MIRA INFORM REPORT

Report Date :

21.02.2013

IDENTIFICATION DETAILS

Name :	THAO MOC VIET SERVICE TRADING PRODUCTION COMPANY LIMITED
Registered Office :	Ground Floor E2, My Duc Apartment, 220 Xo Viet Nghe Tinh Street, Ward 21, Binh Thanh District, Ho Chi Minh City
Country :	Vietnam
Date of Incorporation :	24.07.2012
Com. Reg. No.:	0311893701
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of food
No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Vietnam	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	THAO MOC VIET SERVICE TRADING PRODUCTION COMPANY LIMITED
Registered Vietnamese Name	CONG TY TNHH SAN XUAT THUONG MAI DICH VU THAO MOC VIET
Type of Business	Limited liability company
Year Established	2012
Business Registration No.	0311893701
Date of Registration	24 Jul 2012
Place of Registration	Business registration Office - Planning and Investment Department of Hochiminh City
Chartered capital	VND 1,500,000,000
Tax code	0311893701
Total Employees	10

ADDRESSES
Registration Address
Address	Ground Floor E2, My Duc Apartment, 220 Xo Viet Nghe Tinh Street, Ward 21, Binh Thanh District, Ho Chi Minh City, Vietnam
Transaction office in Ho Chi Minh
Address	34/24 Road 21, Ward 8, Go Vap District, Ho Chi Minh City, Vietnam
Note: According to Ms. Tran Thi Ha (Chief Accountant), the subject has just moved to new office, so it has no telephone number. All contact please via cell phone.

DIRECTORS
1. NAME	Mr. PHAM THE THINH
Position	Director
Date of Birth	01 Dec 1979
ID Number/Passport	113332687
ID Issue Date	12 Jan 2012
ID Issue Place	Police Station of Hoa Binh Province
Resident	Group 3, Tu Ne Commune, Tan Lac District, Hoa Binh Province, Vietnam
Current resident	358/41 Truong Chinh Street, Dong Hung Thuan Ward, District 12, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Tel/Mobile phone	+84 932 173 599
2. NAME	Ms. TRAN THI HA
Position	Chief Accountant
Resident	Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Tel/Mobile phone	+84 933 034 288
Email	hatran2708@yahoo.com
Note: Ms. Ha is Mr. Thinh’s wife.

BUSINESS NATURE AND ACTIVITIES

The subject registered in:

· Wholesale of food

· Manufacture of other food products n.e.c.

· Packaging activities

· Real estate agent, consultant activities;

· Construction of buildings

· Specialized design activities

· Building completion and finishing

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Market	mainly from India
EXPORT:
Note: Currently, the subject does not export

BANKERS
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK HO CHI MINH BRANCH
Address	No.6 Nguyen Thi Minh Khai, Da Kao Ward, District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3911 6868
Fax	(84-8) 3911 2199

SHAREHOLDERS
1. NAME	Mr. PHAM THE QUANG
ID Number/Passport	113091467
Resident	Group 3, Tu Ne Commune, Tan Lac District, Hoa Binh Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 510,000,000
Percentage	34%
2. NAME	Mr. PHAM THE THINH
Position	Director
Date of Birth	01 Dec 1979
ID Number/Passport	113332687
Issued on	12 Jan 2012
Issued Place	Police Station of Hoa Binh Province
Resident	Group 3, Tu Ne Commune, Tan Lac District, Hoa Binh Province, Vietnam
Current Resident	358/41 Truong Chinh Street, Dong Hung Thuan Ward, District 12, Ho Chi Minh City, Vietnam
Mobile phone	+84 932 173 599
Nationality	Vietnamese
Value of shares	VND 495,000,000
Percentage	33%
3. NAME	Mr. VU DINH QUANG
ID Number/Passport	113199108
Resident	Group 2, Tu Ne Commune, Tan Lac District, Hoa Binh Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 495,000,000
Percentage	33%

FINANCIAL DATA

N/A

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	Below average
Development trend	N/A
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Direct payment or through its corresponding bank
Sale Methods	Wholesaler

INTERPRETATION ON THE SCORES

The subject - THAO MOC VIET SERVICE TRADING PRODUCTION COMPANY LIMITED - has just been established in July, 2012. The subject is operating under Business Registration No. 0311893701 issued by Business registration Office - Planning and Investment Department of Hochiminh City. Its chartered capital is VND 1,500,000,000.

The subject specializes in trading in herbal remedy, additives, spices in food industry. Currently, the subject mainly distributes herbal remedy with “Methi” brand name. These are imported from India. Main market of the subject are in Hochiminh city and neighbor provinces.

The subject registered its head office at Ground Floor E2, My Duc Apartment, 220 Xo Viet Nghe Tinh Street, Ward 21 , Binh Thanh District, Ho Chi Minh City, Vietnam. However, this address is no longer the office of the subject. According to Ms. Tran Thi Hanh (Chief Accountant), the subject has moved to new office which is located at 34/24 Road 21, Ward 8, Go Vap District, Ho Chi Minh City, Vietnam.

In overview, the subject is operating at small scale with about 10 persons. The management capacity is normal. The subject is a very new company, so its position in the industry is not remarkable. The subject needs more time to improve its business. The future prospect is average.

------------ APPENDIX ----------

INDUSTRY DATA
Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,887		24,362.9	95,227
Industry and Construction	5.53	7.70	95,217		10,718.9	3,641,376
Trade and Services	6.69	7.52	187,195		15,270.2	6,957,082
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.54.05
UK Pound	1	Rs.83.45
Euro	1	Rs.72.53

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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