MIRA INFORM REPORT

Report Date :

30.03.2012

IDENTIFICATION DETAILS

Correct Name :	VIETTEL GROUP
Formerly Known As :	VIETNAM MILITARY TELECOMS CORPORATION
Registered Office :	No. 1 Giang Van Minh Str, Kim Ma ward, Ba Dinh District, Ha Noi City
Country :	Vietnam
Financials (as on) :	31.12.2010
Year of Establishment :	1989
Com. Reg. No.:	0100109106
Legal Form :	One member liability limited company
Line of Business :	Supplying and installing postal and telecommunication services for domestic and foreign market.
No. of Employees :	24,500

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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

Current legal status
English Name	VIETTEL GROUP
Vietnamese Name	TAP DOAN VIEN THONG QUAN DOI
Short name	VIETTEL
Type of Business	One member liability limited company
Year Established	1989
Establishment Decision	978/QD-TTG
Date of Issuance	25 Jun 2010
Place of Issuance	Prime Minister
Business Registration No.	0100109106
Date of Registration	13 Jul 2010
Place of Registration	Hanoi Department of Planning and Investment
Current registered capital	VND 50,000,000,000,000
Status	Unlisted
Tax code	0100109106
Total Employees	24,500
Size	Large
Note: The name given VIETNAM MILITARY TELECOMS CORPORATION was the former one of the subject.

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 0106000082 Date of registration:01 Dec 2003, changed to 0106001052 on 14 Jan 2010 Changed to: 0100109106	13 Jul 2010
2	Subject has got former Type of Business: State corporation Changed to: one member liability limited company	13 Jul 2010
3	Subject has got former Establishment Decision No: 336/QD-QP Issuance on July 27th 1993, changed to 45/2005/QD – BQP issued on 6th Apr 2005 Changed to: 978/ QD- TTG	25 Jun 2010
4	Subject has got former Registered English Name: Electronics and Informatics Equipment Corporation, changed to Vietnam Military Telecoms Corporation (Viettel) changed to Vietnam Military Telecoms Group, changed to Viettel Corporation Changed to: Viettel Group	14 Jan 2010
5	Subject has got former Registered Vietnamese Name: TONG CONG TY VIEN THONG QUAN DOI Changed to: TAP DOAN VIEN THONG QUAN DOI	14 Jan 2010
6	Subject has got former Registered capital: VND 15,000,000,000,000 Changed to: VND 50,000,000,000,000	14 Jan 2010
7	Subject has got former Registered capital: VND 950,000,000,000 Changed to: VND 15,000,000,000,000	14 Apr 2008
8	Subject has got former Establishment Decision No: 336/QD-QP Issuance on July 27th 1993 Changed to: 45/2005/QD – BQP	06 Apr 2005
9	Subject has got former Registered English Name: Electronics and Informatics Equipment Corporation Changed to: Vietnam Military Telecoms Corporation (Viettel)	14 Jul 1995

company ADDRESSES

Head Office
Address	No. 1 Giang Van Minh Str, Kim Ma ward, Ba Dinh District, Ha Noi City, Vietnam
Telephone	(84-4) 6255 6789/ 6266 0696/ 6266 0005/ 6251 3888
Fax	(84-4) 6299 6789
Email	vietteladm@viettel.com.vn ; gopy@viettel.com.v
Website	www.viettel.com.v
Note: The correct website address of the subject is as above.
Branch in Ho Chi Minh
Address	H158/2A Hoang Hoa Tham Str. - ward 12, Tan Binh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 6293 5435
Fax	(84-8) 6293 5430
Branch in Da Nang
Address	No. 550 Trung Nu Vuong Str, Hai Chau District, Da Nang City, Vietnam
Telephone	(84-511) 6299 004
Fax	(84-511) 6299 005
Training Center
Address	An Khanh, Hoai Duc District, Ha Noi City, Vietnam
Telephone	(84-4) 62650265
Fax	(84-4) 62650258
Manager	Mr. NGUYEN VU LUU
Note: Besides these offices, the subject has many other branches in 64 provinces and cities in Vietnam.

