MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	THIEN PHUC IMPORT EXPORT AND SERVICE JSC
Registered Office :	15/44 Le Lai St, Ngo Quyen Dist, Hai Phong
Country :	Viet Nam
Date of Incorporation :	13.06.2011
Legal Form :	Joint Stock Company
Line of Business :	Construction & Construction Materials
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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)
Viet Nam	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

VIET NAM - 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 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

REGISTERED NAME & COMPANY SUMMARY

Company Details

Organization Name	:	THIEN PHUC IMPORT EXPORT AND SERVICE JSC
Address	:	15/44 Le Lai St, Ngo Quyen Dist, Hai Phong
Country	:	Vietnam
Primary Business Activity	:	Trader
Key Industry	:	Construction & Construction Materials

Operating Status:

Investigation can not confirm operational status of Subject Business Entity.

Investigations confirm the legal registration of the THIEN PHUC IMPORT EXPORT AND SERVICE JSC, but as a result of not being able to identify:

• any operational offices
• any point of contact
• nor speak to any representative of the firm

it has not been possible to conduct the normal due diligence process and assessment of credit worthiness.

Key Facts

Registered Legal Address	:	15/44 Le Lai St, Ngo Quyen Dist, Hai Phong
Operational Address	:	15/44 Le Lai St, Ngo Quyen Dist, Hai Phong
Issuing Authority	:	Dept. of Planning & Investment - Hai Phong
License Number	:	0201128345
License Status	:	License exists - But no trace of any Operational office.
Legal Form - Category	:	Joint Stock Company
Legal Form	:	Joint Stock Company
Legal Form - Abbreviation	:	JSC
Operational Status of Business	:	It was NOT possible to confirm the operational status.^(1)
Date of Registration	:	13 Jun, 2011
Employees	:
Capital	:	n/a^(2)
Note	:	Due to the lack of SBE's operational status, and circumstances involved, the information as listed below is only historical / on-file data and as such it has not been possible to verify against any current sources. Not applicable. According to the corporate statutory laws for this type of Legal Form – Category(Joint Stock Company) in Vietnam, there is no requirement for Authorized Capital.

Report Details

Country	:	Vietnam
Business Entity Name	:	THIEN PHUC IMPORT EXPORT AND SERVICE JSC
Primary Business Activity	:	Trader
Primary Industry	:	Construction & Construction Materials
Office Contact Details
Operating Address	:	15/44 Le Lai St, Ngo Quyen Dist, Hai Phong

DIRECTORS/MANAGEMENT

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03557469
Name	:	Mr. Pham Minh Hanh
Nationality	:	Vietnamese

NEGATIVE INFORMATION

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT	No Record Found

LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

SHAREHOLDERS

Not available - According to the corporate statutory laws for this type of Legal Form - Category (Joint Stock Company) in Vietnam, there is no public disclosure of Shareholders.

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Na

FINANCIAL INFORMATION

FINANCIAL STATEMENT - DETAILED

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Bricks	Trading
Construction materials	Trading
Sand	Trading
Stones	Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Brick/Stone/Const Materials	5032	Trading
Construction Materials, NEC	5039	Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Articles of cement, concrete or artificial stone	6810	Trading
Articles of stone, plaster, cement, asbestos, mica or similar materials	6800	Trading
Bricks, blocks, tiles & other ceramic goods slcs earth	6901	Trading
Building materials of asbestos fibers	6812900025	Trading
Natural sands of all kinds, except metal-bearing	2505	Trading

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.29
UK Pound	1	Rs.101.36
Euro	1	Rs.84.59

INFORMATION DETAILS

Report Prepared by :

PDT

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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