MIRA INFORM REPORT

Report Date :

09.01.2013

IDENTIFICATION DETAILS

Name :	VIET NAM CMA IMPORT EXPORT JOINT STOCK COMPANY
Registered Office :	No. 102, Lane 189 Hoang Hoa Tham Street, Lieu Giai Ward, Ba Dinh District, Ha Noi City
Country :	Vietnam
Date of Incorporation :	08.06.2012
Com. Reg. No.:	0105911169
Legal Form :	Joint stock company
Line of Business :	Providing transport services
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 (31.03.2012)	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	VIET NAM CMA IMPORT EXPORT JOINT STOCK COMPANY
Registered Vietnamese Name	CONG TY CO PHAN XUAT NHAP KHAU CMA VIET NAM
Type of Business	Joint stock company
Year Established	2012
Business Registration No.	0105911169
Date of Registration	08 Jun 2012
Place of Registration	Ha Noi Department of Planning and Investment
Chartered capital	VND 4,500,000,000
Status	Unlisted
Tax code	0105911169
Total Employees	10
Size	Small
Note	The registered name of the subject is as above.

ADDRESSES

Head Office
Address	No. 90 Doc Ngu Street, Ba Dinh District, Ha Noi City, Vietnam
Telephone	(84-4) 66726412
Fax	(84-4) 62733930/37223379
Registration Address
Address	No. 102, Lane 189 Hoang Hoa Tham Street, Lieu Giai Ward, Ba Dinh District, Ha Noi City, Vietnam
Note	On business registration document, the subject registered the address as above. But the full one is: “No. 102, Transport 27/7 Cooperative, Lane 189 Hoang Hoa Tham Street, Lieu Giai Ward, Ba Dinh District, Ha Noi City, Vietnam”

DIRECTORS

1. NAME	Ms. TRAN THU HOA
Position	Chairwoman cum Director
Date of Birth	10 Feb 1976
ID Number/Passport	131210991
ID Issue Date	17 Mar 2009
ID Issue Place	Phu Tho Province Public Security
Resident	No. 185, Nui Mieu, Phong Chau Town, Phu Ninh District, Phu Tho Province, Vietnam
Current resident	No. 102, Transport 27/7 Cooperative Lane 189, Hoang Hoa Tham Str, Lieu Giai Ward, Ba Dinh District, Ha Noi City, Vietnam
Nationality	Vietnamese
Tel/Mobile phone	+84 972672555

BUSINESS NATURE AND ACTIVITIES

The company specializes in:
- Providing transport services
- import - export agriculture products

IMPORT & EXPORT ACTIVITIES

IMPORT:
Types of products	Agriculture products
Market	India
Mode of payment	TT, LC
EXPORT:
Types of products	Agriculture products
Market	China

BANKERS

1. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK BA DINH BRANCH
Address	No.132- 138 Kim Ma str, Ba Dinh District, Ha Noi City, Vietnam
Telephone	(84-4) 3734 3233
Fax	(84-4) 3734 3238
2. AN BINH COMMERCIAL JOINT STOCK BANK
Address	B7 Giang Vo Str, Ba Dinh District, Ha Noi City, Vietnam
Telephone	(84-4) 38460135

SHAREHOLDERS

1. NAME	Ms. TRAN THU HOA
Position	Chairwoman cum Director
Date of Birth	10 Feb 1976
ID Number/Passport	131210991
Issued on	17 Mar 2009
Issued Place	Phu Tho Province Public Security
Resident	No. 185, Nui Mieu, Phong Chau Town, Phu Ninh District, Phu Tho Province, Vietnam
Current Resident	No. 102, Transport 27/7 Cooperative Alley 189, Hoang Hoa Tham Str, Lieu Giai Ward, Ba Dinh District, Ha Noi City, Vietnam
Mobile phone	+84 972672555
Nationality	Vietnamese
Number of Shares	270,000
Value of shares	VND 2,700,000,000
Percentage	60%
2. NAME	Mr. NGUYEN CHIEN TRUONG
ID Number/Passport	B5891309
Resident	No. 185, Nui Mieu, Phong Chau Town, Phu Ninh District, Phu Tho Province, Vietnam
Nationality	Vietnamese
Number of Shares	90,000
Value of shares	VND 900,000,000
Percentage	20%
3. NAME	Mr. PHAM THANH NAM
ID Number/Passport	013036656
Resident	No. 28, Lane 127/38/20 Hao Nam Street, O Cho Dua Ward, Dong Da District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	90,000
Value of shares	VND 900,000,000
Percentage	20%

FINANCIAL DATA

N/A

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	Below Average
Development trend	Developing
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	TT, LC
Sale Methods	Wholesaler
Public opinion	Limited

INTERPRETATION ON THE SCORES

The company is a Joint Stock Company that was newly established in Jun 2012 according to the business registration No. 0105911169 issued by Ha Noi Department of Planning and Investment. The company has chartered capital of VND 4.5 billion that is contributed by three individuals.

The company’s registration address is at No. 102, Transport 27/7 Cooperative, Alley 189, Hoang Hoa Tham Street, Lieu Giai Ward, Ba Dinh District, Ha Noi City. But it head office is located at No. 90 Doc Ngu Street, Ba Dinh District, Ha Noi City. According to Ms. Tran Thu Hoa – the company’s director, the subject has about 10 employees in the office and some staffs in ports and border gates.

The subject specializes in supplying transport services, including domestic land, and waterway transport. Besides, the subject also operates in the field of import – export agriculture products. The company imports agriculture products mainly from India, then exports to China. The subject has close relationship with Tan Hung Trading Development Joint Stock Company which was established in 2009 in Ha Noi City. The two companies has the same director, head office and operates in the same field. However, they are two independent companies on legally.

In general, the subject is a new and small company in the industry. Pleased caution with the financial commitments with the subject.

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.55.33
UK Pound	1	Rs.89.05
Euro	1	Rs.72.57

INFORMATION DETAILS

Report Prepared by :

SDA

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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