SUBSIDIARIES AND RELATED COMPANIES

1. VIETTEL TECHNOLOGIES JOINT STOCK COMPANY
Business Registration	0103023792
Registered Capital	VND 320,000,000,000
Tax code	0102725460
Address	K2, Pham Hung road , Cau Giay District, Ha Noi City, Vietnam
Tel	(84-4) 62691119
Fax	(84-4) 62663538
2. VIETTEL IMPORT - EXPORT LIMITED COMPANY
Business Registration	0104831030
Date of Registration	27 Jul 2010
Place of Registration	Hanoi Department of Planning and Investment
Registered Capital	VND 35,000,000,000
Tax code	0104831030
Address	No. 6 Lot 14B Trung Yen - Trung Hoa Area, Cau Giay District, Ha Noi City, Vietnam
Tel	(84-4) 62661399 / 62667766
Fax	(84-4) 62661205
Website	www.viettel.com.vn/ www.vio.vn
3. VIETTEL CONSULTANT AND DESIGN LIMITED COMPANY
Address	Ha Noi City, Vietnam
4. VIETTEL TRANSMISSION COMPANY
Business Registration	0116000511
Date of Registration	18 Jul 2005
Place of Registration	Hanoi Department of Planning and Investment
Tax code	0100109106-012
Address	36 Nguyen Hong, Dong Da District, Ha Noi City, Vietnam
Tel	84-4 - 2660068/ 2660581
Fax	84-4 - 2660069/ 2660317
5. M3 COMMUNICATION ONE MEMBER LIMITED LIABILITY COMPANY
Business Registration	0500239036
Date of Registration	20 Apr 2007
Place of Registration	Ha Noi Department of Planning and Investment
Registered Capital	VND 150,000,000,000
Tax code	0500239036
Address	My Chung Xuan Khanh Ward, Son Tay District, Ha Noi City, Vietnam
Tel	(84-4) 3321 9756 / (84-69) 596 717/ 596 724
Fax	(84-4) 3383 8164/ 3483 8175/ (84-69) 596 733
6. VIETTEL NEW SERVICES DEVELOPMENT COMPANY
Business Registration	0100109106-159
Date of Registration	22 Mar 2010
Place of Registration	Hanoi Department of Planning and Investment
Tax code	0100109106-159
Address	8th Floor CIT Building, Dich Vong Hau Ward, Cau Giay District, Ha Noi City, Vietnam
Tel	(84-4) 62692013 – 62692019
Fax	(84-4) 62692089
Website	www.viettelprinting.com.vn
7. VIETTEL TELECOM COMPANY
Business Registration	0100109106-011
Date of Registration	09 Feb 2010
Place of Registration	Hanoi city Planning and Investment Department
Tax code	0100109106-011
Address	10th Fl. Viettel Building - No. 1 Giang Van Minh Str., Ba Dinh District, Ha Noi City, Vietnam
Tel	(84-4) 6288 0001
Fax	(84-4) 6266 0446
Website	http://www.vietteltelecom.vn
8. VIETTEL GLOBAL INVESTMENT JOINT STOCK COMPANY
Business Registration	0102409426
Date of Registration	12 Jul 2011
Place of Registration	Hanoi Planning and Investment Department
Registered Capital	VND 3,000,000,000,000
Tax code	0102409426
Address	6th Flr CMC Building Duy Tan Ward - Dich Vong Hau Ward, Cau Giay District, Ha Noi City, Vietnam
Tel	(84-4) 62626868
Fax	(84-4) 62568686
Website	www.vietelglobal.vn
9. VIETTEL (CAMBODIA) PTE., LTD
Address	No. 42 Road 242 Chaktumuk, Daun penh District, , Phnompenh , Cambodia
Website	http://www.metfone.com.kh/
10. M1 COMMUNICATION ONE MEMBER LIMITED LIABILITY COMPANY
Business Registration	0500141369
Date of Registration	02 Mar 2011
Place of Registration	Hanoi Department Planning and Investment
Registered Capital	VND 190,000,000,000
Tax code	0500141369
Address	An Khanh Commune , Hoai Duc District, Ha Noi City, Vietnam
Tel	(84) 069 529 150
Fax	(84-4) 6265 0365
11. VIETTEL POST JOINT STOCK COMPANY
Business Registration	0104093672
Registered Capital	VND 60,000,000,000
Tax code	0104093672
Address	No 1, Giang Van Minh Street , Ba Dinh District, Ha Noi City, Vietnam
Tel	(84 - 4) 62660306
Fax	(84 - 4) 62873800
Website	http://www.viettelpost.com.vn

