MIRA INFORM REPORT

Report Date :

10.08.2013

IDENTIFICATION DETAILS

Name :	PETROLIMEX INTERNATIONAL TRADING JOINT STOCK COMPANY
Registered Office :	No. 54 - 56 Bui Huu Nghia Street, Ward 5, District 5, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.03.2013
Date of Incorporation :	1999
Com. Reg. No.:	0301776741
Legal Form :	Joint stock company
Line of Business :	Trading focused on export of Vietnam's products of agricultural and forestry sectors, aqua-sea foods, art and handicraft works such as black pepper, black pepper, natural rubbers, steels, tapioca chips, seafood, white rice and corn.
No. of Employees :	150

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 22% in 2012, while industry's share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 40% of GDP. 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 hurt Vietnam's export-oriented economy, with GDP in 2012 growing at 5%, the slowest rate of growth since 1999. In 2012, however, exports increased by more than 18%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in new development assistance for 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the Government shifted policy away from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress had been made by early 2013. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses. In September 2012, the official bad debt ratio climbed to 8.8%, though some independent analysts believe it could be higher than 15%.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
Registered English Name	PETROLIMEX INTERNATIONAL TRADING JOINT STOCK COMPANY
Registered Vietnamese Name	CONG TY CO PHAN XUAT NHAP KHAU PETROLIMEX
Registered Short name	PITCO
Type of Business	Joint stock company
Year Established	1999
Establishment Decision	0806/99/QD-BTM
Date of Issuance	03 Jun 1999
Place of Issuance	Ministry of Commerce
Business Registration No.	0301776741
Date of the latest adjustment (11^th)	27 Aug 2012
Place of Registration	Business Registration Office of Planning and Investment Department of Hochiminh City
Chartered capital	VND 128,314,550,000
Status	Listed
Stock symbol	PIT
Tax code	0301776741
Total Employees	150

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 103419 (5 Aug 1999) Changed to: 4103002720 (1 Nov 2004) Changed to: 0301776741	21 Aug 2010
2	Subject has got former Chartered capital: VND 107,431,920,000 Changed to: VND 118,103,210,000 Changed to: VND 128,314,550,000	21 Aug 2010

ADDRESSES
Head Office
Address	No. 54 - 56 Bui Huu Nghia Street, Ward 5, District 5, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3838 3400 - 3838 3456
Fax	(84-8) 3838 3500
Email	pitco@pitco.com.vn
Website	www.pitco.com.vn
Branch in Binh Duong
Address	No. 577/E Group 5, Hamlet 3 Hoi Nghia Commune, Tan Uyen District, Binh Duong Province, Vietnam
Telephone	(84-650) 3648 287
Manager	Mr. TRAN NGOC CHAU
Note: This branch started working in January 2007; it is now operating under the Business Registration No. 4613000219 with the tax code 0301776741-005

SUBSIDIARIES AND RELATED COMPANIES
1. PETROLIMEX PAINTS COMPANY LIMITED
Business Registration	0309391013
Date of Registration	25 Sep 2009
Place of Registration	Business Registration Office (Planning and Investment Department of Hochiminh City)
Chartered capital	VND 120,000,000,000
Tax code	0309391013
Address	Room 908, 9th Floor, Centrepoint Building No. 106 Nguyen Van Troi Street, Ward 8, Phu Nhuan District, Ho Chi Minh City, Vietnam
Tel	(84-8) 3997 9999
Fax	(84-8) 3997 1278
Website	www.petrolimexpaints.com.vn
2. BINH DUONG PETROLIMEX INTERNATIONAL TRADING COMPANY LIMITED (PITCO BINH DUONG)
Business Registration	4604000319
Tax code	3700891170
Address	1A An Phu Commune, Thuan An Town, Binh Duong Province, Vietnam
Tel	(84-650) 3714705
Fax	(84-650) 3714704
3. HA NOI PETROLIMEX INTERNATIONAL TRADING COMPANY LIMITED (PITCO HANOI CO.,LTD)
Business Registration	0104002024
Address	No.1 Thanh Cong, Ba Dinh District, Ha Noi City, Vietnam
Tel	(84-4) 3831 3313
Fax	(84-4) 3834 5408

