MIRA INFORM REPORT

Report Date :

24.05.2013

IDENTIFICATION DETAILS

Name :	VUHAI COMPANY LIMITED

Registered Office :	Hai Hoa Industrial Zone, Hai Hoa Ward, Mong Cai City, Quang Ninh Province

Country :	Vietnam

Date of Incorporation :	28.06.2004

Com. Reg. No.:	5700501307

Legal Form :	Limited Liability Company

Line of Business :	the subject is currently specializing in temporary import for re-export in frozen food and import - export services.

No. of Employees :	20

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 :	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

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

Current legal status
English Name		VUHAI COMPANY LIMITED
Vietnamese Name		CONG TY TNHH VU HAI
Trade name		VU HAI CO., LTD
Type of Business		Limited liability company
Year Established		2004
Business Registration No.		5700501307
First Date of Registration		28 Jun 2004
Place of Registration		Planning and Investment Department of Quang Ninh Province
Chartered capital		VND 17,000,000,000
Status		Unlisted
Tax code		5700501307
Total Employees		20

Historical Identification & Legal form

List

Changed Items

Subject has got former Business Registration No: 22.02.000687 Changed to: 5700501307

Subject has got former Chartered capital: VND 5,600,000,000

Changed to: VND 17,000,000,000

ADDRESSES

Head Office
Address		Hai Hoa Industrial Zone, Hai Hoa Ward, Mong Cai City, Quang Ninh Province, Vietnam
Telephone		(84-33) 3883083
Fax		(84-33) 3770410
Email		vuhaimc@vnn.vn / info@vuhaicompany.com
Website		www.vuhaicompany.com
Note: The given website address is not correct. The correct one is as above.

Directors

1. NAME		Mr. NGUYEN HONG HAI
Position		Director
Date of Birth		24 Mar 1971
ID Number/Passport		100611972
ID Issue Date		23 Jun 2004
ID Issue Place		Quang Ninh Police Station
Resident		Group 1, Area 4, Gieng Day Ward, Ha Long City, Quang Ninh Province, Vietnam
Current resident		Area 3 Hai Hoa Ward, Mong Cai City, Quang Ninh Province, Vietnam
Nationality		Vietnamese

2. NAME		Ms. DINH TRAN LE THUY
Position		Deputy Director
ID Number/Passport		162239752
Resident		Group 1, Area 4, Gieng Day Ward, Ha Long City, Quang Ninh Province, Vietnam
Nationality		Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject registered in trading many fields. However, the subject is currently specializing in temporary import for re-export in frozen food and import - export services.

IMPORT & EXPORT ACTIVITIES

IMPORT:
Market		Many countries in the world

EXPORT:
Market		China

Bankers

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM MONG CAI BRANCH
Address		No.2 Van Don, Mong Cai City, Quang Ninh Province, Vietnam
Telephone		(84-33) 3882193
Fax		(84-33) 3881676

SHAREHOLDERS

1. NAME		Mr. NGUYEN HONG HAI
Position		Director
Date of Birth		24 Mar 1971
ID Number/Passport		100611972
Issued on		23 Jun 2004
Issued Place		Quang Ninh Police Station
Resident		Group 1, Area 4, Gieng Day Ward, Ha Long City, Quang Ninh Province, Vietnam
Current Resident		Area 3 Hai Hoa Ward, Mong Cai City, Quang Ninh Province, Vietnam
Nationality		Vietnamese
Value of shares		VND 10,625,000,000
Percentage		62.5%

2. NAME		Ms. DINH TRAN LE THUY
Position		Deputy Director
ID Number/Passport		162239752
Resident		Group 1, Area 4, Gieng Day Ward, Ha Long City, Quang Ninh Province, Vietnam
Nationality		Vietnamese
Value of shares		VND 3,339,000,000
Percentage		19.64%

3. NAME		Ms. DINH HOANG LIEN
ID Number/Passport		021184223
Resident		No. 125, Alley 580 Truong Chinh Str, Khuong Thuong Ward, Thanh Xuan District, Ha Noi City, Vietnam
Nationality		Vietnamese
Value of shares		VND 3,036,000,000
Percentage		17.86%

FINANCIAL DATA

N/A

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality		Fair
Liquidity		N/A
Payment status		N/A
Financial Situation		Below Average
Development trend		Stable
Litigation data		No Record
Bankruptcy		No Record
Payment Methods		Through its corresponding bank
Sale Methods		To contracts
Public opinion		Normal

INTERPRETATION ON THE SCORES

VUHAI COMPANY LIMITED is private company. It was established in 2004 under the business registration No. 2202000687, granted by Planning and Investment Department of Quang Ninh Province on 28 June 2004. After many time to change, the subject is operating under the business code No. 5700501307, same as tax code number together chartered capital of VND 17 billion. The subject is contributed by three shareholders, including Mr. Nguyen Hong Hai, Mrs. Dinh Tran Le Thuy and Mr. Dinh Hoang Lien.

The business activities of subject are realized at Hai Hoa Industrial Zone, Hai Hoa Ward, Mong Cai City, Quang Ninh Province, Vietnam. The premises and facilities of the subject are average. The subject has about 20 employees instead of 30 people as before.

The subject registered in trading many fields. However, the subject is currently specializing in temporary import for re-export in frozen food and import - export services. It imports goods from many countries in the world and exports to China.

The financial statement of the firm is not yet available. The business outcome of the subject seems to be still modest. On the other hand, the competition force is strong in the market, especially in Quang Ninh Province where there are many companies operating like the subject. Thus, the subject would face with certain difficulties in gaining good profit and maximizing its market share. However, with nearly 10 years operation the subject also has a certain position and some close to clients to its business activities are run continuously.

In short, the subject is a small company. The trade mark of the subject is not famous in the market. Its future prospect is average. However, with the enterprise trades in service, the capital of subject is not small. The subject can meet small 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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.99
UK Pound	1	Rs.84.19
Euro	1	Rs.71.86

INFORMATION DETAILS

Report Prepared by :

NIT

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.