DIRECTORS

1. NAME	Mr. HOANG ANH XUAN
Position	General Director
Date of Birth	19 May 1951
ID Number/Passport	A7E570653
ID Issue Date	15 Mar 2006
ID Issue Place	Ministry of Defense
Current resident	No. 2 - Group 63 Khuong Trung Str - Khuong Trung Ward, Thanh Xuan District, Ha Noi City, Vietnam
Nationality	Vietnamese
Email	xuanha@vietel.com.vn
Note: The given name Hoang Anh Tuan is not correct. The correct name of the general director of the subject is as above.
2. NAME	Mr. NGUYEN MANH HUNG
Position	Deputy General Director
Nationality	Vietnamese
Email	hungnm@vietel.com.vn
3. NAME	Mr. DUONG VAN TINH
Position	Deputy General Director
Resident	Group 117 O Cho Dua Ward, Dong Da District, Ha Noi City, Vietnam
Nationality	Vietnamese
Email	tinhdv@vietel.com.vn
4. NAME	Mr. HOANG CONG VINH
Position	Deputy General Director
Nationality	Vietnamese
5. NAME	Mr. TONG VIET TRUNG
Position	Deputy General Director
Nationality	Vietnamese
6. NAME	Mr. LE DANG DUNG
Position	Deputy General Director
Current resident	Ha Noi City, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject registers and operates in the following business activities:

• Supplying and installing postal and telecommunication services for domestic and foreign market.
• Software development in electronic, telecom and internet.
• Manufacturing, assembling electricity, electronics, telecoms.
• Survey, design post and telecom constructions.
• Execution post and telecom constructions.
• Import and export of electronics and telecom equipment.
• Investment in real estate, hotel, resorts, etc.
• Trading in telecommunication equipments.

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products	Materials and Equipments
· Market	France, Austria, Israel, and regional countries like China, and Taiwan.
· Mode of payment	L/C, T/T
Note: The subject has import relation with many countries in the world.
EXPORT:
· Types of products	Telecommunication services
· Market	Asia and Europe

BANKERS

1. MILITARY COMMERCIAL JOINT STOCK BANK DIEN BIEN PHU BRANCH
Address	No.28A Dien Bien Phu Street, Ba Dinh District, Ha Noi City, Vietnam
Telephone	(84-4) 3823 2883
Fax	(84-4) 3823 3335
2. MILITARY COMMERCIAL JOINT STOCK BANK THANH CONG BRANCH
Address	No.27 Huynh Thuc Khang Street, Dong Da District, Ha Noi City, Vietnam
Telephone	(84-4) 3923 2991
Fax	(84-4) 3923 2990

