MIRA INFORM REPORT

Report Date :

08.06.2013

IDENTIFICATION DETAILS

Name :	PHAM VO TRANSPORTATION AND TRADING SERVICE COMPANY LIMITED
Registered Office :	No. 46 Cap Rang Hamlet, Suoi Tre Commune, Long Khanh Town, Dong Nai Province
Country :	Vietnam
Date of Incorporation :	30.05.2012
Com. Reg. No.:	3602834946
Legal Form :	Limited Liability Company
Line of Business :	Subject specializes in trading and distributing Velvet antlers and Hard Antlers from Fallow Deer, North American Elk, and Red Stag Deer.
No. of Employees :	7

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 :	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 – 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
Current legal status
Translation English Name	PHAM VO TRANSPORTATION AND TRADING SERVICE COMPANY LIMITED
Registered Vietnamese Name	CONG TY TNHH THUONG MAI DICH VU VA VAN CHUYEN PHAM VO
Trade name	CATCHRS, LLC
Type of Business	Limited liability company
Year Established	2012
Business Registration No.	3602834946
Date of Registration	30 May 2012
Date of latest adjustment (3^rd)	30 Oct 2012
Place of Registration	Business Registration Office - Planning and Investment Department of Dong Nai Province
Tax code	3602834946
Total Employees	7

Historical Identification & Legal form

List	Changed Items
1	Subject has got former Registered Vietnamese Name: CONG TY TNHH MTV DUOC SU Changed to: CONG TY TNHH THUONG MAI DICH VU VA VAN CHUYEN PHAM VO
2	Subject has got former Type of Business: One member limited liability company Changed to: Limited liability company

ADDRESSES
Head Office
Address	No. 46 Cap Rang Hamlet, Suoi Tre Commune, Long Khanh Town, Dong Nai Province, Vietnam
Telephone	(+84) 906 065 346
Email	kim.vo@catchrs.com
Website	www.catchrs.com
Transaction office in Ho Chi Minh
Address	No. 151 Vu Tung Street, Ward 2, Binh Thanh District, Ho Chi Minh City, Vietnam

DIRECTORS
1. NAME	Ms. VO THI KIM THOA
Position	Director
Date of Birth	30 Jul 1988
ID Number/Passport	B5111579
ID Issue Date	10 Mar 2011
ID Issue Place	Department of Immigration
Resident	Cai Tram Hamlet, Vinh Thanh Commune, Tan Hung District, Long An Province, Vietnam
Nationality	Vietnamese
Email	kim.vo@catchrs.com
Qualification	Management
2. NAME	Mr. LUKE GEDDIE
Position	Director
Resident	Ho Chi Minh City, Vietnam
Nationality	American
Tel/Mobile phone	+84 162 639 3705
Email	geddieluke@gmail.com
Qualification	Management

BUSINESS NATURE AND ACTIVITIES

Subject specializes in trading and distributing Velvet antlers and Hard Antlers from Fallow Deer, North American Elk, and Red Stag Deer.

Subject registers in:

- Wholesale of other household products

- Wholesale of food

- General cleaning of buildings

- Other building and industrial cleaning activities

- Wholesale of waste and scrap and other products n.e.c

- Other transportation support activities

- Wholesale of other machinery and equipment n.e.c

- Wholesale of electronic and telecommunications equipment and supplies

- Wholesale of construction materials, installation supplies

- Wholesale of iron, steel

- Wholesale of agricultural raw materials (except wood, bamboo) and live animals

- Restaurants and mobile food service activities

- Wholesale of computer, computer peripheral equipment and software

- Renting and leasing of other machinery, equipment and tangible goods

- Wholesale of textiles, clothing, footwear

- Sea and coastal freight water transport

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	USA
EXPORT:
· Types of products	USA and India

BANKERS
HSBC BANK (VIET NAM) LTD
Address	Metropolitan Building, No. 235 Dong Khoi Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3829 2288
Fax	(84-8) 3823 0530

SHAREHOLDERS
1. NAME	Mr. LE THANH PHAT
ID Number/Passport	271539970
Resident	No.120/1C Tan Hoa Hamlet, Hoa An commune, Bien Hoa City, Dong Nai Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 200,000,000
Percentage	40%
2. NAME	Ms. VO THI KIM THOA
Position	Director
Date of Birth	30 Jul 1988
ID Number/Passport	B5111579
Issued on	10 Mar 2011
Issued Place	Department oof Immigration
Resident	Cai Tram Hamlet, Vinh Thanh Commune, Tan Hung District, Long An Province, Vietnam
Email	kim.vo@catchrs.com
Nationality	Vietnamese
Value of shares	VND 300,000,000
Percentage	60%

FINANCIAL DATA

Not available!

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

INTERPRETATION ON THE SCORES

The subject has just been established since May 2012 under One Member Liability Limited Company legal form and name CONG TY TNHH MTV DUOC SU (Translation name: DUOC SU ONE MEMBER COMPANY LIMITED). During operation, subject has adjusted its Business License 3^rd times; the latest time was on 30 Oct 2012. At current, subject is activating under name - PHAM VO TRANSPORTATION AND TRADING SERVICE COMPANY LIMITED - as a Liability Limited Company. Subject is now operating under Business Registration No.3602834946 and registered capital of VND 500 million. Ms. Vo Thi Kim Thoa is Director and Legal Representative of subject.

Subject registers its head office at No. 46, Cap Rang Hamlet, Long Khanh Commune, Dong Nai Province. At now, subject has just moved its office to address No. 151, Vu Tung Street, Ward 2, Binh Thanh District, Ho Chi Minh City. Office in Binh Thanh District, Ho Chi Minh City is in setting up stage.

Subject specializes in trading and distributing Velvet antlers and Hard Antlers from Fallow Deer, North American Elk, and Red Stag Deer. Its products are supplied for domestic market and exported to USA and India market. It mainly imports products from USA. At now, subject is preparing the export plan from India.

According to Ms. Kim Thoa, Mr. Joy Reese, Mr. Luke Geddie and Ms. Kim Thoa are directors of subject. In Vietnam, Mr. Luke Geddie and Ms. Kim Thoa are directly running subject. Business result of subject was negative in 2012.

In general, subject is activating in small scale with 7 employees. Its management capability is normal. Additional, subject is young company; therefore its business activities and its market share are limited. Its position in the industry is unremarkable. In our opinion, Caution needed for any business transactions with subject.

------------ 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.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

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.