MIRA INFORM REPORT

Report Date :

24.01.2013

IDENTIFICATION DETAILS

Name :	ICH CONG COMMERCIAL - SERVICE JOINT STOCK COMPANY
Registered Office :	No. 8A/4B1 Thai Van Lung Street, Ben Nghe Ward, District 1, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2011
Year of Establishment :	2007
Com. Reg. No.:	0304828451
Legal Form :	Joint stock company
Line of Business :	Trading fruits and vegetables
No. of Employees :	6

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	No Complaints
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)
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
Current legal status
Registered English Name	ICH CONG COMMERCIAL - SERVICE JOINT STOCK COMPANY
Registered Vietnamese Name	CONG TY CO PHAN THUONG MAI - DICH VU ICH CONG
Registered Short name	ICC SERVICE JSC
Type of Business	Joint stock company
Year Established	2007
Business Registration No.	0304828451
Date of Registration	06 Jul 2009
Date of lastest adjustment (3^rd)	10 Dec 2012
Place of Registration	Business Registration Office - Planning and Investment Department of Ho Chi Minh City
Chartered capital	VND 9,000,000,000
Tax code	0304828451
Total Employees	6

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 4103005975 was issued on 24th Jan 2007 Changed to: No. 0304828451	06 Jul 2009

ADDRESSES
Head Office
Address	No. 8A/4B1 Thai Van Lung Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3823 8692
Fax	(84-8) 3824 4885
Email	icchead@yahoo.com
Website	www.iccfruits.com
Branch in Ho Chi Minh
Address	No. 409/17 Nguyen Trong Tuyen Street, Ward 2, Tan Binh District, Ho Chi Minh City, Vietnam
Currently, subject has just registered this branch address. It is still in setting up period.

DIRECTORS
1. NAME	Mr. NGUYEN THANH LONG
Position	Director cum Chairman
Date of Birth	26 May 1959
ID Number/Passport	023284857
ID Issue Date	26 Sep 2006
ID Issue Place	Police Station of Ho Chi Minh City
Resident	No. 15A/1 Le Thanh Ton Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Tel/Mobile phone	(84) 903 911 955
Qualification	Management
2. NAME	Mr. NGUYEN DUY THANG
Position	Deputy Director
Date of Birth	15 Dec 1953
ID Number/Passport	020027827
Resident	No. 321/4 Huynh Van Banh Street, Ward 11, Phu Nhuan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Qualification	Management
3. NAME	Ms. LY NGOC PHUC
Position	Chief Accountant
Resident	Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Qualification	Bachelor

BUSINESS NATURE AND ACTIVITIES

The subject registers and operates in the following business activities:

Trading fruits and vegetables;
Construction of buildings; Construction of roads and railways; Construction of utility projects
Real estate activities with own or leased property;
Wholesale of electronic and telecommunications equipment and supplies;
Retail sale of bricks, sand, stone and other construction materials in specialized stores;
Land freight transport by other cars (except specialized car);
Sea and coastal water transport;
Activities auxiliary to finance;
Other transportation support activities;
Organization of conventions and trade shows;
Retail sale in non-specialized stores with food, beverages or tobacco predominating;
Wholesale on a fee or contract basis;
Architectural and engineering activities and related technical consultancy;
Wholesale of solid, liquid and gaseous fuels and related products;
Specialized design activities;
Other mining and quarrying ;

Freshwater aquaculture;
Retail sale of food stuff in specialized stores;
Wholesale of other machinery and equipment ;
Wholesale of waste and scrap and other products ;
Other professional, scientific and technical activities ;
Plumbing, heating and air-conditioning system installation activities;
Wholesale of other household products;
Manufacture of computers and peripheral equipment;
Wholesle of construction materials, installation supplies;
Wholesale of agricultural raw materials (except wood, bamboo) and live animals;
Manufacture of electronic components;
Processing and preserving of meat;
Processing and preserving of fish, crustaceans and mollusks;
Processing and preserving of fruit and vegetables;
Other amusement and recreation activities ;
Inland freight water transport.

