MIRA INFORM REPORT

Report Date :

25.06.2013

IDENTIFICATION DETAILS

Name :	DAI CAC COMPANY LIMITED
Registered Office :	No. 1, Yet Kieu Street, Ka Long Ward, Mong Cai City, Quang Ninh Province
Country :	Vietnam
Year of Establishments:	2009
Com. Reg. No.:	5701341254
Legal Form :	Limited Liability Company
Line of Business :	subject trades under the form of temporary import and re-export. Its products are mainly frozen food and agricultural products
No. of Employees :	Below 10

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
Registered English Name	DAI CAC COMPANY LIMITED
Registered Vietnamese Name	CONG TY TNHH DAI CAC
Registered Short name	DAI CAC CO.,LTD
Type of Business	Limited liability company
Year Established	2009
Business Registration No.	5701341254
Date of Registration	01 Dec 2011
Place of Registration	Quang Ninh Department of Planning and Investment
Chartered capital	VND 2,000,000,000
Status	Unlisted
Tax code	5701341254
Total Employees	Below 10
Size	Small
Note:  The exact name of the subject is above

Compant ADDRESSES
Head Office
Address	No. 1, Yet Kieu Street, Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3886118/ 3885866
Fax	(84-33) 3886388

DIRECTORS
NAME	Ms. NGUYEN HUYEN TRANG
Position	Director
Date of Birth	16 Jul 1988
ID Number/Passport	012780319
ID Issue Date	24 Aug 2010
ID Issue Place	Hanoi Police Department
Resident	Hamlet 11, Ta Thanh Oai Commune, Thanh Tri District, Ha Noi City, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject trades under the form of temporary import and re-export. Its products are mainly frozen food and agricultural products

IMPORT & EXPORT ACTIVITIES

IMPORT: N/A

EXPORT: N/A

BANKERS
1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM MONG CAI BRANCH
Address	Hung Vuong str, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3881121
2. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT MONG CAI BRANCH
Address	No.24 Chu Van An Street, Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3777 177
Fax	(84-33) 3777 175
Note: Besides, the subject also transacts with many other banks

SHAREHOLDERS
1. NAME	Ms. DOAN THI MINH HUE
ID Number/Passport	100693757
Resident	Area 5, Hai Hoa Ward, Mong Cai City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 1,000,000,000
Percentage	50%
2. NAME	Ms. NGO THI THANH HA
ID Number/Passport	101211668
Resident	Group 1, Area 5, Bai Chay Ward, Ha Long City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 800,000,000
Percentage	40%
3. NAME	Ms. NGUYEN HUYEN TRANG
Position	Director
Date of Birth	16 Jul 1988
ID Number/Passport	012780319
Issued on	24 Aug 2010
Issued Place	Hanoi Police Department
Resident	Hamlet 11, Ta Thanh Oai Commune, Thanh Tri District, Ha Noi City, Vietnam
Nationality	Vietnamese
Value of shares	VND 200,000,000
Percentage	10%

FINANCIAL DATA

We tried our best to collect the financial data of the Subject but it is not available from our private sources.

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	Cash and Transfer through banks
Sale Methods	Other

INTERPRETATION ON THE SCORES

The subject was established at the end of 2009 as a limited liability company. Currently, it is running under the business registration No. 5701341254 (same as the tax code). Its chartered capital is VND 2 billion.

The subject trades under the form of temporary import and re-export. Its products are mainly frozen food and agricultural products, which are imported from many countries in the world and then exported to other countries. The subject's head office is located at No. 1 Yet Kieu Street - Ka Long Ward - Mong Cai City - Quang Ninh Province. Besides, it does not have branch or other office. Its facilities seem normal.

We have tried best to collect the financial data of the subject but unreached. The subject's staff also refused to supply information for us.

In general, the subject is a small and young business. Its experiences seem humble. It is only reliable for very 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.59.73
UK Pound	1	Rs.91.82
Euro	1	Rs.78.23

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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