MIRA INFORM REPORT

Report Date :

31.10.2013

IDENTIFICATION DETAILS

Name :	SON THACH TRADING PRIVATE ENTERPRISE
Registered Office :	106A An Duong Vuong St Chung Cu My Thuan Ward 16, District 8, Ho Chi Minh
Country :	Vietnam
Date of Incorporation :	12.06.2009
Legal Form :	Private Company
Line of Business :	Trader of Agricultural Products
No. of Employees :	5

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 – 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

Company Details

Organization Name	:	SON THACH TRADING PRIVATE ENTERPRISE
Address	:	106A An Duong Vuong St Chung Cu My Thuan Ward 16, District 8, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-38582908
Facsimile	:	[+84] 8-39606896
Primary Business Activity	:	Trader
Key Industry	:	Agricultural Products

Key Facts

Registered Legal Address	:	106A An Duong Vuong St Chung Cu My Thuan Ward 16, District 8, Ho Chi Minh
Operational Address	:	106A An Duong Vuong St Chung Cu My Thuan Ward 16, District 8, Ho Chi Minh
Trading Name	:	SON THACH
Issuing Authority	:	Dept. of Planning & Investment - Ho Chi Minh
License Number	:	0306138911
License Status	:	License exists - Normal.
Legal Form - Category	:	Sole-proprietorship
Legal Form	:	Not Applicable
Legal Form - Abbreviation	:	Not Applicable
Operational Status of Business	:	Normal
Date of Registration	:	12 Jun, 2009
Employees	:	5
Capital	:	n/a^(1)
Note	:	^(1) Not applicable. According to the corporate statutory laws for this type of Legal Form - Category(Sole-proprietorship) in Vietnam, there is no requirement for Authorized Capital.

Report Details

Country	:	Vietnam
Business Entity Name	:	SON THACH TRADING PRIVATE ENTERPRISE
Primary Business Activity	:	Trader
Primary Industry	:	Agricultural Products
Office Contact Details
Operating Address	:	106A An Duong Vuong St Chung Cu My Thuan Ward 16, District 8, Ho Chi Minh
Tel	:	[+84] 8-38582908
Fax	:	[+84] 8-39606896

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Proprietor / Owner
Name	:	Mr. Phan Hong Son
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Phan Hong Son	Vietnamese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03548797
Name	:	Mr. Phan Hong Son

APPROVED SIGNATURES

The Company Director/s listed below maintain the legal right to sign on behalf of the company:

Name

Mr. Phan Hong Son

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

N/a

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

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

Annual Purchases Analysis	Percentage
Local Purchases	100%
Imports	0%

PAYMENT TERMS

Selling

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

Purchasing

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

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

FINANCIAL STATEMENT - DETAILED

Based on the corporate laws of Vietnam, legal entities which are Sole-proprietorship 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

Primary Products

Products / Materials / Services Description	Activity
Agricultural products	Trading
Food products	Trading
Fruits	Trading
Vegetables	Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Agricultural Production-Crops	0100	Trading
Food products, nspf	2099	Trading
Fresh Fruits & Vegetables	5148	Trading
Fruits and tree nuts, nspf	0179	Trading
Vegetables and melons	0161	Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Food preparations	2106	Trading
Fruits, fresh	0810905000	Trading
Vegetables, fresh or chilled	0709904080	Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of SON THACH TRADING PRIVATE ENTERPRISE is Trading - General products.

Key products include :

Agricultural products

Food products

Fruits

Vegetables

REPUTATION

Reference checking for the purpose of establishing the SON THACH TRADING PRIVATE ENTERPRISE's reputation within the respective industry failed to reveal any adverse information.

BANK DETAILS

Bank Name	:	AN BINH COMMERCIAL JOINT STOCK BANK JSC
Global Identifier	:	P1155469
Branch	:	District 1,Ho Chi Minh
Branch Address	:	170 Hai Ba Trung St Dakao Ward District 1 Ho Chi Minh (Head Office)
SWIFT Code	:	ABBKVNVX

OFFICE & FACILITIES

Name	:	SON THACH TRADING PRIVATE ENTERPRISE - DISTRICT 8, HO CHI MINH
Building Size	:	80 Square meters
Address	:	106A An Duong Vuong St Chung Cu My Thuan Ward 16, District 8, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
4 Nov, 2008	4101016879

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.98.71
Euro	1	Rs.84.49

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.