MIRA INFORM REPORT

Report Date :

07.03.2013

IDENTIFICATION DETAILS

Name :	ANH QUAN INTERNATIONAL TRADING COMPANY LIMITED
Registered Office :	No.6 Alley 44, Lane 11 To Ngoc Van Str. Quang An Ward, Tay Ho District, Ha Noi City
Country :	Vietnam
Year of Establishments:	2009
Com. Reg. No.:	0103472639
Legal Form :	Limited Liability Company
Line of Business :	Trader of electronic appliances, software, constructional material and machine
No. of Employees :	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 :	Small Company
Payment Behaviour :	Usually Correct
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)
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 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	ANH QUAN INTERNATIONAL TRADING COMPANY LIMITED
Vietnamese Name	CONG TY TNHH THUONG MAI QUOC TE ANH QUAN
Short name	ANH QUAN INTETRA CO., LTD
Type of Business	Limited liability company
Year Established	2009
Business Registration No.	0103472639
Date of Registration	2012
Place of Registration	Hanoi City Department of Business Registration
Chartered capital	VND 3,600,000,000
Status	Unlisted
Tax code	0103472639
Total Employees	10
Size	Small
Note:  The correct name of the subject is as above. The give name is not very correct.

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 0102037839 Changed to: 0103472639	2012

Company ADDRESSES
Head Office
Address	No.6 Alley 44, Lane 11 To Ngoc Van Str. Quang An Ward, Tay Ho District, Ha Noi City, Vietnam
Telephone	(84-4) 3718 5667
Fax	(84-4) 3718 5786
Email	anhquan.phung@gmail.com
Land-use Right	Owned
Note: The correct address of the subject is as above. The given one is not very correct

DIRECTORS
1. NAME	Ms. PHAM THI LIEN
Position	Director
Date of Birth	26 Dec 1946
ID Number/Passport	010366889
ID Issue Date	05 Nov 2008
ID Issue Place	Hanoi City Department of Police
Resident	No.40 Linh Quang Van Chuong Ward, Dong Da District, Ha Noi City, Vietnam
Current resident	No.40 Linh Quang Van Chuong Ward, Dong Da District, Ha Noi City, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject registered the following business fields:
+Trade of electronic appliances, software, constructional material and machine
+ Trade of agricultural and forestry products, fruits, aquatic products
+ Labor resource service
+ Import and export

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Frozen aquatic products
· Market	India, France, China, Japan, Korea..
· Mode of payment	TT/LC
EXPORT:
· Types of products	Frozen aquatic products
· Market	Vietnam, India, France, China, Japan, Korea..
· Mode of payment	TT/LC
Note: The subject is major in temporary import and re-export

BANKERS
1. JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM
Address	No 34 Hang Bai Ward, Hoan Kiem District, Ha Noi City, Vietnam
Telephone	(84-4) 39362089
2. AGRICULTURE AND RURAL DEVELOPMENT OF VIETNAM
Address	No.189 Le Loi Street, Son Tay District, Ha Noi City, Vietnam

SHAREHOLDERS
1. NAME	Mr. PHUNG MANH HA
ID Number/Passport	011321153
Resident	Group 1, Cluster 1 Tu Lien Ward, Tay Ho District, Ha Noi City, Vietnam
Nationality	Vietnamese
Value of shares	VND 2,000,000,000
Percentage	55.56%
2. NAME	Mr. PHUNG VAN THANH
ID Number/Passport	012323564
Resident	Room 503 - Central Board of External Group Ngoc Khanh ward, Ba Dinh District, Ha Noi City, Vietnam
Nationality	Vietnamese
Value of shares	VND 800,000,000
Percentage	22.22%
3. NAME	Mr. NGUYEN HONG PHUONG
ID Number/Passport	011792971
Resident	Group 5, Cluster 1 Tu Lien Ward, Tay Ho District, Ha Noi City, Vietnam
Nationality	Vietnamese
Value of shares	VND 800,000,000
Percentage	22.22%

FINANCIAL DATA

N/A

The subject’s fianancial data is not available in our source.

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Good
Liquidity	N/A
Payment status	N/A
Financial Situation	Average
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	TT/LC
Sale Methods	To contracts
Public opinion	Normal

INTERPRETATION ON THE SCORES

The subject- ANH QUAN INTERNATIONAL TRADING COMPANY LIMITED was established in 2009 under the original business Registration Number: 0102037839 issued on 04 March 2009. After that it was automatically changed to new No. 0103472639 by Hanoi City Department of Business Registration in accordance to the business law of Vietnam. Currently it is operating with about 10 staffs with the capital of VND 3,600,000,000.

The subject’s head office is located at No. 6 Alley 44, Lane 11 To Ngoc Van Str. Quang An Ward, Tay Ho District, Ha Noi City, Vietnam. This is a small office in a narrow street that is not convenient for trading. However, the subject mainly majors in temporary imports and re-export of frozen aquatic products. It does not need good premises and facilities

Ms Ha – A representative in import-export activities of the subject, shared that the subject mainly had the trading activities with markets such as India, France, China, Japan, Korea and domestic market. The subject preferred to import from suppliers who had low-price product but good products. Currently the subject’s business is very busy. She frequently answers the phone calls without revealing a figure in business result to us.

In short, the subject is a small business but busy business. Its management is good, its future is bright. It can meet small credit commitment.

APPENDIX

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.54.71
UK Pound	1	Rs.82.79
Euro	1	Rs.71.43

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%)

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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.