MIRA INFORM REPORT

Report Date :

10.03.2012

IDENTIFICATION DETAILS

Name :	TAN PHU CUONG INVESTMENT CORPORATION
Registered Office :	78/4 Ba Van Street - Ward 14, Tan Binh District, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2009
Date of Incorporation :	01.09.1993
Com. Reg. No.:	0301427589
Legal Form :	Limited Liability Company
Line of Business :	Trading in chemical - dyes for the textile, paper, paint, ink, charcoal.
No. of Employees :	75

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
English Name	TAN PHU CUONG INVESTMENT CORPORATION
Vietnamese Name	CONG TY CO PHAN CONG NGHIEP THUONG MAI TAN PHU CUONG
Short name	TAPHUCO CORP
Type of Business	Limited liability company
Year Established	1993
Establishment Decision	991
Date of Issuance	01 Sep 1993
Place of Issuance	People's Committee of Hochiminh City
Business Registration No.	0301427589
Place of Registration	Business Registration Office of Ho Chi MInh City
Current registered capital	VND 40,450,000,000
Tax code	0301427589
Total Employees	75
Note: The given name is former name of subject.

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Registered English Name: TAN PHU CUONG COMMERCIAL & INDUSTRY CO., LTD Changed to: TAN PHU CUONG INVESTMENT CORPORATION	16 Jan 2012
2	Subject has got former Registered Vietnamese Name: CONG TY CONG NGHIEP THUONG MAI TAN PHU CUONG (TNHH) Changed to: CONG TY CO PHAN CONG NGHIEP THUONG MAI TAN PHU CUONG	16 Jan 2012
3	Subject has got former Abbreviated Name: TAPHUCO CO., LTD Changed to: TAPHUCO CORP	16 Jan 2012

ADDRESSES
Head Office
Address	78/4 Ba Van Street - Ward 14, Tan Binh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3812 3491
Fax	(84-8) 3812 3492
Note: The given address is belonged to TAN PHU CUONG CHEMICAL COMPANY LIMITED – subsidiary of subject.
Branch in Ho Chi Minh
Address	No. 464/78, Quarter 4, Dong Hung Thuan Ward , 12 District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 5436 1524
Fax	(84-8) 5436 1524
Other
Address	No. 59-60 Truong Cong Dinh Street, Ward 13 , Tan Binh District, Ho Chi Minh City, Vietnam

SUBSIDIARIES AND RELATED COMPANIES
TAN PHU CUONG CHEMICAL COMPANY LIMITED
Business Registration	0302792908
Date of Registration	21 Nov 2011
Place of Registration	Planning and Investment Department of Ho Chi Minh City
Registered Capital	VND 78,000,000,000
Tax code	0302792908
Address	No. 78 Ba Van Str, Ward 14, Tan Binh District, Ho Chi Minh City, Vietnam
Tel	(84-8) 3842 7971 - 3849 6116 - 3849 4783
Fax	(84-8) 3849 6120 - 3810 5367
Website	www.tanphucuongchemicals.com

DIRECTORS
1. NAME	Mr. NGUYEN VAN BINH
Position	General director - Legal Representattive
Date of Birth	20 Jul 1956
ID Number/Passport	022073128
ID Issue Date	17 Jun 2004
ID Issue Place	Police in Hochiminh City
Resident	No.104 Ta Uyen, Ward 4, 11 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
2. NAME	Mr. NGUYEN THI HUONG
Position	Chief of accountant
Current resident	Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Qualification	Bachelor

BUSINESS NATURE AND ACTIVITIES

The subject specializes in:
- Trading in chemical - dyes for the textile, paper, paint, ink, charcoal.
- Manufacturing and trading for textile, dyeing, garments industry.
- Investment and real estate construction business.

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Market	N/A
EXPORT:
· Market	N/A

BANKERS
1. SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK TAN BINH BRANCH
Address	No.224 Le Van Sy No.1 ward, Tan Binh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3990 7202
Fax	(84-8) 3990 7205
2. SOUTHERN COMMERCIAL JOINT STOCK BANK LY THUONG KIET BRANCH
Address	No. 344 Cong Hoa Str, Ward 13, Tan Binh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 6293 7927
Fax	(84-8) 6393 7928

