,174
6. Financial income	9,884,197	8,887,455
7. Financial expenses	10,313,730,657	7,847,675,392
- In which: Loan interest expenses	7,851,919,345	6,137,214,368
8. Selling expenses	4,059,290,372	3,935,166,652
9. Administrative overheads	3,432,338,177	3,195,590,234
10. Net operating profit	17,011,515,935	16,424,759,351
11. Other income	262,205,842	106,102,350
12. Other expenses	8,997,587	31,551,897
13. Other profit /(loss)	253,208,255	74,550,453
14. Total accounting profit before tax	17,264,724,190	16,499,309,804
15. Current corporate income tax	1,294,854,314	38,233,081
16. Deferred corporate income tax
17. Interest from subsidiaries/related companies
18. Profit after tax	15,969,869,876	16,461,076,723

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	FY2009	Average Industry
Current liquidity ratio	1.21	1.57	1.49
Quick liquidity ratio	0.55	0.80	1.00
Inventory circle	3.78	2.40	7.00
Average receive period	65.83	114.79	86.82
Utilizing asset performance	1.23	0.90	1.21
Liability by total assets	48.10	44.17	54.91
Liability by owner's equity	92.66	79.11	141.20
Ebit / Total assets (ROA)	16.87	16.82	9.38
Ebit / Owner's equity (ROE)	32.51	30.14	19.96
Ebit / Total revenue (NPM)	13.49	18.13	7.73
Gross profit / Total revenue (GPM)	18.70	25.15	16.38
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

CASH FLOW STATEMENT
(Direct method)
Items	FY2010	FY2009
I. Cash flows from operating activities
1.Cash received from customers	199,755,407,481	136,580,396,060
2. Cash paid to suppliers	-180,216,151,586	-131,788,363,084
3. Cash paid to employees	-4,516,471,244	-4,138,345,389
4. Interest paid	-466,158
5. Income taxes paid	-1,084,372,299
6. Other operating cash receipts	11,250,642,418	2,549,432,362
7. Other operating payments	-11,973,585,665	-2,978,448,455
Net cash flows from operating activities	13,215,002,947	224,671,494
II. Cash flows from investing activities
1. Purchases and construction of fixed assets and other long-term assets	-13,277,899,851
2. Gains from disposals and liquidation of fixed assets and other long-term assets	4,917,000	2,597,959
3. Loans given and purchases of debt instruments of other entities
4. Recovery of loans given and disposals of debt instruments of other entities
5. Investments into other entities
6. Withdrawals of investments in other entities
7. Receipts of loan interests, dividends and profit shared	9,884,197	3,567,455
Net cash flows from investing activities	-13,263,098,654	6,165,414
III. Cash flows from financing activities
1. Gains from stock issuance and capital contributions from shareholders
2. Repayment for capital contributions and re-purchases of stocks already issues
3. Short-term and long-term loans received
4. Loan principal amounts repaid
5. Payments for financial leasehold assets
6. Dividends and profit already paid to the owners
Net cash flows from financing activities
Net cash flows during the year	-48,095,707	230,836,908
Beginning cash and cash equivalents	415,768,732	184,931,824
Effects of fluctuations in foreign exchange rates
Ending cash and cash equivalents	367,673,025	415,768,732
.

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Good
Liquidity	Low/Medium
Payment status	Average
Financial Situation	Above Average
Development trend	Uptrend
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	L/C
Sale Methods	Retailer and Wholesaler
Public opinion	Good

INTERPRETATION ON THE SCORES

Established officially in 2001 and began running in 2005, the subject focuses on manufacturing and trading plastic products. It is a member company of DONG A PLASTIC GROUP JOINT STOCK COMPANY which also operates in same field with it and very well-known in Vietnam now.

Currently, the subject is operating under the business registration No. 0101099228-002, same with the tax code. Its registered capital is VND 58 billion and it has about 500 employees (including both staffs and workers).

Head office and factory of the subject was built on areas of nearly 80,000 square meters, production lines are fairly good and it has applied the quality management system ISO 9001: 2000.

All workers and almost staffs of the subject are concentrated the factory and head office. Director board and accountant staffs work mainly at its transaction office in Hanoi City which is also transaction office of its parent company with infrastructure is relatively comfortable.

The subject imports mainly materials from Thailand, Japan and China and exports products to Sri lanka, Japan, India and Taiwan, etc. It often imports, exports directly and payments by L/C. In Vietnam, the subject sells products by both retail and wholesale.

Financially, based on the financial statement in 2009 and 2010 of the subject, we see that, the subject's business result consist with its scale.

In 2010, the subject's total sales reached over VND 186 billion, increased 49.13% and total accounting profit before tax was over VND 17 billion, rose 46.39% in relation to 2009. Its annual retained earning accounts are acceptable, shows that it obtains the profit annually. Besides, ROA, ROE and NPM, GPM in both two years were all better by far than the average industry. These mean that, the subject's business activities were effective and its business result seems stable.

In 2010, the subject's debt rate rose slightly compared to previous year due to the growth of the equity lower than the growth of the liabilities. However, with the subject's debt rate in 2009, 2010 was in turn 44.17% and 48.10%, then its capital structure was considered as safe. These show its self-financing and solvency were fairly good.

The subject's property management ability in 2010 was improved. This is reflected in operation ratios which were better than that 2009. However, in which, inventory circle was still ranked as low because the subject remained a relatively big inventory amount.

As large inventory, plus the fairly high current liabilities, the subject's quick liquidity ratio was low. Current liquidity ratio was also lower than the average industry. Like this, the subject's liquidity was considered as somewhat limited.

In general, the subject is a medium scale company. Its business operations seem busy. Its financial situation is above average. Trademark and position in industry are fair. It has good capacity to meet small transaction. A little caution is needed for medium ones with it.

----------- 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.48.94
UK Pound	1	Rs.77.95
Euro	1	Rs.65.94

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.