MIRA INFORM REPORT

Report Date :

06.03.2013

IDENTIFICATION DETAILS

Name :	NGOC MINH PLASTICAL CHEMISTRY CORPORATION

Registered Office :	3^rd Floor, Tan Tung Duong building, No. 2 Nguyen The Loc Str Ward 12, Tan Binh District, Ho Chi Minh City

Country :	Vietnam

Financials (as on) :	31.12.2011

Date of Incorporation :	22.08.2009

Com. Reg. No.:	0309135348

Legal Form :	Joint stock company

Line of Business :	Wholesale of fertilizers and chemicals used in industry, agriculture, plastics in primary forms, materials and equipment installed in the building.

No. of Employees :	36

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

26-40

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

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
English Name		NGOC MINH PLASTICAL CHEMISTRY CORPORATION
Vietnamese Name		CONG TY CO PHAN HOA NHUA NGOC MINH
Short name		NGM CORP
Logo
Type of Business		Joint stock company
Year Established		2009
Business Registration No.		0309135348
Date of Registration		22 Aug 2009
Place of Registration		Business Registration Office - Planning and Investment Department of Ho Chi Minh City
Chartered capital		VND 7,500,000,000
Status		Unlisted
Tax code		0309135348
Total Employees		36
Note: 06^th adjustment was on 18 Aug 2012

Historical Identification & Legal form

List

Changed Items

Subject has got former Legal Representative Person: Mrs. NGUYEN THI KIM HIEU

Changed to: Ms. PHAM THI CUC

Subject has got former Shareholders: Mrs. NGUYEN THI KIM HIEU

Changed to: Ms. NGUYEN THI THU

ADDRESSES

Head Office

Address

3^rd Floor, Tan Tung Duong building, No. 2 Nguyen The Loc Str Ward 12, Tan Binh District, Ho Chi Minh City, Vietnam

Telephone

(84-8) 6297 0090 - 6297 0091 - 6297 0095

Fax

(84-8) 62970030

info@ngm-corp.com

Website

www.ngm-corp.com

1. NAME

Ms. PHAM THI CUC

Position

Director

Date of Birth

04 Aug 1971

ID Number/Passport

022992887

ID Issue Date

12 Oct 2007

ID Issue Place

Police station of Hochiminh city

Resident

No. 62/141 Ly Chinh Thang Str Ward 8, 3^rd District, Ho Chi Minh City, Vietnam

Current resident

174/2 Bui Thi Xuan Str, Ward 3, Tan Binh District, Ho Chi Minh City, Vietnam

Nationality

Vietnamese

ptcuc71@yahoo.com.vn

2. NAME

Ms. HO NGUYEN DIEP

Position

Chief Accountant

Nationality

Vietnamese

BUSINESS NATURE AND ACTIVITIES

Wholesale of fertilizers and chemicals used in industry, agriculture, plastics in primary forms, materials and equipment installed in the building.
Wholesale pulp, perfume, cosmetics and toilet preparations; stationery...
Wholesale of construction materials, installation supplies
Manufacture of pulp, paper and paperboard
Manufacture of plastics and synthetic rubber in primary forms
Wholesale of other household products
Wholesale of food
Retail sale of food stuff in specialized stores
Wholesale of beverages
Retail sale of beverages in specialized stores
Specialized design activities
Activities auxiliary to finance n.e.c
Wholesale of other machinery and equipment n.e.c
Wholesale of agricultural raw materials (except wood, bamboo) and live animals

IMPORT & EXPORT ACTIVITIES

IMPORT:

· Types of products

Goods

· Market

China

EXPORT:

· Market

N/A

BANKERS

1. VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK PHU MY HUNG BRANCH

Address

Lot 1-3, Phu My Hung New Urban, No.102 Nguyen Luong Bang Street, 7 District, Ho Chi Minh City, Vietnam

Telephone

(84-8) 54135588 - (84.8) 54135592

Fax

(84-8) 54135589

2. ASIA COMMERCIAL JOINT STOCK BANK LE TRONG TAN TRANSACTION OFFICE

Address

45 Le Trong Tan Str, Tan Phu District, Ho Chi Minh City, Vietnam

Telephone

(84-8) 38165282

Fax

(84-8) 38165281

SHAREHOLDERS

Registration shareholder information:

