MIRA INFORM REPORT

Report Date :

02.10.2012

IDENTIFICATION DETAILS

Name :	SATRA - TIEN GIANG COMPANY LIMITED
Registered Office :	Hoa Phuc Hamlet, Hoa Khanh Commune, Cai Be District, Tien Giang Province
Country :	Viet Nam
Financials (as on) :	31.12.2009
Date of Incorporation :	2005
Com. Reg. No.:	1200583456
Legal Form :	One member liability limited company
Line of Business :	Wholesale of agricultural raw materials (except wood, bamboo) and live animals
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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

VIET NAM - 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			SATRA - TIEN GIANG COMPANY LIMITED
Vietnamese Name			CONG TY TNHH MOT THANH VIEN SATRA - TIEN GIANG
Short name			CONG TY TNHH SATRA - TIEN GIANG
Type of Business			One member liability limited company
Year Established			2005
Business Registration No.			1200583456
Date of latest (5^th) adjustment			30 May 2012
Place of Registration			Business Registration Office - Planning and Investment Department of Tien Giang Province
Chartered capital			VND 37,741,983,845
Tax code			1200583456
Total Employees			N/A
ADDRESSES
Head Office
Address			Hoa Phuc Hamlet, Hoa Khanh Commune, Cai Be District, Tien Giang Province, Vietnam
Telephone			(84-73) 3753 775 - 3753 776
Fax			(84-73) 3753 774
Email			satra@satico.com.vn
Website			www.satico.com.vn: under construction
Branch in Ho Chi Minh
Address			No. 9-11 Phan Chu Trinh Street, Ben Thanh Ward, District 1, Ho Chi Minh City, Vietnam
Telephone			(84-8) 3822 5260
Fax			(84-8) 3822 5269
Manager			Mr. PHAM VAN HUNG
DIRECTORS
1. NAME		Mr. PHAM VAN HUNG
Position		Director
Date of Birth		30 Oct 1958
ID Number/Passport		021782743
ID Issue Date		03 Jun 2005
ID Issue Place		Police Station of Ho Chi Minh City
Resident		No. 34/1E Street 36, Quarter 8, Linh Dong Ward, Thu Duc District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
2. NAME		Mr. TRAN VAN DUNG
Position		Deputy Director
Nationality		Vietnamese
BUSINESS NATURE AND ACTIVITIES
Wholesale of agricultural raw materials (except wood, bamboo) and live animals Other retail sale in non-specialized stores Retail sale of food stuff in specialized stores Retail sale of electrical household appliances, furniture and lighting equipment and other household articles n.e.c in specialized stores Other retail sale of new goods in specialized stores Wholesale of textiles, clothing, footwear Retail sale of automotive fuel in specialized stores Processing and preserving of fruit and vegetables Advertising Other amusement and recreation activities n.e.c Restaurants and mobile food service activities Retail sale of pharmaceutical and medical goods, cosmetic and toilet articles in specialized stores Wholesale of beverages Retail sale in non-specialized stores with food, beverages or tobacco predominating Wholesale of waste and scrap and other products n.e.c Wholesale of food Retail sale of hardware, paints, glass and other construction installation equipment in specialized stores Retail sale of car (under 12 seats) Sale of motorcycles Real estate activities with own or leased property Sale of motor vehicle parts and accessories Sale of motorcycle parts and accessories Wholesale of rice Wholesale of electronic and telecommunications equipment and supplies Wholesale of other machinery and equipment n.e.c Wholesale of construction materials, installation supplies Wholesale of metals and metal ores Business in technology products Business in equipment for agriculture and fishery Domestic and international travel services Organizing ecoclimatic tours
IMPORT & EXPORT ACTIVITIES
IMPORT:
Note: N/A
EXPORT:
Note: N/A
BANKERS
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HO CHI MINH BRANCH
Address			No. 29 Ben Chuong Duong Street, Nguyen Thai Binh Ward, District 1, Ho Chi Minh City, Vietnam
Telephone			(84-8) 3825 1317
Fax			(84-8) 3829 7228
Account			0071375749930
SHAREHOLDERS
NAME			SAIGON TRADING GROUP
Business Registration			0300100037
Date of Registration			27Nov 2010
