MIRA INFORM REPORT

Report Date :

26.09.2012

IDENTIFICATION DETAILS

Name :	GLOBAL CNC RESOURCES JOINT STOCK COMPANY

Registered Office :	Group 9, Dai Tu Dai Kim ward, Hoang Mai District, Ha Noi City

Country :	Vietnam

Date of Incorporation :	05.07.2010

Com. Reg. No.:	0104782369

Legal Form :	Joint Stock Company

Line of Business :	subject trades in types of rubber for export

No. of Employees :	06 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	Slow but Correct
Litigation :	Clear

NOTES:

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ECGC Country Risk Classification List – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Vietnam

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

Current legal status
English Name		GLOBAL CNC RESOURCES JOINT STOCK COMPANY
Vietnamese Name		CONG TY CO PHAN TAI NGUYEN CNC TOAN CAU
Short name		GLOBAL CNC .,JSC
Type of Business		Joint stock company
Year Established		2010
Business Registration No.		0104782369
Date of Registration		05 Jul 2010
Place of Registration		Hanoi Planning and Investment Authority
Chartered capital		VND 5,000,000,000
Status		Unlisted
Tax code		0104782369
Total Employees		6
Size		Small
Note: The exact name of the subject is as above.

Historical Identification & Legal form

List

Changed Items

Date of changes

Subject has got former Address: 6th Fl, No. 609, Lac Long Quan street, Tay Ho District, Hanoi city, Vietnam

Changed to: No. 113, Alley 291, Lac Long Quan street, Tay Ho District, Hanoi City, Vietnam

N/A

company ADDRESSES

Registration Address
Address		Group 9, Dai Tu Dai Kim ward, Hoang Mai District, Ha Noi City, Vietnam

Transaction office in Ha Noi
Address		No. 113, Alley 291 Lac Long Quan street, Nghia Do ward, Cau Giay District, Ha Noi City, Vietnam
Telephone		(84-4) 21238257
Email		info@global-cnc.com
Note: -This is private house of a BOD member - The address given was former one.

DIRECTORS

1. NAME		Mr. NGO DUC CHI
Position		Director
Date of Birth		24 Jan 1983
ID Number/Passport		012162370
ID Issue Date		29 Jul 1998
ID Issue Place		Police office of Hanoi city
Resident		P43-F5, Collective 190 Lo Duc Street, Dong Mac ward, Hai Ba Trung District, Ha Noi City, Vietnam
Nationality		Vietnamese

BUSINESS NATURE AND ACTIVITIES

Currently, the subject trades in types of rubber for export. Previously, it also trades in cosmetics. Besides, its business activities include trade of raw steel scrap materials.

IMPORT & EXPORT ACTIVITIES

IMPORT:
Note: Currently, the subject does not import

EXPORT:
· Types of products		Rubber
· Market		USA, EU, South East Asia countries

BANKERS

1. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT TAY HO BRANCH
Address		No. 296 Nghi Tam Street, Tay Ho District, Ha Noi City, Vietnam
Telephone		(84-4) 3719 4143
Fax		(84-4) 3719 4607

SHAREHOLDERS

1. NAME		Ms. NGUYEN THI DUNG
ID Number/Passport		011777036
Resident		No. 3/17, Alley 20 Cat Linh street, Cat Linh ward, Dong Da District, Ha Noi City, Vietnam
Email		dungnt@global-cnc.com
Mobile phone		+84 987212888
Nationality		Vietnamese
Number of Shares		250,000
Value of shares		VND 2,500,000,000
Percentage		50%

2. NAME		Mr. NGO DUC CHI
Position		Director
Date of Birth		24 Jan 1983
ID Number/Passport		012162370
Issued on		29 Jul 1998
Issued Place		Police office of Hanoi city
Resident		P43-F5, Collective 190 Lo Duc Street, Dong Mac ward, Hai Ba Trung District, Ha Noi City, Vietnam
Nationality		Vietnamese
Number of Shares		130,000
Value of shares		VND 1,300,000,000
Percentage		26%

3. NAME		Mr. THACH VIET DUNG
ID Number/Passport		168098649
Resident		Bai Bui Hamlet Yen Bac Commune, Duy Tien District, Ha Nam Province, Vietnam
Nationality		Vietnamese
Number of Shares		120,000
Value of shares		VND 1,200,000,000
Percentage		24%

FINANCIAL DATA

N/A

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality		Fair
Liquidity		N/A
Payment status		N/A
Financial Situation		Below Average
Development trend		Developing
Litigation data		No Record
Bankruptcy		No Record
Payment Methods		T/T, L/C
Sale Methods		To contracts
Public opinion		Normal

INTERPRETATION ON THE SCORES

GLOBAL CNC RESOURCES JOINT STOCK COMPANY was found in mid 2010 under business registration and tax code number 0104782369 with chartered capital of 5 billion VND. It is a small trading company, directed by its shareholders, Mr. NGO DUC CHI, Ms. NGUYEN THI DUNG, and Mr. THACH VIET DUNG.

Registration address is at Group 9, Dai Tu, Dai Kim ward, Hoang Mai District, Hanoi. Formerly, the company had transaction office at 6Fl, No. 609, Lac Long Quan street, Tay Ho District, Hanoi. However, now transaction office is placed at private house of Ms. NGUYEN THI DUNG, a shareholder member. Since establishment, the subject has been trading in rubber, steel scrap materials, cosmetics. However, according to Ms. NGUYEN THI DUNG, currently, it only trades in types of natural processed rubber such as SVR10, SVR20, SVR3L, RSS3, SVR5, SVR CV50, SVR CV60. It purchased rubber from domestic factories, and then exported to countries all over the world. In general, the subject is a small trading company. The subject is reliable for small 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.53.53
UK Pound	1	Rs.86.82
Euro	1	Rs.69.03

INFORMATION DETAILS

Report Prepared by :

MNL

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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