SHAREHOLDERS

1. NAME	THE STATE
Representative	MINISTRY OF NATIONAL DEFENSE
Value of shares	VND 50,000,000,000,000
Percentage	100%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010	31/12/2009	31/12/2008
Number of weeks	52	52	52
ASSETS
A – CURRENT ASSETS	26,212,855,000,000	12,931,485,192,488	12,497,812,000,000
I. Cash and cash equivalents	10,022,412,000,000	3,807,785,650,151	6,576,840,000,000
1. Cash	4,292,412,000,000	2,502,785,650,151	4,411,296,000,000
2. Cash equivalents	5,730,000,000,000	1,305,000,000,000	2,165,544,000,000
II. Short-term investments	3,025,000,000,000	1,068,000,000,000	240,343,000,000
1. Short-term investments	3,025,000,000,000	1,068,000,000,000	240,343,000,000
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	10,885,970,000,000	6,965,923,838,883	4,210,975,000,000
1. Receivable from customers	8,228,725,000,000	2,843,286,472,809	2,239,311,000,000
2. Prepayments to suppliers	756,485,000,000	956,157,694,042	392,520,000,000
3. Inter-company receivable	799,087,000,000	2,131,200,910,020	1,452,492,000,000
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	1,204,404,000,000	1,035,278,762,012	126,845,000,000
6. Provisions for bad debts	-102,731,000,000	0	-193,000,000
IV. Inventories	1,762,923,000,000	651,233,209,091	885,730,000,000
1. Inventories	1,786,410,000,000	651,233,209,091	893,049,000,000
2. Provisions for devaluation of inventories	-23,487,000,000	0	-7,319,000,000
V. Other Current Assets	516,550,000,000	438,542,494,363	583,924,000,000
1. Short-term prepaid expenses	0	0	6,534,000,000
2. VAT to be deducted	336,000,000	291,120,855,090	111,352,000,000
3. Taxes and other accounts receivable from the State	18,960,000,000	39,096,931,371	32,361,000,000
4. Other current assets	497,254,000,000	108,324,707,902	433,677,000,000
B. LONG-TERM ASSETS	19,508,211,000,000	19,001,763,398,087	8,290,432,000,000
I. Long term accounts receivable	210,119,000,000	0	98,284,000,000
1. Long term account receivable from customers	0	0	98,284,000,000
2. Working capital in affiliates	39,060,000,000	0	0
3. Long-term inter-company receivable	171,059,000,000	0	0
4. Other long-term receivable	0	0	0
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	8,637,553,000,000	8,678,982,022,954	7,268,055,000,000
1. Tangible assets	6,416,599,000,000	7,526,972,412,086	5,187,139,000,000
- Historical costs	35,320,454,000,000	26,589,631,785,529	15,557,829,000,000
- Accumulated depreciation	-28,903,855,000,000	-19,062,659,373,443	-10,370,690,000,000
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	500,823,000,000	290,879,035,138	235,367,000,000
- Initial costs	1,116,177,000,000	806,641,124,453	455,208,000,000
- Accumulated amortization	-615,354,000,000	-515,762,089,315	-219,841,000,000
4. Construction-in-progress	1,720,131,000,000	861,130,575,730	1,845,549,000,000
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	9,154,788,000,000	9,092,415,563,849	720,837,000,000
1. Investments in affiliates	3,939,256,000,000	2,126,924,419,331	0
2. Investments in business concerns and joint ventures	820,000,000,000	853,414,508,427	305,396,000,000
3. Other long-term investments	4,395,532,000,000	6,112,076,636,091	415,441,000,000
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	1,505,751,000,000	1,230,365,811,284	203,256,000,000
1. Long-term prepaid expenses	1,286,723,000,000	923,431,401,557	200,440,000,000
2. Deferred income tax assets	0	0	0
3. Other long-term assets	219,028,000,000	306,934,409,727	2,816,000,000
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	45,721,066,000,000	31,933,248,590,575	20,788,244,000,000
LIABILITIES
A- LIABILITIES	16,377,958,000,000	13,837,392,668,625	9,653,471,000,000
I. Current liabilities	8,141,348,000,000	3,757,794,953,399	5,937,359,000,000
1. Short-term debts and loans	1,671,196,000,000	0	250,185,000,000
2. Payable to suppliers	12,638,000,000	459,937,849,797	915,992,000,000
3. Advances from customers	2,913,068,000,000	49,522,394,888	16,344,000,000
4. Taxes and other obligations to the State Budget	1,456,215,000,000	925,521,908,558	2,182,302,000,000
5. Payable to employees	165,392,000,000	1,491,797,262,913	1,320,763,000,000
6. Accrued expenses	81,388,000,000	107,736,856,376	65,308,000,000
7. Inter-company payable	0	527,819,147,684	402,886,000,000
8. Payable according to the progress of construction contracts	0	0	287,000,000
9. Other payable	1,841,451,000,000	195,459,533,183	781,750,000,000
10. Provisions for short-term accounts payable	0	0	1,542,000,000
II. Long-Term Liabilities	8,236,610,000,000	10,079,597,715,226	3,716,112,000,000
1. Long-term accounts payable to suppliers	5,451,168,000,000	5,552,910,892,670	3,690,576,000,000
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	7,146,000,000	2,512,239,901	3,492,000,000
4. Long-term debts and loans	2,250,000,000,000	4,500,000,000,000	0
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	33,633,000,000	24,174,582,655	16,985,000,000
7. Provisions for long-term accounts payable	494,663,000,000	0	5,059,000,000
B- OWNER’S EQUITY	29,343,108,000,000	18,095,855,921,950	11,134,773,000,000
I. OWNER’S EQUITY	28,176,934,000,000	17,016,354,326,351	10,722,582,000,000
1. Capital	23,002,998,000,000	14,759,462,251,840	9,492,175,000,000
2. Share premiums	0	0	0
3. Other sources of capital	0	0	0
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	-304,789,000,000	-288,613,951,484	29,770,000,000
7. Business promotion fund	2,254,068,000,000	668,859,719,883	159,369,000,000
8. Financial reserved fund	3,016,669,000,000	1,875,446,306,112	1,083,203,000,000
9. Other funds	207,987,000,000	1,200,000,000	1,209,000,000
10. Retained earnings	0	0	-43,144,000,000
11. Construction investment fund	1,000,000	0	0
II. Other sources and funds	1,166,174,000,000	1,079,501,595,599	412,191,000,000
1. Bonus and welfare funds	1,156,047,000,000	1,099,824,209,580	142,792,000,000
2. Sources of expenditure	10,127,000,000	-20,322,613,981	3,130,000,000
3. Fund to form fixed assets	0	0	266,269,000,000
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	45,721,066,000,000	31,933,248,590,575	20,788,244,000,000