1. NAME

Ms. BUI THI MONG NGOC

ID Number/Passport

351082692

Resident

Phu Xuong hamlet, Cho Vam townlet, Phu Tan District, An Giang Province, Vietnam

Nationality

Vietnamese

Number of Shares

100,000

Value of shares

VND 1,000,000,000

Percentage

13.33%

2. NAME

Ms. NGUYEN BICH VAN

ID Number/Passport

221059764

Resident

No. 15 Le Qui Don street, Ward 4, Tuy Hoa City, Phu Yen Province, Vietnam

Nationality

Vietnamese

Number of Shares

10,000

Value of shares

VND 100,000,000

Percentage

1.33%

3. NAME

Ms. NGUYEN THI THU

ID Number/Passport

022159784

Resident

No. 62/243, Ly Chinh Thang street, ward 8, 3^rd District, Ho Chi Minh City, Vietnam

Nationality

Vietnamese

Number of Shares

20,000

Value of shares

VND 200,000,000

Percentage

2.67%

4. NAME

Mr. PHAM MINH TAM

ID Number/Passport

271117955

Resident

No. 7/31 KP2, Truong Dinh Str Tan Mai Ward, Bien Hoa City, Dong Nai Province, Vietnam

Nationality

Vietnamese

Number of Shares

40,000

Value of shares

VND 400,000,000

Percentage

5.33%

5. NAME

Ms. PHAM THI CUC

Position

Director

Date of Birth

04 Aug 1971

ID Number/Passport

022992887

Issued on

12 Oct 2007

Issued Place

Police station of Hochiminh city

Resident

No. 62/141 Ly Chinh Thang Str Ward 8, 3^rd District, Ho Chi Minh City, Vietnam

Current Resident

174/2 Bui Thi Xuan Str, Ward 3 , Tan Binh District, Ho Chi Minh City, Vietnam

ptcuc71@yahoo.com.vn

Nationality

Vietnamese

Number of Shares

480,000

Value of shares

VND 4,800,000,000

Percentage

64%

6. NAME

Ms. PHAM THI LAN

ID Number/Passport

020592142

Resident

No. 62/141 Ly Chinh Thang Str Ward 8, 3^rd District, Ho Chi Minh City, Vietnam

Nationality

Vietnamese

Number of Shares

100,000

Value of shares

VND 1,000,000,000

Percentage

13.33%

FINANCIAL DATA

BALANCE SHEET

Unit: One VND

Balance sheet date

31/12/2011

31/12/2010

Number of weeks

ASSETS

A – CURRENT ASSETS

22,531,829,970

17,888,000,000

I. Cash and cash equivalents

5,035,713,437

1,621,000,000

1. Cash

5,035,713,437

1,621,000,000

2. Cash equivalents

II. Short-term investments

878,809,300

97,000,000

1. Short-term investments

878,809,300

97,000,000

2. Provisions for devaluation of short-term investments

III. Accounts receivable

11,642,490,821

10,104,000,000

1. Receivable from customers

12,404,353,166

10,644,000,000

2. Prepayments to suppliers

740,148,030

719,000,000

3. Inter-company receivable

4. Receivable according to the progress of construction

5. Other receivable

6. Provisions for bad debts

-1,502,010,375

-1,259,000,000

IV. Inventories

4,748,768,649

5,250,000,000

1. Inventories

4,748,768,649

5,250,000,000

2. Provisions for devaluation of inventories

V. Other Current Assets

226,047,763

816,000,000

1. Short-term prepaid expenses

783,000,000

2. VAT to be deducted

164,203,263

3. Taxes and other accounts receivable from the State

4. Other current assets

61,844,500

33,000,000

B. LONG-TERM ASSETS

964,052,248

620,000,000

I. Long term accounts receivable

1. Long term account receivable from customers

2. Working capital in affiliates

3. Long-term inter-company receivable

4. Other long-term receivable

5. Provisions for bad debts from customers

II. Fixed assets

790,813,315

564,000,000

1. Tangible assets

790,813,315

564,000,000

- Historical costs

926,384,564

742,000,000

- Accumulated depreciation

-135,571,249

-178,000,000

2. Financial leasehold assets

- Historical costs

- Accumulated depreciation

3. Intangible assets

- Initial costs

- Accumulated amortization

4. Construction-in-progress

III. Investment property

Historical costs

Accumulated depreciation

IV. Long-term investments

1. Investments in affiliates

2. Investments in business concerns and joint ventures

3. Other long-term investments

4. Provisions for devaluation of long-term investments

V. Other long-term assets

173,238,933

56,000,000

1. Long-term prepaid expenses

105,198,933

2. Deferred income tax assets

68,040,000

3. Other long-term assets

56,000,000

VI. Goodwill

1. Goodwill

TOTAL ASSETS

23,495,882,218

18,508,000,000

LIABILITIES

A- LIABILITIES