DIRECTORS
1. NAME	Mr. TRAN NGOC CHAU
Position	Chairman
Education	Construction Engineer, Bachelor of Law, Bachelor of Economic
Date of Birth	09 Sep 1954
ID Number/Passport	023852279
ID Issue Place	Police Station of Ho Chi Minh City
Resident	155 Huynh Van Banh, 12 Ward, Phu Nhuan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Qualification	Management
2. NAME	Mr. MAI VIET SINH
Position	Member of BOM
Date of Birth	01 Jan 1956
ID Number/Passport	010271406
Resident	30A Group 37 Khuong Thuong, Khuong Thuong Ward, Dong Da District, Ha Noi City, Vietnam
Nationality	Vietnamese
Qualification	MBA
3. NAME	Mr. HA HUY THANG
Position	General Director
Date of Birth	13 Apr 1975
ID Number/Passport	011975820
ID Issue Date	07 Feb 2005
ID Issue Place	Police Station of Ha Noi City
Resident	75/14/9 Le Van Luong, Tan Kieng Ward, 7 District, Ho Chi Minh City, Vietnam
Current resident	8C4.1.7 Panorama Phu My Hung, 7 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Qualification	Bachelor
4. NAME	Mr. NGUYEN NGOC HUNG
Position	Deputy General Director
Education	B.A
Date of Birth	24 Aug 1954
Nationality	Vietnamese
5. NAME	Mr. TRAN XUAN LAI
Position	Deputy General Director
Resident	Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Qualification	Management
6. NAME	Mr. VU VAN CUNG
Position	Deputy General Director
Education	B.A
Date of Birth	22 Sep 1963
Nationality	Vietnamese
7. NAME	Ms. LE THUY DAO
Position	Chief Accountant
Education	BA
Date of Birth	14 Jan 1968
Current resident	Ho Chi Minh City, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

Subject registered in:
- Trading focused on export of Vietnam's products of agricultural and forestry sectors, aqua-sea foods, art and handicraft works such as black pepper, black pepper, natural rubbers, steels, tapioca chips, seafood, white rice and corn.
- Re-export and shipment of petroleum and petrochemical products.
- Mineral products, commercial and colour.
- Import of goods and materials serving for production's and welfare needs.
- Tourism - transport and investment, goods representation agent, processing for export.

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Products of agricultural and forestry sectors, aqua-sea foods, art and handicraft works such as black pepper, black pepper, natural rubbers, steels.
· Market	Thailand, India, Russia, Korea and Europe
EXPORT:
· Market	US, France, Germany, Italy, Spain, Sweden, Russia, Saudi Arabia, Pakistan, Japan, Korea, Taiwan, India, China, Cambodia and Singapore.

BANKERS
1. HSBC VIETNAM LTD
Address	6 Floor, No. 235 Dong Khoi Street, Ben Nghe ward, District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3829 2288
SWIFT Code	HSBCVNVX
2. JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HO CHI MINH BRANCH
Address	No.10 Vo Van Kiet Street, District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3829 7245
Fax	(84-8) 3829 7228
SWIFT Code	BFTVVBVX 007
3. UNITED OVERSEAS BANK LIMITED
Address	No. 17 Le Duan Str-1st Floor Central Plaza Building-Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 38251424
Fax	(84-8) 38251423
SWIFT Code	OUVBVNVX

