MIRA INFORM REPORT

Report Date :

01.11.2012

IDENTIFICATION DETAILS

Name :	A&Q GENERAL TRADING COMPANY LIMITED
Registered Office :	No. 66, Ngan Son street, Block 5, Vinh Trai ward , Lang Son City, Lang Son Province
Country :	Vietnam
Date of Incorporation :	26.04.2010
Com. Reg. No.:	4900528181
Legal Form :	Limited Liability Company
Line of Business :	The subject acts as consignee and trust import-export agent. Therefore, products are various including frozen food, dried food, cereal, agricultural products, fruits, vegetables, salmon, etc.
No. of Employees :	50

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 :	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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Viet Nam	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

VIETNAM - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM
English Name	A&Q GENERAL TRADING COMPANY LIMITED
Vietnamese Name	CONG TY TNHH KINH DOANH THUONG MAI TONG HOP A&Q
Short name	A&Q GT CO.,LTD
Type of Business	Limited liability company
Year Established	2010
Business Registration No.	4900528181
Date of Registration	26 Apr 2010
Place of Registration	Planning and Investment Department of Lang Son Province
Chartered capital	VND 3,000,000,000
Status	Unlisted
Tax code	4900528181
Total Employees	50

company ADDRESSES
Head Office
Address	No. 66, Ngan Son street, Block 5, Vinh Trai ward , Lang Son City, Lang Son Province, Vietnam
Telephone	(84-25) 3870 381
Fax	(84-25) 3870 381
Transaction office in Ha Noi
Address	Rm. D2, 6th Fl, No. 713, Lac Long Quan street , Tay Ho District, Ha Noi City, Vietnam
Transaction office in Hai Phong
Address	Vo Thi Sau street , Ngo Quyen District, Hai Phong City, Vietnam

DIRECTORS
1. NAME	Mr. NGUYEN ANH QUAN
Position	Director
Date of Birth	21 May 1959
ID Number/Passport	080680375
ID Issue Date	04 Mar 1999
ID Issue Place	Police Station of Lang Son
Resident	No. 66, Ngan Son Street, Group 5, Vinh Trai ward, Lang Son City, Lang Son Province, Vietnam
Nationality	Vietnam
Tel/Mobile phone	(84-25) 3870381
2. NAME	Mr. NGUYEN DUY HUNG
Position	Deputy Director
ID Number/Passport	081037682
Resident	Cement factory Collective, Mai Pha Commune, Lang Son City, Lang Son Province, Vietnam
Nationality	Vietnam
Tel/Mobile phone	+84 984422888

BUSINESS NATURE AND ACTIVITIES

The subject acts as consignee and trust import-export agent. Therefore, products are various including frozen food, dried food, cereal, agricultural products, fruits, vegetables, salmon, etc.

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Agricultural products, frozen food, fruits
· Market	China, India, Norway
EXPORT:
· Types of products	Fruits, onion, garlic, frozen food
· Market	Cambodia, Laos, China

BANKERS
1. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE LANG SON BRANCH
Address	No.51 Le Loi str, Lang Son City, Lang Son Province, Vietnam
Telephone	(84-25) 3876689
2. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK LANG SON BRANCH
Address	No.54 Tran Dang Ninh, Hoang Van Thu ward, Lang Son City, Lang Son Province, Vietnam
Telephone	(84-25) 3713968
Fax	(84-25) 3713966
3. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK BA TRIEU BRANCH
Address	348 Pho Hue, Hai Ba Trung District, Ha Noi City, Vietnam
4. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT BAC SON BRANCH
Address	Luong Van Chi Zone Bac Son Town, Bac Son District, Lang Son Province, Vietnam

SHAREHOLDERS
1. NAME	Mr. NGUYEN ANH QUAN
Position	Director
Date of Birth	21 May 1959
ID Number/Passport	080680375
Issued on	04 Mar 1999
Issued Place	Police Station of Lang Son
Resident	No. 66, Ngan Son Street, Group 5, Vinh Trai ward , Lang Son City, Lang Son Province, Vietnam
Home phone	(84-25) 3870381
Nationality	Vietnam
Value of shares	VND 2,700,000,000
Percentage	90%
2. NAME	Mr. NGUYEN DUY HUNG
Position	Deputy Director
ID Number/Passport	081037682
Resident	Cement factory Collective, Mai Pha Commune , Lang Son City, Lang Son Province, Vietnam
Mobile phone	+84 984422888
Nationality	Vietnam
Value of shares	VND 300,000,000
Percentage	10%

FINANCIAL DATA

N/A

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Fair
Liquidity	N/A
Payment status	N/A
Financial Situation	Below Average
Development trend	N/A
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Through its bank, T/T, L/C
Sale Methods	To contracts
Public opinion	Good

INTERPRETATION ON THE SCORES

The subject was established as a limited company under business registration No. 4900528181 granted by Planning and Investment Department of Lang Son Province on 26th April 2010. It is under management of Mr. NGUYEN ANH QUAN, who is also a major shareholder of the subject. This is a family business, management board are family members. Its chartered capital is VND 3 billion.

Its facilities and facilities are average. Its head office is locates at No. 66, Ngan Son street, Group 5, Vinh Trai ward, Lang Son city. This is also private house of Mr. Nguyen Anh Quan. Staffs of the subject seldom work at head office due to requirements of their jobs. They must be presented at Huu Nghi border gate and Tan Thanh border gate, to tackle documentation, custom clearance, and check freight, rearrange transportation for imported and exported goods. Besides head office in Lang Son province, the subject has two transaction offices in Hanoi and Hai Phong city. Now, the subject has about 50 employees.

The subject specializes in import-export and trading agricultural products, frozen food, and fruit. Currently its mainly imports fruits from China, frozen seafood from Norway and Australia, cereal from India then wholesales to domestic market. Besides, it re-exports imported frozen seafood to China.

The latest financial data is not available in our source. It was shared by accountant of the subject that total revenue in 2010 was several tens of billions VND.

In short, the subject is operating normally. Located near two big border gates of Vietnam in Lang Son province, the subject has advantages in doing import-export activities. It has ability to meet small and normal financial commitments.

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.54.12
UK Pound	1	Rs.87.08
Euro	1	Rs.70.15

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.