PROFIT & LOSS STATEMENT
Description	FY2010	FY2009	FY2008
1. Total Sales	80,219,255,000,000	50,447,761,656,332	33,273,210,000,000
2. Deduction item	0	0	3,630,000,000
3. Net sale	80,219,255,000,000	50,447,761,656,332	33,269,580,000,000
4. Costs of goods sold	58,087,088,000,000	33,735,519,958,836	23,065,260,000,000
5. Gross profit	22,132,167,000,000	16,712,241,697,496	10,204,320,000,000
6. Financial income	1,221,307,000,000	474,923,593,076	374,895,000,000
7. Financial expenses	1,011,039,000,000	608,410,521,136	289,403,000,000
- In which: Loan interest expenses	413,897,000,000	186,713,173,313	17,735,000,000
8. Selling expenses	4,296,549,000,000	4,795,316,975,915	860,697,000,000
9. Administrative overheads	3,097,792,000,000	1,494,627,210,416	1,021,546,000,000
10. Net operating profit	14,948,094,000,000	10,288,810,583,105	8,407,569,000,000
11. Other income	180,417,000,000	76,048,146,367	94,845,000,000
12. Other expenses	70,852,000,000	33,218,060,444	10,964,000,000
13. Other profit /(loss)	109,565,000,000	42,830,085,923	83,881,000,000
14. Total accounting profit before tax	15,057,659,000,000	10,331,640,669,028	8,491,450,000,000
15. Current corporate income tax	3,626,188,000,000	2,668,700,470,860	2,414,084,000,000
16. Deferred corporate income tax	0	0	0
17. Interest from subsidiaries/related companies	0	0
18. Profit after tax	11,431,471,000,000	7,662,940,198,168	6,077,366,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	FY2009	FY2008	Average Industry
Current liquidity ratio	3.22	3.44	2.10	1.52
Quick liquidity ratio	3.00	3.27	1.96	1.38
Inventory circle	32.95	51.80	29.40	21.24
Average receive period	49.53	50.40	46.20	101.03
Utilizing asset performance	1.75	1.58	1.60	0.83
Liability by total assets	35.82	43.33	46.44	37.74
Liability by owner's equity	55.82	76.47	86.70	84.30
Ebit / Total assets (ROA)	33.84	32.94	40.93	10.51
Ebit / Owner's equity (ROE)	52.73	58.13	76.42	14.73
Ebit / Total sale (NPM)	19.29	20.85	25.57	10.11
Gross profit / Total sale (GPM)	27.59	33.13	30.67	25.52
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Good
Liquidity	High
Payment status	Prompt
Financial Situation	Strong
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	L/C, T/T
Sale Methods	Retailer and Wholesaler
Public opinion	Good

