MIRA INFORM REPORT

Report Date :

21.09.2012

IDENTIFICATION DETAILS

Name :	NHAT MINH TRADING AND PRODUCTION COMPANY LIMITED
Registered Office :	Floor 1, No. 9, Lane 13/90 Linh Nam Street, Mai Dong Ward, Hoang Mai District, Ha Noi City
Country :	Vietnam
Financials (as on) :	31.12.2007
Date of Incorporation :	06.12.1999
Com. Reg. No.:	072677
Legal Form :	Limited Liability Company
Line of Business :	The company specializes in manufacturing and trading color master batches.
No. of Employees :	12

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 – 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

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
Registered English Name	NHAT MINH TRADING AND PRODUCTION COMPANY LIMITED
Registered Vietnamese Name	CONG TY TNHH THUONG MAI VA SAN XUAT NHAT MINH
Registered short name	MITRA CO., LTD
Type of Business	Limited liability company
Year Established	1999
Business Registration No.	072677
Date of Registration	06 Dec 1999
Place of Registration	Ha Noi Department of Planning and Investment
Chartered capital	VND 600,000,000
Status	Unlisted
Tax code	0100963269
Total Employees	12
Note	The registered name of the subject is as above.

ADDRESSES
Head Office
Address	Floor 1, No. 9, Lane 13/90 Linh Nam Street, Mai Dong Ward, Hoang Mai District, Ha Noi City, Vietnam
Telephone	(84-4) 38627796
Fax	(84-4) 38628335
Factory Address
Address	Chi Dao Commune, Van Lam District, Hung Yen Province, Vietnam

SUBSIDIARIES AND RELATED COMPANIES
RELATED COMPANY - EQUIPMENT & TECHNOLOGY JOINT STOCK COMPANY
Business Registration	0103000875
Date of Registration	16 Mar 2002
Place of Registration	Ha Noi City Department of Planning and Investment
Registered Capital	VND 1,200,000,000
Tax code	0101217538
Address	The floor 2nd - No. 9 - Lane 13/90 Linh Nam Str, Hoang Mai District, Ha Noi City, Vietnam
Tel	(84-4) 3633 4508 / 3633 4509
Fax	(84-4) 3862 8335
Website	www.etechjsc.com

DIRECTORS
1. NAME	Ms. NGUYEN HAI MINH
Position	Director
Date of Birth	15 Nov 1973
ID Number/Passport	011670480
ID Issue Date	06 Nov 1996
ID Issue Place	Ha Noi Police Dept
Resident	No. 9 - Group 19 Mai Dong Ward, Hoang Mai District, Ha Noi City, Vietnam
Current resident	Group 19 Mai Dong Ward, Hoang Mai District, Ha Noi City, Vietnam
Nationality	Vietnamese
Tel/Mobile phone	+84 903429432

BUSINESS NATURE AND ACTIVITIES

The company specializes in manufacturing and trading color master batches.

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Equipments, unfinished - color master batches.
· Market	Taiwan, China, India
· Mode of payment	TT, DA
EXPORT:
Note: Currently, the subject does not export

BANKERS
1. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT BAC HA NOI BRANCH
Address	No. 266 Doi Can Street, Ba Dinh District, Ha Noi City, Vietnam
Telephone	(84-4) 37627632
Fax	(84-4) 37627636

SHAREHOLDERS
1. NAME	Ms. NGUYEN HAI MINH
Position	Director
Date of Birth	15 Nov 1973
ID Number/Passport	011670480
Issued on	06 Nov 1996
Issued Place	Ha Noi Police Dept
Resident	No. 9 - Group 19 Mai Dong Ward, Hoang Mai District, Ha Noi City, Vietnam
Current Resident	Group 19 Mai Dong Ward, Hoang Mai District, Ha Noi City, Vietnam
Mobile phone	+84 903429432
Nationality	Vietnamese
Value of shares	VND 500,000,000
Percentage	83.33%
2. NAME	Ms. DOAN THI PHONG LAN
Resident	Group 19 Mai Dong Ward, Hoang Mai District, Ha Noi City, Vietnam
Nationality	Vietnamese
Value of shares	VND 100,000,000
Percentage	16.67%

FINANCIAL HIGHLIGHT
BALANCE SHEET
Unit: Million VND
Balance sheet date	31/12/2007
Number of weeks	52
ASSETS
A. Current Asset	847
Receivables	25
Inventory	472
Cash and other current assets	350
B. Long term Asset	99
1. Long term account receivable	0
2. Fixed assets	99
Tangible fixed assets	99
+ Original cost	646
+ Accumulated depreciation value	-547
Financial leasehold assets	0
Intangible fixed assets	0
Construction in progress and other long term asset	0
TOTAL ASSETS	946
LIABILITIES
Payable loans	287
Owner’s Equity	659
TOTAL LIABILITY AND EQUITY	946
PROFIT & LOSS STATEMENT
1. Total Sales	23
2. Deduction item	0
3. Net revenue	23
4. Costs of goods sold	-
5. Gross profit	-
6. Financial income	0
7. Financial expenses	-
8. Selling expenses and Administrative overheads	-
9. Net operating profit	-25
10. Other income	0
11. Other expenses	0
12. Other profit /(loss)	0
13. Total accounting profit before tax	-25
14. Current corporate income tax	-
15. Deferred corporate income tax	-
16. Interest from subsidiaries/related companies	-
17. Profit after tax	-
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	Below Average
Development trend	Stable
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	TT
Sale Methods	Wholesaler
Public opinion	Normal

INTERPRETATION ON THE SCORES

The subject is a Limited Liability Company that was founded in 1999 in Ha Noi City according to the business registration No. 072677 issued by Ha Noi Department of Planning and Investment. It has chartered capital of VND 600 million that contributed by Mr. Nguyen Hai Minh - the director and Ms. Doan Thi Phong Lan. The subject has close relationship with Equipment & Technology Joint Stock Company which specializes in mechanical equipment, machine and chemicals used in plastic industry.

Its head office is located at Floor 1, No. 9, Lane 13/90 Linh Nam Street, Mai Dong Ward, Hoang Mai District, Ha Noi City. It has a factory located at Chi Dao Commune, Van Lam District, Hung Yen Province. The subject has about 12 employees in total.

The company specializes in manufacturing and trading color masterbatches. The subject imports machinery and unfinished - color masterbatches from Taiwan, China and India. According to Ms. Hien - the chief accountant, the subject usually imports from Taiwan and China. In 2012, the subject started import from India. Currently, its products are usually supplied for domestic distributors or plastic manufacturers.

In general, the subject is a small company. Although operating for a long time, its reputation is still limited. Caution needed for normal business 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.54.34
UK Pound	1	Rs.87.91
Euro	1	Rs.70.57

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.