SHAREHOLDERS
I. State shareholder
1. NAME	VIETNAM NATIONAL PETROLEUM GROUP
Business Registration	0100107370
Date of Registration	04 Aug 2010
Place of Registration	Hanoi Department of Planning and Investment
Registered Capital	VND 10,700,000,000,000
Tax code	0100107370
Address	No.1 Kham Thien Street, Dong Da District, Ha Noi City, Vietnam
Tel	(84-4) 3851 2603
Fax	(84-4) 3851 9203/ 3851 2902/ 3851 2410
Email	info@petrolimex.com.vn
Website	http://www.petrolimex.com.vn
Number of shares	5,049,000
Value of shares	VND 50,490,000,000
II. Individual Shareholders:
Representative	Mr. TRAN VIET BINH
Date of Birth	01 Jan 1956
ID Number/Passport	023182790
Resident	306 Lot C Thanh Da Tenement, Binh Thanh District, Ho Chi Minh City, Vietnam
Number of Shares	111,240
Value of shares	VND 1,112,400,000
Representative	Mr. HA HUY THANG
Position	General Director
Date of Birth	13 Apr 1975
ID Number/Passport	011975820
Issued on	07 Feb 2005
Issued Place	Police Station of Ha Noi City
Resident	75/14/9 Le Van Luong, Tan Kieng Ward, 7 District, Ho Chi Minh City, Vietnam
Current Resident	8C4.1.7 Panorama Phu My Hung, 7 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Representative	Mr. MAI VIET SINH
Position	Member of BOM
Date of Birth	01 Jan 1956
ID Number/Passport	010271406
Resident	30A Group 37 Khuong Thuong, Khuong Thuong Ward, Dong Da District, Ha Noi City, Vietnam
Nationality	Vietnamese
Representative	Mr. TRAN NGOC CHAU
Position	Chairman
Date of Birth	09 Sep 1954
ID Number/Passport	023852279
Issued Place	Police Station of Ho Chi Minh City
Resident	155 Huynh Van Banh, 12 Ward, Phu Nhuan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
And 420 Other Shareholders
Number of shares	4,610,239
Value of shares	VND 46,102,390,000

FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date	31/03/2013	31/12/2012	31/12/2011
Number of weeks	13	52	52
Audit status	-	Audited	Audited
ASSETS
A – CURRENT ASSETS	483,234,371,111	430,721,842,108	314,101,921,746
I. Cash and cash equivalents	62,654,658,897	76,668,931,697	80,654,647,047
1. Cash	7,707,658,897	8,806,931,697	23,524,591,491
2. Cash equivalents	54,947,000,000	67,862,000,000	57,130,055,556
II. Short-term investments	130,000,000	7,735,000,000	2,100,500,000
1. Short-term investments	410,000,000	8,015,000,000	6,710,000,000
2. Provisions for devaluation of short-term investments	-280,000,000	-280,000,000	-4,609,500,000
III. Accounts receivable	171,356,047,713	158,766,831,384	118,738,236,328
1. Receivable from customers	140,830,559,440	87,663,399,165	86,933,538,610
2. Prepayments to suppliers	23,999,545,600	63,519,854,954	25,509,645,584
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	8,120,692,815	9,178,327,407	7,234,855,707
6. Provisions for bad debts	-1,594,750,142	-1,594,750,142	-939,803,573
IV. Inventories	191,548,118,488	148,055,011,725	94,566,640,588
1. Inventories	191,548,118,488	148,055,011,725	94,566,640,588
2. Provisions for devaluation of inventories	0	0	0
V. Other Current Assets	57,545,546,013	39,496,067,302	18,041,897,783
1. Short-term prepaid expenses	429,878,123	1,261,254,934	290,321,121
2. VAT to be deducted	45,647,847,631	21,898,760,089	5,766,667,973
3. Taxes and other accounts receivable from the State	4,890,377,090	4,951,440,417	4,864,182,040
4. Other current assets	6,577,443,169	11,384,611,862	7,120,726,649
B. LONG-TERM ASSETS	131,426,504,375	127,296,711,887	113,108,237,810
I. Long term accounts receivable	0	0	0
1. Long term account receivable from customers	0	0	0
2. Working capital in affiliates	0	0	0
3. Long-term inter-company receivable	0	0	0
4. Other long-term receivable	0	0	0
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	118,712,965,965	115,603,655,334	110,220,331,810
1. Tangible assets	95,407,862,037	95,795,881,876	98,393,563,513
- Historical costs	123,156,604,790	122,777,871,408	118,255,532,149
- Accumulated depreciation	-27,748,742,753	-26,981,989,532	-19,861,968,636
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	10,693,082,445	10,667,774,871	10,986,036,695
- Initial costs	11,652,322,002	11,572,522,002	11,572,522,002
- Accumulated amortization	-959,239,557	-904,747,131	-586,485,307
4. Construction-in-progress	12,612,021,483	9,139,998,587	840,731,602
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	10,524,922,558	9,919,922,558	1,321,520,000
1. Investments in affiliates	0	0	3,619,922,558
2. Investments in business concerns and joint ventures	0	0	0
3. Other long-term investments	10,524,922,558	9,919,922,558	0
4. Provisions for devaluation of long-term investments	0	0	-2,298,402,558
V. Other long-term assets	2,188,615,852	1,773,133,995	1,566,386,000
1. Long-term prepaid expenses	1,882,200,412	1,466,718,555	1,566,386,000
2. Deferred income tax assets	0	0	0
3. Other long-term assets	306,415,440	306,415,440	0
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	614,660,875,486	558,018,553,995	427,210,159,556
LIABILITIES
A- LIABILITIES	412,502,082,336	353,607,987,004	216,382,981,270
I. Current liabilities	380,382,082,336	321,487,987,004	178,187,295,026
1. Short-term debts and loans	314,170,521,200	237,696,153,951	142,181,898,503
2. Payable to suppliers	42,644,515,365	62,414,671,981	18,076,885,942
3. Advances from customers	11,290,023,306	12,021,474,289	5,301,410,032
4. Taxes and other obligations to the State Budget	3,492,485,986	1,368,150,835	1,307,623,471
5. Payable to employees	-196,819,740	406,387,468	4,224,507,747
6. Accrued expenses	439,239,022	502,816,953	621,436,169
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	7,993,546,717	6,400,752,047	5,907,359,469
10. Provisions for short-term accounts payable	0	0	0
11. Bonus and welfare funds	548,570,480	677,579,480	566,173,693
II. Long-Term Liabilities	32,120,000,000	32,120,000,000	38,195,686,244
1. Long-term accounts payable to suppliers	0	0	38,157,851,717
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	0	0	0
4. Long-term debts and loans	32,120,000,000	32,120,000,000	37,834,527
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	0	0	0
7. Provisions for long-term accounts payable	0	0	0
8. Unearned Revenue	0	0	0
9. Science and technology development fund	0	0	0
B- OWNER’S EQUITY	202,158,793,150	204,410,566,991	210,827,178,286
I. OWNER’S EQUITY	202,158,793,150	204,410,566,991	210,827,178,286
1. Capital	128,314,550,000	128,314,550,000	123,765,030,000
2. Share premiums	79,313,588,169	79,313,588,169	79,313,588,169
3. Other sources of capital	0	-12,425,734,109	0
4. Treasury stocks	-12,425,734,109	0	-12,425,734,109
5. Differences on asset revaluation	0	0	-7,598,018
6. Foreign exchange differences	-79,199,649	0	0
7. Business promotion fund	180,315,826	180,315,826	4,729,835,826
8. Financial reserved fund	8,346,611,778	8,346,611,778	8,346,611,778
9. Other funds	0	0	0
10. Retained earnings	-1,491,338,865	681,235,327	7,105,444,640
11. Construction investment fund	0	0	0
12. Business arrangement supporting fund	0	0	0
II. Other sources and funds	0	0	0
1. Bonus and welfare funds (Elder form)	0	0	0
2. Sources of expenditure	0	0	0
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	614,660,875,486	558,018,553,995	427,210,159,556

