MIRA INFORM REPORT

Report Date :

12.07.2013

IDENTIFICATION DETAILS

Name :	THAN NONG DEVELOPMENT CORPORATION
Registered Office :	No. 29 Road O, My Giang 2 Quarter, Tan Phong Ward, District 7, Ho Chi Minh City
Country :	Vietnam
Date of Incorporation :	08.12.2010
Com. Reg. No.:	0310502521
Legal Form :	Joint Stock Company
Line of Business :	Wholesale of agricultural raw materials (except wood, bamboo) and live animals
No. of Employees :	15

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 :

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ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 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
English Name	THAN NONG DEVELOPMENT CORPORATION
Vietnamese Name	CONG TY CO PHAN PHAT TRIEN THAN NONG
Trade name	THAN NONG DEVELOPMENT CORPORATION
Short name	THAN NONG CORP
Type of Business	Joint stock company
Year Established	2010
Business Registration No.	0310502521
Date of Registration	08 Dec 2010
Date of the latest adjustment (7^th)	18 May 2013
Place of Registration	Business registration office – Planning And Investment Department of Ho Chi Minh City
Chartered capital	VND 10,000,000,000
Tax code	0310502521
Total Employees	15

ADDRESSES
Head Office
Address	No. 29 Road O, My Giang 2 Quarter, Tan Phong Ward, District 7, Ho Chi Minh City, Vietnam
Telephone	(84-8) 5413 7796
Fax	(84-8) 5413 7792
Email	admin@thannonggroup.com
Website	thannonggroup.com

DIRECTORS
NAME	Mr. PHAM THI THUY DUNG
Position	Director
Date of Birth	20 Apr 1983
ID Number/Passport	351559249
ID Issue Date	11 Jun 1999
ID Issue Place	Police station of An Giang Province
Resident	Binh Khanh Hamlet, Binh Duc Ward, Long Xuyen City, An Giang Province, Vietnam
Current resident	E2E4/K300 Cong Hoa Street, Ward 12, Tan Binh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject registered in:

Wholesale of agricultural raw materials (except wood, bamboo) and live animals
Raising of cattle and buffaloes
Manufacture of grain mill products
Manufacture of starches and starch products
Processing and preserving of meat
Manufacture of dairy products
Manufacture of dairy products
Manufacture of prepared animal, fish, poultry feeds
Manufacture of basic chemicals
Manufacture of fertilizer and nitrogen compounds
Wholesale on a fee or contract basis
Wholesale of rice
Wholesale of food
Wholesale of waste and scrap and other products n.e.c
Retail sale in non-specialized stores with food, beverages or tobacco predominating
Packaging activities
Silviculture and other forestry activities
Wood logging
Other forestry product logging
Gathering of non-wood forest products
Support services to forestry
Growing of other perennial crops
Wholesale of beverages

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Meat, skin, alcohol
· Market	Australia, India, Italia.
EXPORT:
· Types of products	Agricultural
· Market	EU, China

BANKERS
1. ASIA COMMERCIAL BANK TAN THUAN BRANCH
Address	No.334 Huynh Tan Phat, District 7, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3872 0505
Fax	(84-8) 3872 0506
2. HSBC VIETNAM LTD
Address	6 Floor, No. 235 Dong Khoi Str., Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3829 2288

SHAREHOLDERS
1. NAME	Ms. TRAN THI THUY QUYEN
ID Number/Passport	B3955999
Issued Place	Police station of Ho Chi Minh City
Resident	E3E4/K300 Cong Hoa Street, Ward 12, Tan Binh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 9,000,000,000
Percentage	90%
2. NAME	Ms. PHAM THI THUY DUNG
Position	Director
Date of Birth	20 Apr 1983
ID Number/Passport	351559249
Issued on	11 Jun 1999
Issued Place	Police station of An Giang Province
Resident	Binh Khanh Hamlet, Binh Duc Ward, Long Xuyen City, An Giang Province, Vietnam
Current Resident	E2E4/K300 Cong Hoa Street, Ward 12, Tan Binh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 500,000,000
Percentage	5%
3. NAME	Mr. NGUYEN VIEN THONG
ID Number/Passport	B1904554
Issued Place	Police station of Ho Chi Minh City
Resident	No. 224/5 Pham Van Hai Street, Ward 5, Tan Binh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 500,000,000
Percentage	5%

FINANCIAL DATA

Not available!

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	N/A
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Through the bank
Sale Methods	Wholesaler
Public opinion	N/A

INTERPRETATION ON THE SCORES

The subject - THAN NONG DEVELOPMENT CORPORATION was established in the end 2010 under the business registration No. 0310502521 and the chartered capital VND 10,000,000,000. Its head office located at No. 29 Road O, My Giang 2 Quarter, Tan Phong Ward, District 7, Ho Chi Minh City

The subject is specializing in exporting a large amount of product source from Vietnamese producers such as: bamboo shoot, coffee, pepper, cashew nuts, natural rubber, tea of all kinds, rice, cassava starch and woodchips. The subject has a variety of high quality processed, packed fish and seafood, in which Basa fish is one of leading products to meet EU market demand. Currently, Than Nong also supplies wheat, wheat flour, milk power, beef, cow’s hides and leather from Australia.

In general, the subject is a young company. Its business seems busy now with 15 staff. In our opinion, the subject has capacity to meet all small transactions.

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

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.59.64
UK Pound	1	Rs.90.14
Euro	1	Rs.77.98

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