MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	TRUONG SON TSC IMPORT EXPORT CO LTD
Registered Office :	17 Luong The Vinh St Group 1 Block 1 Ka Long Ward, Mong Cai, Quang Ninh
Country :	Vietnam
Date of Incorporation :	10.03.2011
Legal Form :	Company Limited
Line of Business :	Trader of Agricultural Products
No. of Employees :	12

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 :	Slow but 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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 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	:	TRUONG SON TSC IMPORT EXPORT CO LTD
Address	:	17 Luong The Vinh St Group 1 Block 1 Ka Long Ward, Mong Cai, Quang Ninh
Country	:	Vietnam
Phone (S)	:	[+84] 33-3885986
Facsimile	:	[+84] 33-3885238
Primary Business Activity	:	Trader
Key Industry	:	Agricultural Products

Registered Legal Address	:	17 Luong The Vinh St Group 1 Block 1 Ka Long Ward, Mong Cai, Quang Ninh
Operational Address	:	17 Luong The Vinh St Group 1 Block 1 Ka Long Ward, Mong Cai, Quang Ninh
Issuing Authority	:	Dept. of Planning & Investment - Quang Ninh
License Number	:	5701467909
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	:	10 Mar, 2011
Employees	:	12
Capital	:	US$ 331,590

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Bui Thi Bien	Vietnamese	Chief Accountant	-
2	Mr. Nguyen Thanh Son	Vietnamese	Assist. Director	-

Management Details - 1

Personal Unique Identifier	:	MI03543890
Name	:	Ms. Bui Thi Bien
Date of Birth	:	1984

Management Details - 2

Personal Unique Identifier	:	MI03543889
Name	:	Mr. Nguyen Thanh Son
Date of Birth	:	1974

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03543889
Name	:	Mr. Nguyen Thanh Son
Date of Birth	:	1974
Nationality	:	Vietnamese
2
Personal Unique Identifier	:	MI03228837
Name	:	Mr. Tran Sy Cuong
Date of Birth	:	1977
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Due to the recent incorporation of the TRUONG SON TSC IMPORT EXPORT CO LTD, and the relatively small nature of its business, no meaningful points of reference in terms of reputation within the respective industry was possible.

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

:

7,000,000,000

SHAREHOLDERS

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

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	0%
International Sales (Export)	100%

Annual Purchases Analysis	Percentage
Local Purchases	0%
Imports	100%

PAYMENT TERMS

Selling

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

Purchasing

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

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

FINANCIAL STATEMENT – DETAILED

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. Therefore no financials are available for this entity.

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Country	:	Vietnam
Business Entity Name	:	TRUONG SON TSC IMPORT EXPORT CO LTD
Primary Business Activity	:	Trader
Primary Industry	:	Agricultural Products
Office Contact Details
Operating Address	:	17 Luong The Vinh St Group 1 Block 1 Ka Long Ward, Mong Cai, Quang Ninh
Tel	:	[+84] 33-3885986
Fax	:	[+84] 33-3885238
Tax / VAT Details
Tax Issuing Authority	:	Ministry of Finance
Local Name Used	:	Gia Trj Gia Tang (Value Added Tax)
Acronym	:	GTGT / VAT
GTGT / VAT Number	:	5701467909

Primary Products

Products / Materials / Services Description	Activity
Foodstuffs	Trading
Fresh fruits	Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Food products, nspf	2099	Trading
Fresh Fruits & Vegetables	5148	Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Food preparations	2106	Trading
Fruit nesoi, fresh	0810	Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of TRUONG SON TSC IMPORT EXPORT CO LTD is Trading - General products.

Key products include :

Fresh fruits

Foodstuffs

Supplementary Business

In addition to the core business, TRUONG SON TSC IMPORT EXPORT CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Natural food items, Unprocessed (Meats, Produce or Seafood)

Importing

Importing - Natural food items, Unprocessed (Meats, Produce or Seafood)

BANK DETAILS

Bank Name	:	BANK FOR AGRICULTURE & RURAL DEVELOPMENT OF VIETNAM
Global Identifier	:	P1014462
Branch	:	Cho Lon
Branch Address	:	BANK FOR AGRICULTURE
SWIFT Code	:	This bank does not have a SWIFT Code
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	P1072025
Branch	:	Hanoi
Branch Address	:	31-33 Ngo Quyen Hanoi (Head Office)
SWIFT Code	:	BFTVVNVX

INTERNATIONAL TRADE - Activity & Markets

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

OFFICE & FACILITIES

Name	:	TRUONG SON TSC IMPORT EXPORT CO LTD - MONG CAI, QUANG NINH
Building Size	:	400 Square meters
Address	:	17 Luong The Vinh St Group 1 Block 1 Ka Long Ward, Mong Cai, Quang Ninh
Country	:	Vietnam
Status	:	Operational

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.99.41
Euro	1	Rs.84.12

INFORMATION DETAILS

Report Prepared by :

SDA

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.