MIRA INFORM REPORT

Report Date :

18.11.2013

IDENTIFICATION DETAILS

Name :	MI SA INTERNATIONAL TRADING CO LTD
Registered Office :	4Fl Thien Son Bldg 5 Nguyen Gia Thieu St, District 3, Ho Chi Minh
Country :	Vietnam
Financials (as on) :	December 2012
Date of Incorporation :	18.04.2011
Legal Form :	Company Limited
Line of Business :	Importer of Agricultural Products
No. of Employees :	12

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – 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

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 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

Organization Name	:	MI SA INTERNATIONAL TRADING CO LTD
Address	:	4Fl Thien Son Bldg 5 Nguyen Gia Thieu St, District 3, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-39309445
Facsimile	:	[+84] 8-39309449
Primary Business Activity	:	Importer
Key Industry	:	Agricultural Products

Key Facts

Registered Legal Address	:	4Fl Thien Son Bldg 5 Nguyen Gia Thieu St, District 3, Ho Chi Minh
Operational Address	:	4Fl Thien Son Bldg 5 Nguyen Gia Thieu St, District 3, Ho Chi Minh
Issuing Authority	:	Dept. of Planning & Investment - Ho Chi Minh
License Number	:	0305462859
License Status	:	License exists - Normal.
Legal Form - Category	:	Private Company with Limited Liability
Legal Form	:	Company Limited
Legal Form - Abbreviation	:	CO LTD
Operational Status of Business	:	Normal
Date of Registration	:	18 Apr, 2011
Employees	:	12
Capital	:	US$ 232,113

Report Details

Country	:	Vietnam
Business Entity Name	:	MI SA INTERNATIONAL TRADING CO LTD
Primary Business Activity	:	Importer
Primary Industry	:	Agricultural Products
Office Contact Details
Operating Address	:	4Fl Thien Son Bldg 5 Nguyen Gia Thieu St, District 3, Ho Chi Minh
Tel	:	[+84] 8-39309445
	:	[+84] 8-39309447
	:	[+84] 8-39309448
	:	[+84] 8-39309446
Fax	:	[+84] 8-39309449

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Nguyen Thi Nga	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI02991375
Name	:	Ms. Nguyen Thi Nga

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03551935
Name	:	Mr. Dao Cong Truong
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the MI SA INTERNATIONAL TRADING CO LTD's reputation within the respective industry failed to reveal any adverse 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

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

4,900,000,000

SHAREHOLDERS

Total number of shareholders	:	2
Total number of shares	:	n/a

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Mr. Nguyen Van Dung	Vietnam	n/a	n/a	95.00
2	Ms. Nguyen Thi Hang	Vietnam	n/a	n/a	5.00
Total			n/a	n/a	100.00

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

PAYMENT INFORMATION

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days

Purchasing

Type	Terms
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

Na

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2010 Annual	10,288,456	1,452,591	83,068
2011 Annual	7,252,136	941,719	22,324
2012 Annual	5,495,600	681,404	42,978

Sales Trend – Analysis

2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
-	-	-	-	-	-	-	-

FINANCIAL STATEMENT - DETAILED

BALANCE SHEET

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Current Assets	28,311,000,000	19,616,000,000	14,190,000,000
Other long term assets
Total Assets	28,311,000,000	19,616,000,000	14,190,000,000
Total Liabilities	20,548,000,000	11,403,000,000	5,096,000,000
Current Liabilities	20,548,000,000	11,403,000,000	5,096,000,000
Long term liabilities
Shareholders Funds	7,763,000,000	8,213,000,000	9,094,000,000
Current assets & short term investments	28,311,000,000	19,616,000,000	14,190,000,000
Cash & cash equivalents	14,646,000,000	648,000,000	1,155,000,000
Cash	14,646,000,000	-	1,155,000,000
Cash equivalents	-	648,000,000	-
Accounts receivable	7,399,000,000	3,088,000,000	6,152,000,000
Accounts receivable trade	7,399,000,000	3,088,000,000	6,152,000,000
i.Inventories	5,617,000,000	14,979,000,000	6,243,000,000
ii.Inventories	5,617,000,000	14,979,000,000	6,243,000,000
i.Other short term asset	649,000,000	901,000,000	640,000,000
Prepaid expenses	-	-	7,000,000
VAT deductible	645,000,000	877,000,000	628,000,000
Other tax receivables	-	-	5,000,000
ii.Other short term asset	4,000,000	24,000,000	-
Total assets	28,311,000,000	19,616,000,000	14,190,000,000
Liabilities	20,548,000,000	11,403,000,000	5,096,000,000
Current liabilities	20,548,000,000	11,403,000,000	5,096,000,000
Short term borrowings	3,390,000,000	4,380,000,000	2,200,000,000
Accounts payables-trade	16,727,000,000	6,176,000,000	2,361,000,000
Taxes and payable to state budget	412,000,000	482,000,000	142,000,000
Payable to employees	-	346,000,000	385,000,000
Accrued expenses payable	19,000,000	19,000,000	8,000,000
i.Owner's equity	7,763,000,000	8,213,000,000	9,094,000,000
ii.Owner's equity	7,763,000,000	8,213,000,000	9,094,000,000
Business capital	4,900,000,000	4,900,000,000	4,900,000,000
Retained earnings	2,863,000,000	3,313,000,000	4,194,000,000
Total resources	28,311,000,000	19,616,000,000	14,190,000,000

