MIRA INFORM REPORT

Report Date :

13.03.2013

IDENTIFICATION DETAILS

Name :	KIM PHU TAI COMPANY LIMITED
Registered Office :	No. 16 Road 33B, Binh Tri Dong B Ward, Binh Tan District, Ho Chi Minh City
Country :	Vietnam
Date of Incorporation :	03.10.2009
Com. Reg. No.:	0309411598
Legal Form :	Limited Liability Company
Line of Business :	Wholesaler of pharmaceuticals and medical equipment
No. of Employees :	07

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 – 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
Registered English Name	KIM PHU TAI COMPANY LIMITED
Registered Vietnamese Name	CONG TY TNHH KIM PHU TAI
Registered Short name	KIM PHU TAI CO., LTD
Type of Business	Limited liability company
Year Established	2009
Business Registration No.	0309411598
Date of Registration	03 Oct 2009
Date of latest adjustment (3rd)	10 Aug 2012
Place of Registration	Business Registration Office - Planning and Investment Department of Hochiminh City
Chartered capital	VND 2,000,000,000
Tax code	0309411598
Total Employees	7

Company ADDRESSES
Head Office
Address	No. 16 Road 33B, Binh Tri Dong B Ward, Binh Tan District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3502 0147
Fax	(84-8) 6260 3058

DIRECTORS
1. NAME	Ms. TRAN NGOC QUYNH
Position	Director
Date of Birth	02 Dec 1982
ID Number/Passport	023717493
ID Issue Date	10 Mar 2009
ID Issue Place	Police Stattion of Hochiminh City
Resident	No. 32C, Floor 2nd Thap Muoi Street, Ward 2, District 6, Ho Chi Minh City, Vietnam
Current resident	No. 16 Road 33B, Binh Hung Hoa B Ward, Binh Tan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Qualification	Management
2. NAME	Mr. TRAN CAO ANH TAI
Position	Managing Director
ID Number/Passport	024846188
ID Issue Place	Police Stattion of Hochiminh City
Resident	No. 32C, Floor 2nd Thap Muoi Street, Ward 2, District 6, Ho Chi Minh City, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

Subject registered and operates in:
Wholesale of pharmaceuticals and medical equipment
Wholesale of metals and metal ores
Wholesale of textiles, clothing, footwear
Wholesale of agricultural machinery, equipment and supplies
Wholesale of pesticides, fertilizers and agricultural chemicals

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Market	India, China, Korea, Thailand, Indonesia, Japan.
EXPORT:
Note: N/A

BANKERS
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM VINH LOC BRANCH
Address	Road No. 7 Vinh Loc Industrial Zone-Binh Hung Hoa Ward, Binh Tan District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3765 1328
Fax	(84-8) 3765 1329

SHAREHOLDERS
1. NAME	Ms. TRAN NGOC QUYNH
Position	Director
Date of Birth	02 Dec 1982
ID Number/Passport	023717493
Issued on	10 Mar 2009
Issued Place	Police Stattion of Hochiminh City
Resident	No. 32C, Floor 2nd Thap Muoi Street, Ward 2, District 6, Ho Chi Minh City, Vietnam
Current Resident	No. 16 Road 33B, Binh Hung Hoa B Ward, Binh Tan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 1,200,000,000
Percentage	60%
2. NAME	Mr. TRAN CAO ANH TAI
Position	Managing Director
ID Number/Passport	024846188
Issued Place	Police Stattion of Hochiminh City
Resident	No. 32C, Floor 2nd Thap Muoi Street, Ward 2, District 6, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 800,000,000
Percentage	40%

FINANCIAL DATA

Not available!

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 or through the bank, L/C
Sale Methods	Retailer and Wholesaler

INTERPRETATION ON THE SCORES

KIM PHU TAI CO., LTD was established in 2009 under business registration number 0309411598 and chartered capital VND 2,000,000,000.

Subject located at No. 16 Road 33B, Binh Tri Dong B Ward, Binh Tan District, Ho Chi Minh City. It specializes in trading many kind of products as pharmaceutical, metal, textiles, clothing, footwear
agricultural machinery, pesticides, fertilizers and agricultural chemicals…

According to Mr. TRAN CAO ANH TAI – Managing Director of subject, it often imports goods from India, China, Korea, Thailand, Indonesia, Japan and after that distributes to domestic market.

Management capacity of the subject is normal. Facilities and premise of the subject are humble. Market share of this subject is still very small.

In general, subject operates in small scale with only 7 employees in total. Future prospect of subject seems normal. In our opinion, the subject has capacity to meet really small transactions only.

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.54.34
UK Pound	1	Rs.80.89
Euro	1	Rs.70.73

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.