MIRA INFORM REPORT

Report No. :	346915
Report Date :	04.11.2015

IDENTIFICATION DETAILS

Name :	METRO CASH & CARRY VIETNAM LTD
Registered Office :	Lot B An Phu - An Khanh New Urban Area An Phu Ward, District 2, Ho Chi Minh
Country :	Vietnam
Financials (as on) :	2014
Date of Incorporation :	20.07.2009
Legal Form :	Private Company with Limited Liability
Line of Business :	Subject is trader of consumer products
No. of Employee :	4,000

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

Maximum Credit Limit :	USD 5,150,000
Status :	Satisfactory
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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Vietnam	A2	A2

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. Agriculture's share of economic output has shrunk from about 25% in 2000 to 18% in 2014, while industry's share increased from 36% to 38% in the same period. State-owned enterprises now account for only about 40% of GDP.

Vietnamese authorities have reaffirmed their commitment to economic modernization and a more open economy. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam joined the 12-nation Trans-Pacific Partnership free trade agreement negotiations in 2010.

Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value has remained relatively stable since then. 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.

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 to restructure public investment, state-owned enterprises, and the banking sector, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Organization Name	:	METRO CASH & CARRY VIETNAM LTD
Name in Local Language	:	CÔNG TY TNHH METRO CASH AND CARRY VIỆT NAM
Address	:	Lot B An Phu - An Khanh New Urban Area An Phu Ward, District 2, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-35190396
Facsimile	:	[+84] 8-35190370
Email	:	metro@metro.com.vn
Website	:	http://www.metro.com.vn
Primary Business Activity	:	Trader
Key Industry	:	Consumer Products

Key Facts

Registered Legal Address

:

Lot B An Phu - An Khanh New Urban Area An Phu Ward, District 2, Ho Chi Minh

Operational Address

:

Lot B An Phu - An Khanh New Urban Area An Phu Ward, District 2, Ho Chi Minh

Trading Name / DBA

:

METRO
METRO CASH & CARRY VN

License Status

:

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

411043000980

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Limited

Legal Form - Abbreviation

:

LTD

Operational Status of Business

:

Normal

Date of Registration

:

20 Jul, 2009

Employees

:

4,000

Capital

:

US$ 103,000,000

PREVIOUS BUSINESS LICENSE/S

:

License Date	License No.
15 Mar, 2001	2195/GP

CREDIT RECOMENDATION

Current Credit Limit: USD 5,150,000

Credit Opinion

:

High Credit Qulaity: Credit can proceed with favorable & flexible financing terms.

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Philippe Bacac
Registered Address	:	36 Thao Dien-Thao Dien Ward, District 2, Ho Chi Minh
Nationality	:	French

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Philippe Bacac	French	n/a	-
2	Mr. Khang Nguyen Quang Do	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03919450
Name	:	Mr. Philippe Bacac
Registered address	:	36 Thao Dien-Thao Dien Ward District 2 Ho Chi Minh
Country of Residence	:	Vietnam

Management Details - 2

Personal Unique Identifier	:	MI03919461
Name	:	Mr. Khang Nguyen Quang Do

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03161288
Name	:	Mr. Franicevic Ante
Date of Birth	:	1970
2
Personal Unique Identifier	:	MI03919450
Name	:	Mr. Philippe Bacac
Registered Address	:	36 Thao Dien-Thao Dien Ward ,District 2 ,Ho Chi Minh
Country of Residence	:	Vietnam

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing METRO CASH & CARRY VIETNAM 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

CIVIL 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: USD - US Dollar)

Authorized Capital

:

$ 103,000,000

Date	Authorized Capital - History
15 Mar, 2001	59,781,300
2007	120,000,000
Jan, 2015	103,000,000

SHAREHOLDERS

Total number of shareholders	:	1
Total number of shares	:	n/a

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	METRO CASH & CARRY INTERNATIONAL HOLDING BV	Netherlands	n/a	n/a	100.00
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

International Trade - Statistics  (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2003	8,700,000	6,000,000	14,700,000
2004	15,000,000	8,500,000	23,500,000
2005	21,000,000	12,000,000	33,000,000

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	100%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~120 days

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~120 days

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2002	2,700,000	4,500,000	7,200,000

DOMESTIC SUPPLIERS

Business Entity Name	Global Identifier
MAI THANH CORP	P2096588
VIETNAM DAIRY PRODUCTS JSC	32408868

