MIRA INFORM REPORT

Report Date :

06.09.2012

IDENTIFICATION DETAILS

Name :	VUHAI COMPANY LIMITED
Registered Office :	Hai Hoa Industrial Zone, Hai Hoa Ward, Mong Cai City, Quang Ninh Province
Country :	Viet Nam
Year of Establishment :	2004
Com. Reg. No.:	5700501307
Legal Form :	Limited liability company
Line of Business :	Import for re-export in frozen food and import - export services.
No. of Employees :	30

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 :	No complaints
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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
Current legal status
Registered English Name	VUHAI COMPANY LIMITED
Registered Vietnamese Name	CONG TY TNHH VU HAI
Trade name	VU HAI CO., LTD
Type of Business	Limited liability company
Year Established	2004
Business Registration No.	5700501307
First Date of Registration	28 Jun 2004
Latest Date of Registration	19 Jan 2011
Place of Registration	Planning and Investment Department of Quang Ninh Province
Chartered capital	VND 17,000,000,000
Status	Unlisted
Tax code	5700501307
Total Employees	30
Size	Small

Historical Identification & Legal form

List	Changed Items
1	Subject has got former Business Registration No: 22.02.000687 Changed to: 5700501307
2	Subject has got former Chartered capital: VND 5,600,000,000 Changed to: VND 17,000,000,000

ADDRESSES
Head Office
Address	Hai Hoa Industrial Zone, Hai Hoa Ward, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3883083
Fax	(84-33) 3770410
Email	vuhaimc@vnn.vn
Note: The given address of subject is not correct. The correct one is as above location.

DIRECTORS
1. NAME	Mr. NGUYEN HONG HAI
Position	Director
Date of Birth	24 Mar 1971
ID Number/Passport	100611972
ID Issue Date	23 Jun 2004
ID Issue Place	Quang Ninh Police Station
Resident	Group 1, Area 4, Gieng Day Ward, Ha Long City, Quang Ninh Province, Vietnam
Current resident	Area 3 Hai Hoa Ward, Mong Cai City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
2. NAME	Ms. DINH TRAN LE THUY
Position	Deputy Director
ID Number/Passport	162239752
Resident	Group 1, Area 4, Gieng Day Ward, Ha Long City, Quang Ninh Province, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject registered in trading many fields. However, the subject is currently specializing in temporary import for re-export in frozen food and import - export services.

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Market	Many countries in the world
EXPORT:
· Market	China

BANKERS
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM MONG CAI BRANCH
Address	No.2 Van Don, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3882193
Fax	(84-33) 3881676

SHAREHOLDERS
1. NAME	Mr. NGUYEN HONG HAI
Position	Director
Date of Birth	24 Mar 1971
ID Number/Passport	100611972
Issued on	23 Jun 2004
Issued Place	Quang Ninh Police Station
Resident	Group 1, Area 4, Gieng Day Ward, Ha Long City, Quang Ninh Province, Vietnam
Current Resident	Area 3 Hai Hoa Ward, Mong Cai City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 10,625,000,000
Percentage	62.5%
2. NAME	Ms. DINH TRAN LE THUY
Position	Deputy Director
ID Number/Passport	162239752
Resident	Group 1, Area 4, Gieng Day Ward, Ha Long City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 3,339,000,000
Percentage	19.64%
3. NAME	Ms. DINH HOANG LIEN
ID Number/Passport	021184223
Resident	No. 125, Alley 580, Truong Chinh Str., Khuong Thuong Ward, Thanh Xuan District, Ha Noi City, Vietnam
Nationality	Vietnamese
Value of shares	VND 3,036,000,000
Percentage	17.86%

FINANCIAL DATA

N/A
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Fair
Liquidity	N/A
Payment status	N/A
Financial Situation	Below Average
Development trend	N/A
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Through its corresponding bank
Sale Methods	To contracts
Public opinion	Normal

INTERPRETATION ON THE SCORES

VUHAI COMPANY LIMITED is a liability company limited which was established in 2004 under the business registration number 22.02.000687, granted by Planning and Investment Department of Quang Ninh Province. According to the new business law of Vietnam, the subject changed the business registration number into 5700501307, the same as tax code. The subject increased the chartered capital from VND 5.6 billion to VND 17 billion.

The subject registered in trading many fields. However, the subject is currently specializing in temporary import for re-export in frozen food and import - export services. It imports goods from many countries in the world and exports to China.

The premises and facilities of the subject are average. The subject has about 30 employees. The business activities of subject is realized at Hai Hoa Industrial Zone, Hai Hoa Ward, Mong Cai City, Quang Ninh Province, Vietnam.

The financial statement of the firm is not yet available. The business outcome of the subject seems to be still modest. On the other hand, the competition force is strong in the market, especially in Quang Ninh Province where there are many companies operating like the subject. Thus, the subject would face with certain difficulties in gaining good profit and maximizing its market share. However, with nearly 10 years operation the subject also has a certain position and some close to clients to its business activities are run continuously.

In short, the subject is a small company. The trade mark of the subject is not famous in the market. Its future prospect is average. However, with the enterprise trades in service, the capital of subject is not small. The subject can meet small transaction.

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.55.89
UK Pound	1	Rs.88.63
Euro	1	Rs.70.02

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.