MIRA INFORM REPORT

Report Date :

22.11.2012

IDENTIFICATION DETAILS

Name :	ENSURE ENTERPRISE CO., LTD
Registered Office :	Lot E7/E20, Viet Huong 2 Industrial Zone, An Tay Commune, Ben Cat District, Binh Duong Province
Country :	Vietnam
Financials (as on) :	31.12.2009
Date of Incorporation :	2005
Com. Reg. No.:	462023000521
Legal Form :	Limited liability company
Line of Business :	The subject specializes in processing leather products
No. of Employees :	147

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 (31.03.2011)	Current Rating (30.06.2012)
Vietnam	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

Current legal status
English Name	ENSURE ENTERPRISE CO., LTD
Vietnamese Name	CONG TY TNHH ENSURE ENTERPRISE
Type of Business	Limited liability company
Year Established	2005
Investment Certificate No	462023000521
Date off 3^rd adjustment	23 Feb 2012
Place of Issuance	Binh Duong Industrial Zones Authority
Chartered capital	N/A
Registered Investment Capital	N/A
Duration	N/A
Tax code	3700646066
Total Employees	147
Note: The subject is adjusting Investment Certificate. We will update later

Historical Identification & Legal form

List	Changed Items
1	Subject has got former Director: LIN FANG LIN Changed to: LIN SANG CHI

ADDRESSES

Head Office
Address	Lot E7/E20, Viet Huong 2 Industrial Zone, An Tay Commune, Ben Cat District, Binh Duong Province, Vietnam
Telephone	(84-650) 3581667 / 3581668
Fax	(84-650) 3581669
Email	vn_chinalins@hotmail.com

DIRECTORS

1. NAME	Mr. LIN SANG CHI
Position	Director
Nationality	Chinese
2. NAME	Ms. HOAI
Position	Accountant
Nationality	Vietnamese
Email	Hoai.ensure@gmail.com
Note: She is wife of Mr. LIN SANG CHI

BUSINESS NATURE AND ACTIVITIES

The subject specializes in processing leather products

IMPORT & EXPORT ACTIVITIES

IMPORT:
Market	China
EXPORT:
Note: Currently, the subject does not export

BANKERS

Not available

SHAREHOLDERS

The subject is adjusting Investment Certificate. We will update later. Mr. LIN SANG CHI is one of subject’s shareholders
NAME	Mr. LIN SANG CHI
Position	Director
Nationality	Chinese

FINANCIAL HIGHLIGHT

We tried our best to collect the latest financial data but not available.
BALANCE SHEET
Unit: Million VND
Balance sheet date	31/12/2009	31/12/2008
Number of weeks	52	52
ASSETS
A. Current Asset	79,923	75,260
Receivables	34,344	25,999
Inventory	35,126	42,891
Cash and other current assets	10,453	6,370
B. Long term Asset	20,307	21,435
1. Long term account receivable	100	68
2. Fixed assets	20,207	21,367
Tangible fixed assets	14,578	15,821
+ Original cost	18,680	18,643
+ Accumulated depreciation value	-4,102	-2,822
Financial leasehold assets		5,546
Intangible fixed assets	5,435	0
Construction in progress and other long term asset	194	0
TOTAL ASSETS	100,230	96,695
LIABILITIES
Payable loans	59,688	54,538
Owner’s Equity	40,542	42,157
TOTAL LIABILITY AND EQUITY	100,230	96,695
PROFIT & LOSS STATEMENT OF FY2009
1. Total Sales	45,616
2. Deduction item	0
3. Net revenue	45,616
4. Costs of goods sold	44,204
5. Gross profit	1,412
6. Financial income	623
7. Financial expenses	15
8. Selling expenses and Administrative overheads	3,840
9. Net operating profit	-1,820
10. Other income	1
11. Other expenses	0
12. Other profit /(loss)	1
13. Total accounting profit before tax	-1,819
14. Current corporate income tax	0
15. Deferred corporate income tax
16. Interest from subsidiaries/related companies
17. Profit after tax	-1,819
PROFIT & LOSS STATEMENT OF FY2008
Total revenue	41,333
Deductions Items	0
1. Net revenue	41,333
2. Cost of goods sold and operation expense	40,691
3. Net income from business activities	642
Income from financial activities	289
Expenditure from financial activities	8
4. Net income from financial operation	281
Irregular income	1
Irregular expenditure	145
5. Irregular Profit	-144
6. Total pre-tax profit	779

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	Below Average
Development trend	N/A
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	N/A
Sale Methods	To contracts

INTERPRETATION ON THE SCORES

ENSURE ENTERPRISE CO., LTD was established in 2005. Now, it has operated under Investment certificate No. 462023000521. Its head office is at Lot E7/E20, Viet Huong 2 Industrial Zone, An Tay Commune, Ben Cat District, Binh Duong Province, Vietnam.

The subject specializes in processing leather products. It mainly processes according to orders of customers. At the present, the subject doesn’t export product. Main operation market of subject is in domestic.

The subject’s premises and facilities are normal. Its scale is still small in comparison with companies in field. In general, the subject has capacity to meet small financial commitments.

INDUSTRY DATA

Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2010	Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,887	24,362.9	95,227
Industry and Construction	5.53	7.70	95,217	10,718.9	3,641,376
Trade and Services	6.69	7.52	187,195	15,270.2	6,957,082

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.55.20
UK Pound	1	Rs.87.79
Euro	1	Rs.70.42

INFORMATION DETAILS

Report Prepared by :

SDA

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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