MIRA INFORM REPORT

Report Date :

22.11.2012

IDENTIFICATION DETAILS

Name :	SPG INVESTMENT JOINT STOCK COMPANY
Registered Office :	Room 401 No.646 Lac Long Quan, Nhat Tan Ward, Tay Ho District, Ha Noi City
Country :	Vietnam
Year of Establishment :	2008
Com. Reg. No.:	0102728133
Legal Form :	Joint Stock Company
Line of Business :	Searching, exploiting kinds of marbles, White stones, granite and processing into materials and products for House construction field.
No. of Employees :	About 100

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)
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	SPG INVESTMENT JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN DAU TU SPG
Short name	SPG.,JSC
Type of Business	Joint stock company
Year Established	2008
Business Registration No.	0102728133
Date of Registration	2010
Date of latest change	14 Mar 2012
Place of Registration	Hanoi Department of Business Registration
Date of latest change	14 Mar 2012
Chartered capital	VND 10,000,000,000
Status	Unlisted
Tax code	0102728133
Total Employees	About 100

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Address: D-6/ B-10 Vuon Dao Villa Area, Phu Thuong Ward, Tay Ho District, Hanoi City, Vietnam Changed to: Floor 14, TTC Building, Duy Tan Str., Dich Vong Hau Ward, Cau Giay District, Hanoi City, Vietnam	14 Mar 2012
2	Subject has got former Business Registration No: 0103023922 Changed to: 0102728133	2010
3	Subject has got former Board Of Director: Mr. PHAM THAI SON Changed to: Mr. GOENKA KARAN	2010

COMPANY ADDRESSES
Registration Address
Address	Room 401 No.646 Lac Long Quan, Nhat Tan Ward, Tay Ho District, Ha Noi City, Vietnam
Notes: + The full address of the subject is as above. + The subject does not have transaction here
Transaction Office
Address	Floor 14, TTC Building, Duy Tan Str., Dich Vong Hau Ward, Cau Giay District, Hanoi City, Vietnam
Telephone	(84-4) 3758 8286/ 3758 8298
Fax	(84-4) 3758 8296
Email	marketing@spgvietnam.com
Note: + The above phone contacts belong to VIETNAM ALLIANCE MINERALS CO., LTD. The subject shares the contact numbers with this company.
Branch in Nghe An/ Stone Mining
Address	Colored material Guest House, Block 3, Quy Hop District, Nghe An Province, Vietnam
Telephone	(84-38) 388 8119
Fax	(84-38) 388 8119
Branch in Yen Bai / Stone Mining
Address	Showroom of Traditional Products, Hamlet 2 Tan Linh Commune, Luc Yen District, Yen Bai Province, Vietnam
Branch in Hai Phong
Address	Cong Chu Three-Way Crossroad Kenh Giang Commune, Thuy Nguyen District, Hai Phong City, Vietnam

SUBSIDIARIES AND RELATED COMPANIES
1. PARENT COMPANY - VIETNAM ALLIANCE MINERALS COMPANY LIMITED
Business Registration No.	031043000007
Tax code	0200698279
Chartered capital	USD 2,150,000
Address	Kenh Giang Commune, Thuy Nguyen District, Hai Phong City, Vietnam

DIRECTORS
1. NAME	Mr. GOENKA KARAN
Position	Director
Date of Birth	31 Aug 1981
ID Number/Passport	Z2259706
ID Issue Date	29 Mar 2011
ID Issue Place	Hanoi, Vietnam
Resident	7A-5 sterling Avanue Nungambakkam, Chennai 600 034 Tamilnadu, India
Current resident	Room 1202 P2 Building, Ciputra, No. 671 Lac Long Quan Str., Phu Thuong Ward, Tay Ho District, Ha Noi City, Vietnam
Nationality	Indian
2. NAME	Mr. PHAM THAI SON
Position	Former Director
ID Number/Passport	111573408
Resident	No.24 Tung Thien, Son Loc Ward, Son Tay District, Ha Noi City, Vietnam
Nationality	Vietnamese
3. NAME	Mr. HARISH CHANDRA TAPARIA
Position	Vice Director
ID Number/Passport	Z1756874
Resident	Room F6, Floor 1, Town Hall No. 69/70 Mcnichols, Chetpet, Chennai-600031, India
Nationality	Indian

BUSINESS NATURE AND ACTIVITIES

The subject specializes in:

+ Searching, exploiting kinds of marbles, White stones, granite... and processing into materials and products for construction field. (Major Business)

+ Importing and exporting the stone products.