PROFIT & LOSS STATEMENT
Description	01/01/2013 - 31/03/2013	FY2012	FY2011
1. Total Sales	546,989,636,506	1,986,099,114,030	2,816,185,346,560
2. Deduction item	17,199,717,112	37,954,451,991	26,072,629,125
3. Net revenue	529,789,919,394	1,948,144,662,039	2,790,112,717,435
4. Costs of goods sold	509,981,872,811	1,872,729,577,668	2,677,234,788,130
5. Gross profit	19,808,046,583	75,415,084,371	112,877,929,305
6. Financial income	1,550,267,356	11,613,736,894	30,244,982,069
7. Financial expenses	6,174,409,174	20,190,773,771	52,251,085,614
- In which: Loan interest expenses	4,961,532,100	22,954,995,450	36,635,773,156
8. Selling expenses	8,977,217,302	33,503,997,882	48,185,402,966
9. Administrative overheads	8,306,427,977	32,651,064,116	33,147,543,980
10. Net operating profit	-2,099,740,514	682,985,496	9,538,878,814
11. Other income	65,703,333	868,136,581	1,356,103,802
12. Other expenses	6,663,433	1,221,127,182	1,855,453,526
13. Other profit /(loss)	59,039,900	-352,990,601	-499,349,724
14. Total accounting profit before tax	-2,040,700,614	329,994,895	9,039,529,090
15. Current corporate income tax	131,873,578	304,424,972	2,138,180,004
16. Deferred corporate income tax	0	0	0
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	-2,172,574,192	25,569,923	6,901,349,086

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2012	FY2011	Average Industry
Current liquidity ratio	1.34	1.76	1.25
Quick liquidity ratio	0.88	1.23	0.71
Inventory circle	15.44	28.31	20.29
Average receive period	29.75	15.53	61.81
Utilizing asset performance	3.49	6.53	2.53
Liability by total assets	63.37	50.65	69.15
Liability by owner's equity	172.99	102.64	261.12
Ebit / Total assets (ROA)	4.17	10.69	9.66
Ebit / Owner's equity (ROE)	11.39	21.66	41.58
Ebit / Total revenue (NPM)	1.17	1.62	4.49
Gross profit / Total revenue (GPM)	3.80	4.01	9.69
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

CASH FLOW STATEMENT
(Indirect method)
Items	01/01/2013 - 31/03/2013	FY2012	FY2011
I. Cash flows from operating activities
1. Profit before tax	-2,040,700,614	329,994,895	9,039,529,090
2. Adjustments
- Depreciation and amortization	821,245,647	7,540,589,330	7,391,730,655
- Provisions	-1,874,750,142	-5,972,955,989	6,134,986,726
- Unrealized foreign exchange difference	-79,199,649	191,267,739
- Gain/loss from investing activities	-168,360,421	-6,627,596,022	-15,289,020,905
- Interest expense	4,961,532,100	22,954,995,450	36,635,773,156
3. Operating profit before movements in working capital	1,619,766,921	18,416,295,403	43,912,998,722
- (Increase)/Decrease in receivables	-53,167,160,275	-56,499,651,699	-14,883,155,189
- (Increase)/Decrease in inventories	-43,493,106,763	-53,488,371,137	39,180,344,230
- Increase/(Decrease) in accounts payable	56,338,195,463	38,145,116,806	2,215,718,900
- (Increase)/Decrease in prepaid expenses	-1,153,416,407	-5,441,567,021	1,423,820,079
- Interest paid	-4,961,532,100	-13,445,784,656	-33,555,124,365
- Corporate income tax paid	-281,972,386	-310,112,235	-6,740,912,195
- Other cash inflows	-5,203,865,702		8,500,000
- Other cash outflows	-32,496,519,313	-623,869,000	-2,035,280,342
Net cash from (used in) operating activities	-82,799,610,562	-73,247,943,539	29,526,909,840
II. Cash flows from investing activities
1. Acquisition of fixed assets and other long - term assets	-458,533,382	-12,821,606,244	-2,939,808,275
2. Proceeds from fixed assets and long - term assets disposal			502,618,105
3. Cash outflow for lending, buying debt instruments of other companies	-7,000,000,000	-7,000,000,000
4. Cash recovered from lending, selling debt instruments of other companies	-605,000,000	-605,000,000	-7,507,706,850
5. Investment in other entities			4,320,173,841
6. Cash recovered from investments in other entities
7. Interest income, dividend and profit paid	374,503,895	6,130,840,234	16,931,317,708
Net cash from (used in) investing activities	-7,689,029,487	-14,295,766,010	11,306,594,529
III. Cash flows from financing activities
1. Proceeds from issuing stocks, receiving capital from owners			-5,807,805,661
2. Capital withdrawal, buying back issued stocks
3. Proceeds from borrowings		1,387,750,670,035	2,451,448,579,177
4. Repayment of borrowings	452,799,939,178	-1,298,479,059,345	-2,438,857,583,106
5. Repayment of obligations under finance leased	-376,325,571,929
6. Dividends paid		-5,723,866,100	-11,023,828,250
Net cash from (used in) financing activities	76,474,367,249	83,547,744,590	-4,240,637,840
Net increase/(decrease) in cash and cash equivalents	-14,014,272,800	-3,995,964,959	36,592,866,529
Cash and cash equivalents at beginning of year	76,668,931,697	80,654,647,047	44,127,104,849
Effect from changing foreign exchange rate		10,249,609	-65,324,331
Cash and cash equivalents at end of year	62,654,658,897	76,668,931,697	80,654,647,047