INTERPRETATION ON THE SCORES

Beginning as name Electronics and Informatics Equipment Corporation, the subject is a state owned company which was established on June 1st 1989. After many times of adjustment, the subject has name Viettel Group since 2010. Now, its current registered capital is VND 50,000 billion.

VIETTEL is the first company in Vietnam that provides services to foreign country when it decided to invest in Cambodia market. Up to now, Viettel Group is one of the world’s fastest growing telecom operators owning the largest telecom network in Indochina featuring 56,000 GSM Stations (2G BTS and 3G Node B) and 200,000 km of fiber optical cable. Viettel’s global operations cover 6 countries with a total population of approximately 170 million people, including Vietnam, Cambodia, Laos, Haiti, Mozambique and Peru.

The subject provides services under the “Viettel”, "Metfone", and "Unitel" brands. As of June 2011, Viettel’s subscriber base in worldwide has reached around 63 million. During over 20 years of development and operation, Viettel has made many progresses. Its trademark is not only famous in domestic market but also known in the world. Viettel Group has been received a lot of awards such as:

- Frost & Sullivan Asia Pacific ICT Award 2009

- The Best Service Provider of the year in Emerging markets

- The World Communications Awards 2009

- The Best Operator in a Developing Market

- Intangible Business and Informa Telecoms 2008

- The World’s Top 100 Most Valuable Mobile Telecoms Brands…

Viettel is now seeking telecommunications investment opportunities in Asia (Myanmar, Bangladesh,…) America Latin (Cuba, Argentina, Venezuela,…) Africa (Malawi, Tanzania…).It’s target is to be among Top 10 largest global telecom investors out of a population of 300-500 million by bringing its best to the operating countries.

In terms of financial ability, we see that the subject has a healthy financial status. Annual assets, sale and profit are increased year by year. The high liquidity ratios and suitable debt rates show a safe situation for creditors. As for profit and loss statement, the total sale of subject in 2010 had a growth of more than 159 percent. The raises in cost and fees make its profit not much increase as past year. However, its profitability capacity is quite good.

In 2011, the world economy was sunk by global economic recession and financial crisis. Vietnamese economy has seriously suffered and faced with difficulties. Given this, Viettel Group remained resilient to gain a remarkable increase by 28% in sale, reaching VND 117 trillion (or USD 5.6 billion), get a profit of VND 20 trillion (or USD 1 billion), and contributed VND 10 trillion (or USD 500 million) – 25% higher than 2010 - to State budget.

In general, the subject is a big corporation. Its position and prestige in the market are very firm and famous. As a group belonging to Ministry of National Defense, the subject is able to achieve huge advantanges from the state. The future prosperity of the subject is bright. The subject has strong financial ability to payment for transactions.

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.51.15
UK Pound	1	Rs.81.41
Euro	1	Rs.68.22

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.