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Apple, grape, kiwi, cherry
· Market	USA, Australia, South Africa, Portugal and New Zealand
· Mode of payment	T/T
EXPORT:
Note: Currently, the subject does not export

BANKERS
1. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT LE LOI TRANSACTION
Address	No.109 Nguyen Hue Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3827 7187
Fax	(84-8) 3827 7186
2. VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK SAI GON BRANCH
Address	No.28-30 Huynh Thuc Khang Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3914 3152 – 3914 3669
Fax	(84-8) 3914 3150

SHAREHOLDERS
1. NAME	Mr. NGUYEN DUY THANG
Position	Deputy Director
Date of Birth	15 Dec 1953
ID Number/Passport	020027827
Resident	No. 321/4 Huynh Van Banh Street, Ward 11, Phu Nhuan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	20,000
Value of shares	VND 2,000,000,000
2. NAME	Mr. NGUYEN THANH HOANG
Date of Birth	03 Oct 1966
ID Number/Passport	022979026
Resident	No. 128/17B Hai Ba Trung Street, Da Kao Ward, District 1, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	20,000
Value of shares	VND 2,000,000,000
3. NAME	Mr. NGUYEN THANH LONG
Position	Director
Date of Birth	26 May 1959
ID Number/Passport	023284857
Issued on	26 Sep 2006
Issued Place	Police Station of Ho Chi Minh City
Resident	No. 15A/1 Le Thanh Ton Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Mobile phone	(84) 903 911 955
Nationality	Vietnamese
Number of Shares	30,000
Value of shares	VND 3,000,000,000
4. NAME	Ms. TRAN THI THAO
ID Number/Passport	024566540
Resident	No. 230 Lot 9, Thanh Da Housing Compound, Ward 27, Binh Thanh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	20,000
Value of shares	VND 2,000,000,000

FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2011
Number of weeks	52
ASSETS
A – CURRENT ASSETS	16,308,000,000
I. Cash and cash equivalents	2,256,000,000
1. Cash	2,256,000,000
2. Cash equivalents	0
II. Short-term investments	0
1. Short-term investments	0
2. Provisions for devaluation of short-term investments	0
III. Accounts receivable	3,844,000,000
1. Receivable from customers	3,459,000,000
2. Prepayments to suppliers	385,000,000
3. Inter-company receivable	0
4. Receivable according to the progress of construction	0
5. Other receivable	0
6. Provisions for bad debts	0
IV. Inventories	10,208,000,000
1. Inventories	9,751,000,000
2. Provisions for devaluation of inventories	457,000,000
V. Other Current Assets	0
1. Short-term prepaid expenses	0
2. VAT to be deducted	0
3. Taxes and other accounts receivable from the State	0
4. Other current assets	0
B. LONG-TERM ASSETS	0
I. Long term accounts receivable	0
1. Long term account receivable from customers	0
2. Working capital in affiliates	0
3. Long-term inter-company receivable	0
4. Other long-term receivable	0
5. Provisions for bad debts from customers	0
II. Fixed assets	0
1. Tangible assets	0
- Historical costs	0
- Accumulated depreciation	0
2. Financial leasehold assets	0
- Historical costs	0
- Accumulated depreciation	0
3. Intangible assets	0
- Initial costs	0
- Accumulated amortization	0
4. Construction-in-progress	0
III. Investment property	0
Historical costs	0
Accumulated depreciation	0
IV. Long-term investments	0
1. Investments in affiliates	0
2. Investments in business concerns and joint ventures	0
3. Other long-term investments	0
4. Provisions for devaluation of long-term investments	0
V. Other long-term assets	0
1. Long-term prepaid expenses	0
2. Deferred income tax assets	0
3. Other long-term assets	0
VI. Goodwill	0
1. Goodwill	0
TOTAL ASSETS	16,308,000,000
LIABILITIES
A- LIABILITIES	6,136,000,000
I. Current liabilities	6,136,000,000
1. Short-term debts and loans	0
2. Payable to suppliers	6,010,000,000
3. Advances from customers	0
4. Taxes and other obligations to the State Budget	126,000,000
5. Payable to employees	0
6. Accrued expenses	0
7. Inter-company payable	0
8. Payable according to the progress of construction contracts	0
9. Other payable	0
10. Provisions for short-term accounts payable	0
II. Long-Term Liabilities	0
1. Long-term accounts payable to suppliers	0
2. Long-term inter-company payable	0
3. Other long-term payable	0
4. Long-term debts and loans	0
5. Deferred income tax payable	0
6. Provisions for unemployment allowances	0
7. Provisions for long-term accounts payable	0
8. Unearned Revenue	0
9. Science and technology development fund	0
B- OWNER’S EQUITY	10,172,000,000
I. OWNER’S EQUITY	10,172,000,000
1. Capital	9,000,000,000
2. Share premiums	0
3. Other sources of capital	0
4. Treasury stocks	0
5. Differences on asset revaluation	0
6. Foreign exchange differences	0
7. Business promotion fund	0
8. Financial reserved fund	0
9. Other funds	0
10. Retained earnings	1,172,000,000
11. Construction investment fund	0
12. Business arrangement supporting fund	0
II. Other sources and funds	0
1. Bonus and welfare funds	0
2. Sources of expenditure	0
3. Fund to form fixed assets	0
MINORITY’S INTEREST	0
TOTAL LIABILITIES AND OWNER’S EQUITY	16,308,000,000

