MIRA INFORM REPORT

Report Date :

27.06.2013

IDENTIFICATION DETAILS

Name :	NONG DIEN COMPANY LIMITED

Registered Office :	No. 585/32/20 Huynh Tan Phat Street, Quarter 1, Tan Thuan Dong Ward, District 7, Ho Chi Minh City

Country :	Vietnam

Date of Incorporation :	10.03.2011

Com. Reg. No.:	0310676207

Legal Form :	Limited liability company

Line of Business :	Wholesale of agricultural raw materials (except wood, bamboo) and live animals

No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

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 – March, 31^st,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Vietnam

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		NONG DIEN COMPANY LIMITED
Vietnamese Name		CONG TY TNHH NONG DIEN
Short Name		NONG DIEN CO., LTD
Type of Business		Limited liability company
Year Established		2011
Business Registration No.		0310676207
Date of Registration		10 Mar 2011
Date of the latest adjustment (1^st)		10 Nov 2011
Place of Registration		Business registration office of Planning and Investment Department of Hochiminh City
Chartered capital		VND 4,900,000,000
Tax code		0310676207
Total Employees		5

ADDRESSES

Registration Address
Address		No. 585/32/20 Huynh Tan Phat Street, Quarter 1, Tan Thuan Dong Ward, District 7, Ho Chi Minh City, Vietnam

Representative office in Ho Chi Minh
Address		Floor 5th, No. 37 Hoang Dieu Street, Ward 12, District 4, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3943 1396 - 3943 1395
Fax		(84-8) 3943 1397

DIRECTORS

1. NAME		Ms. VU THI MAI HUONG
Position		Director
Date of Birth		01 Dec 1978
ID Number/Passport		271358771
ID Issue Date		13 Sep 2011
ID Issue Place		Police station of Dong Nai Province
Resident		B17 Cogido Residential Area An Binh Ward, Bien Hoa City, Dong Nai Province, Vietnam
Current resident		No. 77/12B Pham Huu Lau Street, Phu My Ward, District 7, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Qualification		Management

2. NAME		Ms. TRAN THI MINH HUONG
Position		Import – Export Manager
Resident		Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Qualification		Bachelor

BUSINESS NATURE AND ACTIVITIES

Subject registered in:
Wholesale of agricultural raw materials (except wood, bamboo) and live animals
Wholesale of rice
Wholesale of textiles, clothing, footwear
Wholesale of other household products
Wholesale of electronic and telecommunications equipment and supplies
Wholesale of construction materials, installation supplies
Wholesale of waste and scrap and other products n.e.c
Real estate agent, consultant activities;
Wholesale of computer, computer peripheral equipment and software
Retail sale of food stuff in specialized stores
Wholesale on a fee or contract basis
Wholesale of agricultural machinery, equipment and supplies
Wholesale of other machinery and equipment n.e.c
Retail sale of food in specialized stores

IMPORT & EXPORT ACTIVITIES

IMPORT:
Types of products		Rice bran, soy bean
Market		USA, India, Paraguay, Uruguay

EXPORT:
Note: Currently, the subject does not export

BANKERS

1. SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK DISTRICT 4 BRANCH
Address		No.55 - 57 Hoang Dieu, District 4, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3943 3963
Fax		(84-8) 3943 3983

2. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK NAM SAI GON BRANCH
Address		No.183 Khanh Hoi, Ward 3, District 4, Ho Chi Minh City, Vietnam
Telephone		(84-8)5401 2316
Fax		(84-8) 5401 2315

3. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT NUMBER 4 BRANCH
Address		No.192-194 Khanh Hoi, Ward 6, District 4, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3940 8479
Fax		(84-8) 3940 8478

SHAREHOLDERS

1. NAME		Ms. VU THI MAI HUONG
Position		Director
Date of Birth		01 Dec 1978
ID Number/Passport		271358771
Issued on		13 Sep 2011
Issued Place		Police station of Dong Nai Province
Resident		B17 Cogido Residential Area An Binh Ward, Bien Hoa City, Dong Nai Province, Vietnam
Current Resident		No. 77/12B Pham Huu Lau Street, Phu My Ward, District 7, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Value of shares		VND 3,000,000,000
Percentage		61.22%

2. NAME		Mr. VU HA HANH
ID Number/Passport		271416117
Resident		No. 585/32/20 Huynh Tan Phat Street, Quarter 1, Tan Thuan Dong Ward, District 7, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Value of shares		VND 1,900,000,000
Percentage		38.78%

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		L/C, T/T, through the banks.
Sale Methods		Retailer and Wholesaler
Public opinion		Limited

INTERPRETATION ON THE SCORES

NONG DIEN CO., LTD was established in 2011. Subject is now operating under business registration number 0310676207 and chartered capital VND 4,900,000,000.

Although subject registered address at No. 585/32/20 Huynh Tan Phat Street, Quarter 1, Tan Thuan Dong Ward, District 7, Ho Chi Minh City, all transactions of it are taken placed at its rep office in Floor 5th, No. 37 Hoang Dieu Street, Ward 12, District 4, Ho Chi Minh City.

Subject specializes in trading agricultural raw materials for manufacturing animal feed such as rice bran, soy bean… At present, subject imports mainly from USA, India, Paraguay, Uruguay and does not export. However, subject has plan to export its products to Cambodia in near future.

In general, subject is a small – young company in this field. Its management capability is acceptable with total 5 employees only. Its position in the industry is not remarkable. In our opinion, subject has capacity to meet small business transaction.

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.59.85
UK Pound	1	Rs.92.30
Euro	1	Rs.78.22

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%)

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.