GROUP STRUCTURE & AFFILIATED COMPANIES

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Corporate Parent	:	METRO CASH & CARRY INTERNATIONAL HOLDING BV
Global Identifier	:	P0951217
Legal Form Category	:	Private Company with Limited Liability
Country	:	Netherlands
Operational Address	:	Dalsteindreef 101-139 Diemen 1112XC
Primary Business Activity	:	Service

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	669,136,975	325,738,379	-19,380,004
2013 Annual	495,225,646	307,100,690	-8,102,156
2014 Annual	661,033,599	274,939,651	-13,912,957

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2002 Annual	38,709,000	n/a	n/a
2003 Annual	109,677,000	n/a	n/a
2004 Annual	158,228,000	n/a	n/a
2005 Annual	230,367,597	98,361,256	-6,229,169
2008 Annual	493,077,382	170,665,199	-11,462,967
2010 Annual	526,723,653	244,998,871	-397,486

FINANCIAL STATEMENT – DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Current Assets(*)	2,026,567,000,000	1,983,012,000,000	1,601,088,000,000
Non Current Assets(*)	4,756,824,000,000	4,493,155,000,000	4,212,126,000,000
Non Current Liabilities(*)	2,811,218,000,000	3,153,548,000,000	2,666,655,000,000
Share Capital(*)	1,902,836,000,000	1,902,682,000,000	1,902,682,000,000
Other long term assets
Total Assets(*)	6,783,391,000,000	6,476,167,000,000	5,813,214,000,000
Total Liabilities(*)	6,666,211,000,000	6,530,000,000,000	6,161,219,000,000
Current Liabilities(*)	3,854,993,000,000	3,376,452,000,000	3,494,564,000,000
Long term liabilities
Shareholders Funds(*)	117,180,000,000	(53,833,000,000)	(348,005,000,000)
Current assets & short term investments	2,026,567,000,000	1,983,012,000,000	1,601,088,000,000
Cash & cash equivalents	124,995,000,000	84,129,000,000	70,550,000,000
Cash	124,995,000,000	83,865,000,000	69,297,000,000
Cash equivalents	-	264,000,000	1,253,000,000
Accounts receivable	689,357,000,000	502,048,000,000	584,069,000,000
Accounts receivable trade	97,444,000,000	96,588,000,000	96,505,000,000
Trade prepayment	100,695,000,000	105,453,000,000	77,477,000,000
Others receivables	503,604,000,000	310,380,000,000	421,059,000,000
Provision for bad debts	(12,386,000,000)	(10,373,000,000)	(10,972,000,000)
i.Inventories	1,124,617,000,000	1,183,533,000,000	871,134,000,000
ii.Inventories	1,180,552,000,000	1,240,479,000,000	903,896,000,000
Provision for decline in inventory	(55,935,000,000)	(56,946,000,000)	(32,762,000,000)
i.Other short term asset	87,598,000,000	213,302,000,000	75,335,000,000
Prepaid expenses	8,033,000,000	9,079,000,000	7,270,000,000
VAT deductible	75,979,000,000	201,548,000,000	65,525,000,000
ii.Other short term asset	3,586,000,000	2,675,000,000	2,540,000,000
Long term assets	4,756,824,000,000	4,493,155,000,000	4,212,126,000,000
Fixed assets	3,940,409,000,000	3,713,816,000,000	3,479,863,000,000
Tangible fixed assets	3,131,227,000,000	3,012,032,000,000	2,776,113,000,000
i.Cost	4,192,921,000,000	4,270,122,000,000	4,310,039,000,000
i.Accumulated depreciation	1,061,694,000,000	1,258,090,000,000	1,533,926,000,000
Intangible fixed assets	688,701,000,000	680,468,000,000	657,407,000,000
ii.Cost	794,972,000,000	803,481,000,000	802,136,000,000
