MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	THE REPRESENTATIVE OFFICE OF AGROTEXT COMMODITIES PRIVATE LIMITED IN HO CHI MINH CITY
Registered Office :	Suite 1, Room 109, No.35 Bis Phung Khac Khoan St , 1 District, Ho Chi Minh City
Country :	Vietnam
Date of Incorporation :	01.12.2009
Com. Reg. No.:	41-002839
Legal Form :	Foreign Representative Office
Line of Business :	The subject is representative office of foreign company. It is carrying out marketing and consulting in textile
No. of Employees :	4

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 :	Foreign Representative Office
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

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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
English Name	THE REPRESENTATIVE OFFICE OF AGROTEXT COMMODITIES PRIVATE LIMITED IN HO CHI MINH CITY
Vietnamese Name	VAN PHONG DAI DIEN AGROTEXT COMMODITIES PRIVATE LIMITED TAI TP HO CHI MINH
Type of Business	Foreign representative office
Year Established	2009
Business Registration No.	41-002839
Date of Registration	01 Dec 2009
Place of Registration	Ho Chi Minh City Department of Industry and Trade
Duration	01/12/2014
Tax code	0309771054
Total Employees	4
Size	Small

ADDRESSES
Head Office
Address	Suite 1, Room 109, No.35 Bis Phung Khac Khoan St , 1 District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3827 7238/ 3822 0035/ 3822 4202
Fax	(84-8) 3823 9242
Email	agrotext@agrotext.com / agrotext@hcm.fpt.vn / ranjeet_45@hotmail.com
Website	http://agrotext.com

DIRECTORS
NAME	Mr. RANJEET OMPRAKASH MASKARA
Position	Chief Office
ID Number/Passport	Z1718346
Skype	Ranjeetmaskara
Nationality	Indian

BUSINESS NATURE AND ACTIVITIES

The subject is representative office of foreign company. It is carrying out marketing and consulting in textile

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	N/A
EXPORT:
· Types of products	N/A

BANKERS
BANK OF INDIA
Address	No.2 Thi Sach, 1 District, Ho Chi Minh City, Vietnam
Telephone	84-08.3824 6340
Fax	84-08.3821 6856

SHAREHOLDERS
NAME	AGROTEXT COMMODITIES PRIVATE LIMITED
Address	No. 7, 9 Cross, Rangaswamy Temple Street , Kerala Province, India
Percentage	100%

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 Record
Bankruptcy	No Record
Payment Methods	Direct or through the bank
Sale Methods	Other
Public opinion	Normal

INTERPRETATION ON THE SCORES

The subject is representative office of Agrotext Commodities Private Limited in Ho Chi Minh City which was established in 2009.

The subject is operating under License No. 41-002839 issued by Ho Chi Minh City Department of Industry and Trade. Head office of the subject is located at Suite No.1, No.35 Bis Phung Khac Khoan St- District 1- Ho Chi Minh City. Because the subject is representative office of foreign company so it is carrying out marketing and consulting in textile . The subject is small office with 4 staff. Management capacity is quite good. The subject has capacity to meet normal financial commitments.

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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.52.37
UK Pound	1	Rs.83.99
Euro	1	Rs.67.99

INFORMATION DETAILS

Report Prepared by :

PRL

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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