MIRA INFORM REPORT

Report Date :

28.11.2012

IDENTIFICATION DETAILS

Name :	TRUNG PHU TECHNOLOGY - TRADING - SERVICE COMPANY LIMITED

Registered Office :	48/42 Le Loi Street, Ward 4, Go Vap District, Ho Chi Minh City

Country :	Vietnam

Date of Incorporation :	2006

Reg. No.:	0304184849

Legal Form :	Limited liability company

Line of Business :	Trading equipments and materials in electric industry

No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

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

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
Registered English Name		TRUNG PHU TECHNOLOGY - TRADING - SERVICE COMPANY LIMITED
Registered Vietnamese Name		CONG TY TNHH DICH VU - THUONG MAI - KY THUAT TRUNG PHU
Registered Short name		TRUNG PHU CO., LTD
Type of Business		Limited liability company
Year Established		2006
Business Registration No.		0304184849
Date of latest adjustment (4^th)		03 Oct 2011
Place of Registration		Business Registration Office of Planning and Investment Department of Hochiminh City
Chartered capital		VND 5,000,000,000
Tax code		0304184849
Total Employees		10

Historical Identification & Legal form

List

Changed Items

Subject has got former Business Registration No: 4102036516 which was issued on 25 Jan 2006

Changed to: 0304184849

ADDRESSES

Registered Head Office
Address		48/42 Le Loi Street, Ward 4, Go Vap District, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3588 1768
Note: Registration office of the subject is private house of the subject’s director.

Representative office in Ho Chi Minh
Address		No.102 (old number: 68) Nguyen Van Luong Street, Ward 17, Go Vap District, Ho Chi Minh City, Vietnam
Telephone		(84-8) 6295 5593
Fax		(84-8) 6295 5594
Email		truelectric_auto@trungphuvn.com
Website		www.trungphu.net

DIRECTORS

NAME		Mr. NGUYEN QUOC ANH
Position		Director
ID Number/Passport		022606610
ID Issue Date		21 Nov 2005
ID Issue Place		Police Station of Hochiminh City
Resident		48/42 Le Loi Street, Ward 4, Go Vap District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Qualification		Management
Tel/Mobile phone		+84 902 888 225
Email		quocanh_electric@trungphuvn.com

BUSINESS NATURE AND ACTIVITIES

The subject is specializing in:
- Trading equipments and materials in electric industry
- Installing electric equipments - electric systems in civil and industry
Its registered items:

Electrical installation activities

Manufacture of structural metal products

Wholesale of waste and scrap and other products n.e.c

Wholesale of other machinery and equipment n.e.c

Machining; treatment and coating of metals

IMPORT & EXPORT ACTIVITIES

IMPORT:
Market		France

EXPORT: N/A

BANKERS

ASIA COMMERCIAL BANK GO VAP BRANCH
Address		No.01 Quang Trung Street, Go Vap District, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3989 4469
Fax		(84-8) 3989 4470

SHAREHOLDERS

1. NAME		Ms. NGUYEN ANH TUYET
ID Number/Passport		023488424
Resident		48/42 Le Loi Street, Ward 4, Go Vap District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Value of shares		VND 350,000,000
Percentage		7%

2. NAME		Mr. NGUYEN QUOC ANH
Position		Director
ID Number/Passport		022606610
ID Issue Date		21 Nov 2005
ID Issue Place		Police station of Hochiminh City
Resident		48/42 Le Loi Street, Ward 4, Go Vap District, Ho Chi Minh City, Vietnam
Email		quocanh_electric@trungphuvn.com
Mobile phone		+84 902 888 225
Nationality		Vietnamese
Value of shares		VND 2,400,000,000
Percentage		48%

3. NAME		Ms. NGUYEN THI LE NGA
ID Number/Passport		023321866
Resident		1673 Pham The Hien Street, Ward 6, District 8, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Value of shares		VND 2,250,000,000
Percentage		45%

FINANCIAL DATA

Not available!

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality		Normal
Liquidity		N/A
Payment status		N/A
Financial Situation		Average
Development trend		N/A
Litigation data		No Recorded
Bankruptcy		No Recorded
Payment Methods		Direct payment or through its bank.
Sale Methods		Retailer and Wholesaler
Public opinion		Normal

The subject’s financial data is not available. So it is difficult to give suitable comment for this icredit inquiry. In our opinion, caution needed with this transaction!

INTERPRETATION ON THE SCORES

The subject – TRUNG PHU CO., LTD was established in 2006. At present, the subject is operating under business registration no. 0304184849 (the same as tax code) with chartered capital VND 5 billion.

Registration Office was at 48/42 Le Loi Street - Ward 4 - Go Vap District - Hochiminh City. This location is also private house of the subject’s director. However, most business transaction of subject took place at no.102 Nguyen Van Luong Street - Ward 17 - Go Vap District - Hochiminh City.

The subject is specializing in providing equipments in mechanical – electric field that servicing construction works in the civil and industry such as: industrial factories, offices, hotels, apartments, hospitals, supermarkets, shops, public works and electricity substations. It is also main distributor of the electric equipment group Schneider electric (includes Merlin Gerin, Telemecanique and Clipsal) in Viet Nam. According to subject’s director – Mr. Nguyen Quoc Anh, currently the subject is importing goods from India market. Formerly, the subject imported products from France, but several recently years, the subject no longer imported products. Most of its products were exchanged through third party. However, he refused to disclose any information related to financial data.

In overview, its business activities are not busy. The premise and facilities of the subject are normal. The subject has capacity to meet small financial commitments. Caution needed for medium transactions with the subject.

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.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

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%)

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.