Place of Registration			Business Registration Office - Planning and Investment department of Ho Chi Minh City
Registered Capital			VND 3,625,853,748,695
Tax code			0300100037
Address			No. 275B Pham Ngu Lao Street, Pham Ngu Lao Ward, District 1, Ho Chi Minh City, Vietnam
Tel			(84-8) 3836 8779 - 3836 8735
Fax			(84-8) 3837 5902 - 3836 9327
Email			satra@hcm.vnn.vn
Website			www.satra.hochiminhcity.gov.vn
Value of shares			VND 37,741,983,845
Percentage			100%
	FINANCIAL HIGHLIGHT
	BALANCE SHEET
	Unit: Million VND
	Balance sheet date				31/12/2009	31/12/2008
	Number of weeks				52	52
	ASSETS
	A. Current Asset				7,899	6,884
	Receivables				1,830	676
	Inventory				2,962	1,521
	Cash and other current assets				3,107	4,687
	B. Long term Asset				28,501	8,513
	1. Long term account receivable				181	1,765
	2. Fixed assets				28,320	6,748
	Tangible fixed assets				26,655	6,502
	+ Original cost				28,621	7,859
	+ Accumulated depreciation value				-1,966	-1,357
	Financial leasehold assets
	Intangible fixed assets				1,419
	Construction in progress and other long term asset				246	246
	TOTAL ASSETS				36,400	15,397
	LIABILITIES
	Payable loans				3,564	3,245
	Owner’s Equity				32,836	12,152
	TOTAL LIABILITY AND EQUITY				36,400	15,397
	PROFIT & LOSS STATEMENT of FY2009
	1. Total Sales				22,748
	2. Deduction item				0
	3. Net revenue				22,748
	4. Costs of goods sold				19,400
	5. Gross profit				3,348
	6. Financial income				96
	7. Financial expenses				0
	8. Selling expenses and Administrative overheads				3,719
	9. Net operating profit				-275
	10. Other income				216
	11. Other expenses				1
	12. Other profit /(loss)				215
	13. Total accounting profit before tax				-60
	14. Current corporate income tax				0
	15. Deferred corporate income tax
	16. Interest from subsidiaries/related companies
	17. Profit after tax				-60
	PROFIT & LOSS STATEMENT of FY 2008
	Total revenue				66,756
	Deductions Items				32
	1. Net revenue				66,724
	2. Cost of goods sold and operation expense				66,930
	3. Net income from business activities				-206
	Income from financial activities				859
	Expenditure from financial activities				778
	4. Net income from financial operation				81
	Irregular income				162
	Irregular expenditure				37
	5. Irregular Profit				125
	6. Total pre-tax profit				0
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality				Normal
Liquidity				N/A
Payment status				N/A
Financial Situation				Average
Development trend				N/A
Litigation data				No Record
Bankruptcy				No Record
Payment Methods				By cash or through its corresponding bank.
Sale Methods				Retailer and Wholesaler
Public opinion				Normal
INTERPRETATION ON THE SCORES
SATRA - TIEN GIANG COMPANY LIMITED was established in 2005. The subject specializes in trading, importing and exporting fruit of all kinds and agricultural products. It is a subsidiary of SAIGON TRADING GROUP. At the present, the subject has a chartered capital of VND 37,741,983,845. Its head office is located at Hoa Phuc Hamlet, Hoa Khanh Commune, Cai Be District, Tien Giang Province. Although the subject registered head office in Tien Giang Province, board of director operates mainly at branch is located at No. 9-11, Phan Chu Trinh Street, Ben Thanh Ward, 1^st District, Ho Chi Minh City. At this branch address, the subject also uses for leasing a part of area. Besides, it also has scores of counters in Ben Thanh market, Ba Chieu market and at No. 1051 Le Thanh Ton Street, Ben Thanh Ward, District 1. The management capability of the subject is normal. In general, the subject is a one member limited liability company operating not really efficiently. It is supported strongly by parent group and it is regarded as a medium company in its field. According to us, the subject has capability to meet small and normal financial commitments.

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.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.78

INFORMATION DETAILS

Report Prepared by :

PDT

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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