+ Financial Investments

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Machine and Tools
· Market	India, China...
· Mode of payment	L/C
EXPORT:
· Types of products	Marble Material and Stone Products
· Market	India, Vietnam and some other countries.
· Mode of payment	TT/ LC

BANKERS
1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM HA NOI BRANCH
Address	Kinh Do Building, 93 Lo Duc, Hai Ba Trung District, Ha Noi City, Vietnam
Telephone	(84-4) 38254609
2. JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HA NOI BRANCH
Address	No. 78 Nguyen Du Str, Hoan Kiem District, Ha Noi City, Vietnam
Telephone	(84-4) 38268035
Fax	(84-4) 38228039

SHAREHOLDERS
The subject’s Shareholder is shown in registration certificate as follow:
1. NAME	VIETNAM ALLIANCE MINERALS COMPANY LIMITED
Business Registration No.	031043000007
Tax code	0200698279
Chartered capital	USD 2,150,000
Address	Kenh Giang Commune, Thuy Nguyen District, Hai Phong City, Vietnam
Value of shares	VND 0
Percentage	0%
Note: Share has been transferred.
2. NAME	Mr. GOENKA KARAN
Position	Director
Date of Birth	31 Aug 1981
ID Number/Passport	Z2259706
Issued on	29 Mar 2011
Issued Place	Hanoi, Vietnam
Resident	7A-5 sterling Avanue Nungambakkam, Chennai 600 034 Tamilnadu, India
Current Resident	Room 1202 P2 Building, Ciputra, No. 671 Lac Long Quan Str., Phu Thuong Ward, Tay Ho District, Ha Noi City, Vietnam
Nationality	Indian
Value of shares	VND 0
Percentage	0%
Note: Share has been transferred.
3. NAME	Mr. HARISH CHANDRA TAPARIA
Position	Vice Director
ID Number/Passport	Z1756874
Resident	Room F6, Floor 1, Town Hall No. 69/70 Mcnichols, Chetpet, Chennai-600031, India
Nationality	Indian
Value of shares	VND 0
Percentage	0%
Note: Share has been transferred.
4. NAME	Mr. PHAM THAI SON
Position	Former Director
ID Number/Passport	111573408
Resident	No.24 Tung Thien, Son Loc Ward, Son Tay District, Ha Noi City, Vietnam
Nationality	Vietnamese
Value of shares	VND 0
Percentage	0%
Note: Share has been transferred.
5. NAME	Ms. KIEU HUYEN TRANG
ID Number/Passport	111573822
Resident	No. 41C, Dinh Tien Hoang Str., Son Tay District, Ha Noi City, Vietnam
Nationality	Vietnamese
Value of shares	VND 0
Percentage	0%
Note: Share has been transferred.
6. NAME	Mr. PHAM QUOC THAI
ID Number/Passport	012027043
Resident	No. 24 Tung Thien, Son Loc Ward, Son Tay District, Ha Noi City, Vietnam
Nationality	Vietnamese
Value of shares	VND 0
Percentage	0%
Note: Share has been transferred.

FINANCIAL DATA

N/A

The subject’s financial data is not available in our source.

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	Below Average
Development trend	Developing
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	TT/LC
Sale Methods	To contracts
Public opinion	Normal

INTERPRETATION ON THE SCORES

SPG INVESTMENT JOINT STOCK COMPANY was established in 2008 under the original business registration number 0103023922; It then changed to No. 0102728133 in 2010. Currently it is operating with the capital amount of VND 10,000,000,000 with total labor workforce of about 100 people (about 20 persons in the transaction office and others in mining sites.)

The subject’s registered address is at Room 401 No.646 Lac Long Quan, Nhat Tan Ward, Tay Ho District, Ha Noi City, Vietnam. However, all the transactions are taken place at Floor 14, TTC Building, Duy Tan Str., Dich Vong Hau Ward, Cau Giay District, Hanoi City, Vietnam. Besides the subject has showrooms and mining sites at its branch addresses. The subject specializes in Searching, exploiting kinds of marbles, White stones, granite... and processing into materials and products for House construction field. The subject supplies marble products to not only domestic market but also foreign ones. It sometimes takes part in trade fair in field of constructional materials in the regions.

The subject has close relation with VIETNAM ALLIANCE MINERALS COMPANY LIMITED, which operates in the same fields and has same directors. Two firms support each other in its value chains. The premises and facilities of the subject are above average. No caution is needed for small credit transactions.

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.70.43

INFORMATION DETAILS

Report Prepared by :

SMN

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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