ii.Accumulated depreciation	106,271,000,000	123,013,000,000	144,729,000,000
Construction in progress	120,481,000,000	21,316,000,000	46,343,000,000
Other long term assets	816,415,000,000	779,339,000,000	732,263,000,000
Long term prepayments	733,511,000,000	707,440,000,000	689,931,000,000
Asset of income tax delay	82,904,000,000	71,899,000,000	42,332,000,000
Total assets	6,783,391,000,000	6,476,167,000,000	5,813,214,000,000
Liabilities	6,666,211,000,000	6,530,000,000,000	6,161,219,000,000
Current liabilities	3,854,993,000,000	3,376,452,000,000	3,494,564,000,000
Short term borrowings	2,052,277,000,000	1,664,676,000,000	1,835,320,000,000
Accounts payables-trade	1,272,672,000,000	1,233,212,000,000	1,238,461,000,000
Advances from customers	21,413,000,000	20,735,000,000	17,042,000,000
Taxes and payable to state budget	13,001,000,000	7,771,000,000	6,185,000,000
Payable to employees	4,957,000,000	5,157,000,000	6,520,000,000
Accrued expenses payable	175,889,000,000	256,453,000,000	238,354,000,000
Other payables	314,784,000,000	188,448,000,000	152,682,000,000
Long term liabilities	2,811,218,000,000	3,153,548,000,000	2,666,655,000,000
Long term borrowings	2,794,957,000,000	3,137,448,000,000	2,650,107,000,000
Provision funds for unemployment	16,261,000,000	-	-
Provision for long term payable	-	16,100,000,000	16,548,000,000
Owner's equity	117,180,000,000	(53,833,000,000)	(348,005,000,000)
Business capital	1,902,836,000,000	1,902,682,000,000	1,902,682,000,000
Retained earnings	(1,785,656,000,000)	(1,956,515,000,000)	(2,250,687,000,000)
Total resources	6,783,391,000,000	6,476,167,000,000	5,813,214,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Turnover(*)	13,934,550,000,000	10,443,363,000,000	13,976,630,000,000
Profit (Loss) Before Tax(*)	(439,298,000,000)	(159,855,000,000)	(264,604,000,000)
Profit After Tax attributable to Shareholders(*)	(403,582,000,000)	(170,859,000,000)	(294,170,000,000)
Gross sales	13,934,550,000,000	10,443,363,000,000	13,976,630,000,000
Net income	13,934,550,000,000	10,443,363,000,000	13,976,630,000,000
Cost of goods sold	13,197,026,000,000	9,894,311,000,000	13,358,716,000,000
Gross margin	737,524,000,000	549,052,000,000	617,914,000,000
Income from financial activities	1,535,000,000	2,316,000,000	122,000,000
Expenses from financial activities	240,729,000,000	169,155,000,000	297,690,000,000
In which: Interest expenses	212,065,000,000	112,964,000,000	154,461,000,000
Selling expenses	1,498,987,000,000	948,944,000,000	1,466,808,000,000
General & administration expenses	205,529,000,000	149,884,000,000	136,191,000,000
Net income from operating activities	(1,206,186,000,000)	(716,615,000,000)	(1,282,653,000,000)
Extraordinary income	782,392,000,000	556,760,000,000	1,028,897,000,000
Extraordinary expenses	15,504,000,000	0	10,848,000,000
Extraordinary gains	766,888,000,000	556,760,000,000	1,018,049,000,000
Net profit before tax	(439,298,000,000)	(159,855,000,000)	(264,604,000,000)
Income tax delay	35,716,000,000	(11,004,000,000)	(29,566,000,000)
Net profit after tax	(403,582,000,000)	(170,859,000,000)	(294,170,000,000)

