MIRA INFORM REPORT

Report Date :

20.09.2012

IDENTIFICATION DETAILS

Name :	TAY DO LONG AN MATERIAL JOINT STOCK COMPANY
Registered Office :	B212, Road 5, Thai Hoa Industrial Park, Tan Hoa Hamlet, Duc Lap Ha Commune , Duc Hoa District, Long An Province
Country :	Vietnam
Date of Incorporation :	19.05.2011
Com. Reg. No.:	1101377903
Legal Form :	Joint Stock Company
Line of Business :	Manufacture of fertilizer and nitrogen compounds
No. of Employees :	10

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 – 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
English Name	TAY DO LONG AN MATERIAL JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN VAT TU TAY DO LONG AN
Short name	TADO JSC
Type of Business	Joint stock company
Year Established	2011
Business Registration No.	1101377903
Date of Registration	19 May 2011
Place of Registration	Business Registration Office of Long An province
Chartered capital	VND 9,999,990,000
Status	Unlisted
Tax code	1101377903
Total Employees	10

ADDRESSES
Head Office
Address	B212, Road 5, Thai Hoa Industrial Park, Tan Hoa Hamlet, Duc Lap Ha Commune , Duc Hoa District, Long An Province, Vietnam
Telephone	(84-8) 5428 1739
Fax	(84-8) 5428 1740
Website	taydojsc.com.vn

DIRECTORS
1. NAME	Mr. NGUYEN BA PHONG
Position	Chairman
Date of Birth	20 Jun 1978
ID Number/Passport	111375617
ID Issue Date	25 Sep 2002
ID Issue Place	Police Station Of Ha Tay Province
Resident	No. 201, Ho Van Long Street, Binh Hung Hoa B , Binh Tan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
2. NAME	Mr. NGUYEN KHAC THANH
Position	Director
ID Number/Passport	011488798
ID Issue Place	Police Station Of Ha Noi City
Resident	502 - C21, Thanh Xuan Bac, Thanh Xuan District, Ha Noi City, Vietnam
Nationality	Vietnamese
3. NAME	Ms. CHU PHUONG CHI
Position	Administrator
ID Number/Passport	111493827
Resident	Trung Kien Hamlet, Duong Noi Commune, Hoai Duc District, Ha Tay Province, Vietnam
Nationality	Vietnamese
Tel/Mobile phone	+ 84 988 516 409
Email	phuong0508@gmail.com.com

BUSINESS NATURE AND ACTIVITIES

The subject registered in:

Manufacture of fertilizer and nitrogen compounds
Wholesale of agricultural machinery, equipment and supplies
Freight transport by road
Wholesale of waste and scrap and other products n.e.c
Packaging activities

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Material
· Market	China, Taiwan...
EXPORT:
Note: Currently, the subject does not export

BANKERS
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK
Address	303 Nguyen Son, Phu Thanh Ward, Tan Phu District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3978 6034
Fax	(84-8) 3978 6034

SHAREHOLDERS
1. NAME	Mr. NGUYEN BA PHONG
Position	Chairman
Date of Birth	20 Jun 1978
ID Number/Passport	111375617
Issued on	25 Sep 2002
Issued Place	Police Station Of Ha Tay Province
Resident	No. 201, Ho Van Long Street, Binh Hung Hoa B , Binh Tan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	480,000
Value of shares	VND 4,800,000,000
Percentage	48%
2. NAME	Mr. NGUYEN THANH DUC
ID Number/Passport	011565993
Resident	No. 73 Lang Street, Nga Tu So Ward , Dong Da District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	50,000
Value of shares	VND 500,000,000
Percentage	5%
3. NAME	Mr. NGUYEN KHAC THANH
Position	Director
ID Number/Passport	011488798
Resident	502 - C21, Thanh Xuan Bac, Thanh Xuan District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	250,000
Value of shares	VND 2,500,000,000
Percentage	25%
4. NAME	Mr. NGUYEN VAN THIEM
ID Number/Passport	151249321
Resident	Hong Phong Group, An Trang Commune , Dong Hung District, Thai Binh Province, Vietnam
Nationality	Vietnamese
Number of Shares	50,000
Value of shares	VND 500,000,000
Percentage	5%
5. NAME	Mr. BUI XUAN TRUONG
ID Number/Passport	151086022
Resident	Cau Thuong Group, Dong Duong Commune , Dong Hung District, Thai Binh Province, Vietnam
Nationality	Vietnamese
Number of Shares	20,000
Value of shares	VND 200,000,000
Percentage	2%

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	Through the bank
Sale Methods	Wholesaler

INTERPRETATION ON THE SCORES

The subject - TAY DO LONG AN MATERIAL JOINT STOCK COMPANY was established in mid 2011 under the business registration No. 1101377903 and the chartered capital 20,000,000,000 VND.

The subject specializing in manufacturing and trading fertilizer and nitrogen compounds. It imports material to service for production meanly from China, Taiwan. TAY DO LONG AN rarely direct import, it imports through 3^th company - “HOP NHAT NONG COMPANY”. Its products are distributed for southern and southwestern provinces. According to Ms. CHU PHUONG CHI – Staff of the subject, TAY DO LONG AN has just gone operation in mid 2012.

Its head office and factory located at A213, Road 2, Thai Hoa Industrial Park, Tan Hoa Hamlet, Duc Lap Ha Commune, Duc Hoa District, Long An Province. Its management capacity is fair. The subject’s management board is also direct the other company – TAY DO MATERIAL JOINT STOCK COMPANY in Ho Chi Minh City.

In general, the subject is in the process of perfection to go into production. In our opinion, the subject has capacity to meet small transactions only.

------------ 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.54.26
UK Pound	1	Rs.88.14
Euro	1	Rs.71.03

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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