SHAREHOLDERS
1. NAME	Mr. VU THI LAN
ID Number/Passport	020284209
Resident	No. 18B Tan Hai Street, Ward 14 , Tan Binh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 11,557,100,000
Percentage	28.57%
2. NAME	Mr. NGUYEN VAN BINH
Position	General director - Legal Representattive
Date of Birth	20 Jul 1956
ID Number/Passport	022073128
Issued on	17 Jun 2004
Issued Place	Police in Hochiminh City
Resident	No.104 Ta Uyen, Ward 4, 11 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 5,778,580,000
Percentage	14.29%
3. NAME	Mr. NGUYEN VAN SINH
ID Number/Passport	022128978
Resident	No. 354 Truong Chinh Street, Ward 13 , Tan Binh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 2,889,290,000
Percentage	7.14%
4. NAME	Mr. NGUYEN VAN TRUNG
ID Number/Passport	020284178
Resident	No.193 Nguyen Ba Tong, Ward 11, Tan Binh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 2,889,290,000
Percentage	7.14%
5. NAME	Mr. NGUYEN VAN THUY
ID Number/Passport	020284188
Resident	No. 479 Lac Long Quan Street, Ward 5 , 11 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 2,889,290,000
Percentage	7.14%
6. NAME	Ms. NGUYEN THI THUY
Date of Birth	16 Jul 1965
ID Number/Passport	022073099
Issued on	18 May 2001
Issued Place	Police Station of Hochiminh City
Resident	No.293/31 Bau Cat Street, Ward 14, Tan Binh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 2,889,290,000
Percentage	7.14%
7. NAME	Mr. NGUYEN VAN NAM
ID Number/Passport	022073341
Resident	No.52-54 Bau Cat Street, Ward 14, Phu Nhuan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 2,889,290,000
Percentage	7.14%
8. NAME	Mr. NGUYEN VAN PHONG
ID Number/Passport	022565805
Resident	No. 271 Phan Dinh Phung Str, Ward 15, Phu Nhuan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 2,889,290,000
Percentage	7.14%
9. NAME	Mr. NGUYEN VAN PHU
ID Number/Passport	022856800
Resident	No. 271 Phan Dinh Phung Street, Ward 15 , Phu Nhuan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 2,889,290,000
Percentage	7.14%
10. NAME	Mr. NGUYEN THI HONG NHUNG
ID Number/Passport	023443452
Resident	No. 195 Bach Dang Street, Ward 3 , Go Vap District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 2,889,290,000
Percentage	7.14%

FINANCIAL HIGHLIGHT
BALANCE SHEET
Unit: Million VND
Balance sheet date	31/12/2009
Number of weeks	52
ASSETS
A. Current Asset	18,279
Receivables	0
Inventory	962
Cash and other current assets	17,317
B. Long term Asset	60,455
1. Long term account receivable	2,188
2. Fixed assets	58,267
Tangible fixed assets	47,822
+ Original cost	92,994
+ Accumulated depreciation value	45,172
Financial leasehold assets	0
Intangible fixed assets	10,445
Construction in progress and other long term asset	0
TOTAL ASSETS	78,734
LIABILITIES
Payable loans	34,336
Owner’s Equity	44,398
TOTAL LIABILITY AND EQUITY	78,734
PROFIT & LOSS STATEMENT
1. Total Sales	30,631
2. Deduction item	0
3. Net revenue	30,631
4. Costs of goods sold	15,898
5. Gross profit	14,733
6. Financial income	9
7. Financial expenses	3,836
8. Selling expenses and Administrative overheads	8,045
9. Net operating profit	2,861
10. Other income	1,951
11. Other expenses	1,999
12. Other profit /(loss)	-48
13. Total accounting profit before tax	2,813
14. Current corporate income tax	0
15. Deferred corporate income tax
16. Interest from subsidiaries/related companies	0
17. Profit after tax	2,813

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Fair
Liquidity	N/A
Payment status	N/A
Financial Situation	Average
Development trend	N/A
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Through by bank
Sale Methods	To contracts

INTERPRETATION ON THE SCORES

The subject was established since 1993 as a liability limited company. In Jan 2012, the subject has changed into joint stock company. Currently, the subject is operating under business registration no. 0301427589 (the same with tax code) and registered capital VND 40,450,000,000.
The subject registered many business activities as:
- Trading in chemical - dyes for the textile, paper, paint, ink, charcoal.

- Manufacturing and trading for textile, dyeing, garments industry.
- Investment and real estate construction business.
- Trading tourist and hotel
Head office located at 78/4 Ba Van Str, Ward 14, Tan Binh Dist, HCM. The given address (78 Ba Van) is of TAN PHU CUONG CHEMICAL COMPANY LIMITED (subsidiary of the subject). This company is specialized in trading chemical, agent for many chemical firms such as: DYSTAR, CIBA, CLARIANT, NOVIANT, and MDOHMEN.

The subject is also an authorized distributor for LONGSHENG, OHYOUNG, NICCA (dyestuff), RAISIO (chemicals for paper industry) and SAMJI (chemicals for paint industry). Beside, the subject has a fabric dyehouse in 464/78 Quarter 4 Dong Hung Thuan Ward, Dist 12, HCM.
In Vietnam, Tan Phu Cuong is one of popular companies operating in the chemicals sector. The director board has much experience so they bring advantages for the subject.
In over view, the Subject operates normally.

------------ 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

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.02
UK Pound	1	Rs.79.01
Euro	1	Rs.66.18

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.