13,952,550,183

10,129,000,000

I. Current liabilities

13,952,550,183

10,129,000,000

1. Short-term debts and loans

7,692,512,656

4,200,000,000

2. Payable to suppliers

5,685,676,169

5,267,000,000

3. Advances from customers

207,503,507

15,000,000

4. Taxes and other obligations to the State Budget

366,857,851

617,000,000

5. Payable to employees

6. Accrued expenses

7. Inter-company payable

8. Payable according to the progress of construction contracts

9. Other payable

30,000,000

10. Provisions for short-term accounts payable

11. Bonus and welfare funds

II. Long-Term Liabilities

1. Long-term accounts payable to suppliers

2. Long-term inter-company payable

3. Other long-term payable

4. Long-term debts and loans

5. Deferred income tax payable

6. Provisions for unemployment allowances

7. Provisions for long-term accounts payable

8. Unearned Revenue

9. Science and technology development fund

B- OWNER’S EQUITY

9,543,332,035

8,379,000,000

I. OWNER’S EQUITY

9,543,332,035

8,379,000,000

1. Capital

7,500,000,000

2. Share premiums

3. Other sources of capital

4. Treasury stocks

5. Differences on asset revaluation

6. Foreign exchange differences

-11,601,053

-80,000,000

7. Business promotion fund

8. Financial reserved fund

9. Other funds

10. Retained earnings

2,054,933,088

959,000,000

11. Construction investment fund

12. Business arrangement supporting fund

II. Other sources and funds

1. Bonus and welfare funds (Elder form)

2. Sources of expenditure

3. Fund to form fixed assets

MINORITY’S INTEREST

TOTAL LIABILITIES AND OWNER’S EQUITY

23,495,882,218

18,508,000,000

PROFIT & LOSS STATEMENT

Description

FY2011

FY2010

1. Total Sales

152,515,818,175

109,503,000,000

2. Deduction item

6,500,000

3. Net revenue

152,509,318,175

109,503,000,000

4. Costs of goods sold

139,775,740,815

99,742,000,000

5. Gross profit

12,733,577,360

9,761,000,000

6. Financial income

508,410,173

257,000,000

7. Financial expenses

921,366,878

334,000,000

- In which: Loan interest expenses

749,013,272

8. Selling expenses

9. Administrative overheads

11,228,330,450

8,040,000,000

10. Net operating profit

1,092,290,205

1,644,000,000

11. Other income

483,526,673

5,000,000

12. Other expenses

478,984,016

12,000,000

13. Other profit /(loss)

4,542,657

-7,000,000

14. Total accounting profit before tax

1,096,832,862

1,637,000,000

15. Current corporate income tax

558,643,981

320,000,000

16. Deferred corporate income tax

17. Interest from subsidiaries/related companies

18. Profit after tax

538,188,881

1,317,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS

Description

FY2011

FY2010

Average Industry

Current liquidity ratio

1.61

1.77

1.92

Quick liquidity ratio

1.27

1.25

1.02

Inventory circle

27.96

19.00

5.97

Average receive period

27.86

33.68

66.39

Utilizing asset performance

6.49

5.92

2.29

Liability by total assets

59.38

54.73

65.45

Liability by owner's equity

146.20

120.89

290.21

Ebit / Total assets (ROA)

7.86

8.84

10.65

Ebit / Owner's equity (ROE)

19.34

19.54

31.58

Ebit / Total revenue (NPM)

1.21

1.49

4.98

Gross profit / Total revenue (GPM)

8.35

8.91

14.19

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality

Fair

Liquidity

Medium

Payment status

Average

Financial Situation

Average

Development trend

Developing

Litigation data

No Record

Bankruptcy

No Record

Payment Methods

Direct payment or through its corresponding bank (L/C at sight, T/T, D/P)

Sale Methods

Retailer and Wholesaler

Public opinion

Normal

------------ 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.54.65
UK Pound	1	Rs.82.65
Euro	1	Rs.71.20

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%)

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.

MIRA INFORM REPORT

SUBJECT IDENTIFICATION & LEGAL FORM

Current legal status

ADDRESSES

BUSINESS NATURE AND ACTIVITIES

IMPORT & EXPORT ACTIVITIES

BANKERS

SHAREHOLDERS

Registration shareholder information:

FINANCIAL DATA

Unit: One VND

ASSETS

LIABILITIES

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Unit