INCOME STATEMENT

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Turnover	200,522,000,000	151,062,000,000	114,444,000,000
Profit (Loss) Before Tax	2,158,000,000	564,000,000	1,085,000,000
Profit After Tax attributable to Shareholders	1,619,000,000	465,000,000	895,000,000
Gross sales	200,522,000,000	151,062,000,000	114,444,000,000
Net income	200,522,000,000	151,062,000,000	114,444,000,000
Cost of goods sold	179,376,000,000	136,261,000,000	100,745,000,000
Gross margin	21,146,000,000	14,801,000,000	13,699,000,000
Income from financial activities	32,000,000	52,000,000	150,000,000
Expenses from financial activities	4,719,000,000	2,378,000,000	1,012,000,000
In which: Interest expenses	786,000,000	1,595,000,000	43,000,000
General & administration expenses	14,404,000,000	12,060,000,000	12,008,000,000
Net income from operating activities	2,055,000,000	415,000,000	829,000,000
Extraordinary income	121,000,000	149,000,000	256,000,000
Extraordinary gains	103,000,000	149,000,000	256,000,000
Net profit before tax	2,158,000,000	564,000,000	1,085,000,000
Income tax	-	99,000,000	190,000,000
Net profit after tax	1,619,000,000	465,000,000	895,000,000

FINANCIAL RATIOS

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Growth %
Year-on-Year Growth	-	(24.67)	(24.24)
Profitability
Profit Margin (%)	0.81	0.31	0.78
Return on Equity (%)	20.86	5.66	9.84
Return on Assets (%)	5.72	2.37	6.31
Leverage
Total Debt Equity (Times)	2.65	1.39	0.56
Current Debt Equity (Times)	2.65	1.39	0.56
Total Asset To Total Equity	3.65	2.39	1.56
Asset Management
Total Assets Turnover (Times)	7.08	7.70	8.07
Liquidity
Current Ratio	1.38	1.72	2.78

Based on the corporate laws of Vietnam, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

FOREIGN EXCHANGE RATES

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000047 USD United States Dollars

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Animal feed	Importing

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Prepared feeds, nspf	2048	Importing

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Livestock feed, prepared	2309901040	Importing
Other livestock feed nesoi, prepared	2309901045	Importing
Preparations of a kind used in animal feeding	2309909000	Importing
Preparations used in animal feeding	2309	Importing

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of MI SA INTERNATIONAL TRADING CO LTD is Importing - Finished products.

Key product include :

· Animal feed

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Imports	100%

BANK DETAILS

Bank Name	:	SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0388625
Branch	:	District 3,Ho Chi Minh
Branch Address	:	SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK - DISTRICT 8, HO CHI MINH
SWIFT Code	:	SGTTVNVX
Bank Name	:	VIETNAM MARITIME COMMERCIAL JOINT STOCK BANK JSC
Global Identifier	:	32404826
Branch	:	Dong Da,Hanoi
Branch Address	:	DO THANH
SWIFT Code	:	MCOBVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing

OFFICE & FACILITIES

Name	:	MI SA INTERNATIONAL TRADING CO LTD - DISTRICT 3, HO CHI MINH
Address	:	4Fl Thien Son Bldg 5 Nguyen Gia Thieu St, District 3, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
18 Jan, 2008	4102057846

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.62
UK Pound	1	Rs.101.06
Euro	1	Rs.84.55

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%)