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	Medium
Payment status	Above Average
Financial Situation	Above Average
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Direct payment or through its corresponding bank. Foreign remittance by letter of credit (L/C), T/T
Sale Methods	Retailer and Wholesaler

INTERPRETATION ON THE SCORES

PETROLIMEX INTERNATIONAL TRADING JOINT STOCK COMPANY (Shorten as PITCO) was first established in 1999 as a state owned company in accordance with established decision No. 0806/99/QD-BTM Dated 3 Jul 1999 by Ministry of Commerce. Thanks to the equitization in 2004, Subject became a joint stock company; it is now operating under the Business Registration No. 0301776741 issued by the Business Registration Office, Planning and Investment Department of Ho Chi Minh City with the registered capital of VND 108 billion. At present, its capital is VND 128,314,550,000. Subject is a member of Vietnam National Petroleum Import - Export Corporation. Subject had listed with stock code PIT.

Subject specializes in trading, importing-exporting agricultural and forestry products, seafood, handicraft, fine arts, consumer products, machineries for industry and agriculture, means of transportation, raw material for production and consumption. The main exported products: peppers, natural rubber, tin and antimony. The main imported materials: steels, plastic resins, and chemicals. It has import – export activities with many countries around the world.

As reviewing the Subject’s financial data in recent years, it seems subject has performed not good. Revenue and profit were in down trend. However, its revenue was still in high level. As many companies in this field, subject has many difficulties in recent years because of global crisis economic. Liquidity ratio was higher than average industry indicated that payment of subject was stable. Liability ratio showed that its self-financing capacity was quite good.

In general, subject is a medium company in this field. It has many supports from its group. No caution needed with normal transaction with subject.

------------ APPENDIX 1 ----------

INDUSTRY DATA
Industry code	GDP growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2012	2011
Agriculture, Forestry and Fishing	2.72	4.00	8,887		24,362.9	95,227
Industry and Construction	4.52	5.53	95,217		10,718.9	3,641,376
Trade and Services	6.42	6.69	187,195		15,270.2	6,957,082
ECONOMIC INDICATORS
			2012	2011		2010
Population (Million person)			88.78	87.84		86.93
Gross Domestic Products (USD billion)			136	119		102.2
GDP Growth (%)			5.03	5.89		6.78
GDP Per Capita (USD/person/year)			1,540	1,300		1,160
Inflation (% Change in Composite CPI)			9.21	18.58		11.75
State Budget Deficit compared with GDP (%)			4.8	4.9		5.8
SERVICE TRADE PERFORMANCE
Billion USD			2012	2011		2010
Exports			114.6	96.3		72.2
Imports			114.3	105.8		84.8
Trade Balance			0.3	-9.5		-12.6

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.11
UK Pound	1	Rs.94.77
Euro	1	Rs.81.54

INFORMATION DETAILS

Report Prepared by :

NLM

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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