PROFIT & LOSS STATEMENT
Description	FY2011
1. Total Sales	42,643,000,000
2. Deduction item	0
3. Net revenue	42,643,000,000
4. Costs of goods sold	38,213,000,000
5. Gross profit	4,430,000,000
6. Financial income	97,000,000
7. Financial expenses	546,000,000
- In which: Loan interest expenses	-
8. Selling expenses	0
9. Administrative overheads	2,418,000,000
10. Net operating profit	1,563,000,000
11. Other income	0
12. Other expenses	0
13. Other profit /(loss)	0
14. Total accounting profit before tax	1,563,000,000
15. Current corporate income tax	391,000,000
16. Deferred corporate income tax	0
17. Interest from subsidiaries/related companies
18. Profit after tax	1,172,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2011	Average Industry
Current liquidity ratio	2.66	1.21
Quick liquidity ratio	0.99	0.72
Inventory circle	3.74	12.25
Average receive period	32.90	51.49
Utilizing asset performance	2.61	2.30
Liability by total assets	37.63	59.32
Liability by owner's equity	60.32	229.17
Ebit / Total assets (ROA)	9.58	8.16
Ebit / Owner's equity (ROE)	15.37	24.08
Ebit / Total revenue (NPM)	3.67	6.61
Gross profit / Total revenue (GPM)	10.39	16.82
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Fair
Liquidity	Medium/High
Payment status	Above Average
Financial Situation	Average
Development trend	Developing
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	T/T
Sale Methods	Wholesaler
Public opinion	Normal

INTERPRETATION ON THE SCORES

Subject - ICH CONG COMMERCIAL - SERVICE JOINT STOCK COMPANY - was established in 2007. Subject specializes in importing and trading in premium fresh fruits such as apple, grape, kiwi and cherry and so on. At the present, it has chartered capital of VND 9 billion.

Its head office is located at No. 8A/4B1, Thai Van Lung Street, Ben Nghe Ward, District 1, Ho Chi Minh City. The subject imports fresh fruits from USA, Australia, South Africa, Portugal and New Zealand. A number of its clients are famous brand in its industry, some among they are: CostaGroup, SunWorld, FruitMaster, The Grape House, Delica Global, CrozAsia, The Fresh Fruit Company, etc… Currently, its main market is domestic.

The management capability is relative. Mr. Nguyen Thanh Long – Director and Mr. Nguyen Duy Thang – Deputy Director have more than 20 years experience dealing with fresh fruits. As the financial data in 2011, financial ratios were rather good. The liquidity ratios were pretty high. Moreover, financial leverages were used at quite safe rate for minimizing risk of payments. The operating ratios were fairly good. Inventory circle was low but asset performance was effective. Average receive period was in short term, this proved that, the subject has an effective management of receivables. The profitability ratio was acceptable. Its net revenue and profit after tax reached at over VND 42.6 billion and VND 1.1 billion, respectively.

In general, subject is operating in small scale with 6 employees only. Facilities & premises of subject are average. Management capability is limited. Although subject activates quite efficiently, its financial situation is average. In our opinion, subject has capacity to meet normal financial commitments. No caution needed for small business transactions with subject.

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

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.53.77
UK Pound	1	Rs.85.13
Euro	1	Rs.71.56

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%)

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