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Growth %
Year-on-Year Growth	-	(25.05)	33.83
Profitability
Profit Margin (%)	(2.90)	(1.64)	(2.10)
Return on Equity (%)	(344.41)	317.39	84.53
Return on Assets (%)	(5.95)	(2.64)	(5.06)
Leverage
Total Debt Equity (Times)	56.89	(121.30)	(17.70)
Current Debt Equity (Times)	32.90	(62.72)	(10.04)
Long Term Debt to Equity	23.99	(58.58)	(7.66)
Total Asset To Total Equity	57.89	(120.30)	(16.70)
Asset Management
Total Assets Turnover (Times)	2.05	1.61	2.40
Fixed Assets Turnover (Times)	2.93	2.32	3.32
Liquidity
Current Ratio	0.53	0.59	0.46

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

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Country	:	Vietnam
Business Entity Name	:	METRO CASH & CARRY VIETNAM LTD
Acronym	:	MC&C
Primary Business Activity	:	Trader
Primary Industry	:	Consumer Products
Office Contact Details
Operating Address	:	Lot B An Phu - An Khanh New Urban Area An Phu Ward, District 2, Ho Chi Minh
Tel	:	[+84] 8-35190396
	:	[+84] 8-35190390
Fax	:	[+84] 8-35190370
Email	:	metro@metro.com.vn contactua@metro.com.vn hr@metro.com.vn
Website Details
Website	:	http://www.metro.com.vn
Status	:	Normal - operational
Country of Registration	:	Vietnam
Ownership Type	:	Registered ownership by Subject Business Entity
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	:	0302249586
Date of Issuance	:	2 Apr, 2001

Primary Products

Products / Materials / Services Description	Activity
Agricultural products	Trading
Consumer products	Trading
Cosmetic products	Trading
Electrical equipment	Trading
Electronic equipment	Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Agricultural Production-Crops	0100	Trading
Agricultural Production-Livestock	0200	Trading
Electrical equipment and supplies, nspf, and parts, nspf	3699	Trading
Electronic & Electric Equip.	3600	Trading
Fish & Seafoods	5146	Trading
Food and Kindred Products	2000	Trading
Food products, nspf	2099	Trading
Fresh/Frozen Fish/Seafoods, NEC	2092	Trading
Groceries, General Line	5141	Trading
Groceries/Related Prdts, NEC	5149	Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Assembly and distribution services of gen commodities	9958	Service
Cosmetic creams, lotions, oils and balms	3304990010	Trading
Electrical mach etc, with ind functions nesoi, parts	8543	Trading
Fish & crustaceans	0300	Trading
Food preparations	2106	Trading
Miscellaneous manufactured articles	9600	Trading
Oils & resinoids, perfumery, cosmetic or toilet preparations	3300	Trading
Products of fish or crustaceans, molluscs or other aquatic invertebrates; dead animals of chapter 3	0511910000	Trading

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Food products	Primary	Trading
Fresh foods	Primary	Trading
Non-food consumer goods	Primary	Trading
Non-food items	Primary	Trading
Seafood products	Primary	Trading
Supermarket supplies	Primary	Trading
Supermarkets	Secondary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of METRO CASH & CARRY VIETNAM LTD is Trading - Finished products.

Key products include :

Agricultural products

Consumer products

Cosmetic products

Electrical equipment

Electronic equipment

Food products

Fresh foods

Non-food consumer goods

Non-food items

Seafood products

Supermarket supplies

BANK DETAILS

Bank Name	:	CITIBANK NA
Global Identifier	:	32401241
Branch	:	Hoan Kiem,Hanoi
Branch Address	:	CITIBANK NA - HANOI
SWIFT Code	:	CITIVNVX
Bank Name	:	CITIBANK NA
Global Identifier	:	32401241
Branch	:	Hoan Kiem,Hanoi
Branch Address	:	CITIBANK NA - HO CHI MINH
SWIFT Code	:	CITIVNVX
Bank Name	:	DEUTSCHE BANK AG
Global Identifier	:	32401803
Branch	:	Hai Ba Trung Dist,Hanoi
Branch Address	:	District 1Ho Chi Minh
SWIFT Code	:	DEUTVNVX
Bank Name	:	HSBC BANK (VIETNAM) LTD
Global Identifier	:	32403760
Branch	:	District 1,Ho Chi Minh
Branch Address	:	HSBC BANK (VIETNAM) LTD - DISTRICT 1, HO CHI MINH
SWIFT Code	:	HSBCVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	METRO CASH & CARRY VIETNAM LTD - BAC TU LIEM, HANOI
Branch Address	:	Pham Van Dong St Co Nhue Ward, Bac Tu Liem, Hanoi
Branch Tel	:	84-4-37551617
Branch Fax	:	84-4-37551650
Branch Email	:	mccvn.front-office.st13@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - HA LONG, QUANG NINH
Branch Address	:	Vu Van Hieu St Ha Tu Ward, Ha Long, Quang Ninh
Branch Tel	:	84-33-3815931
Branch Fax	:	84-33-3815900
Branch Email	:	mccvn.front-office.st21@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - HONG BANG DIST, HAIPHONG
Branch Address	:	2A Hong Bang St So Dau Ward, Hong Bang Dist, Haiphong
Branch Tel	:	84-31-3528128
Branch Fax	:	84-31-3528123
Branch Email	:	mccvn.front-office.st16@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - HA DONG DIST, HA DONG
Branch Address	:	To Hieu St Ha Cau Ward, Ha Dong Dist, Ha Dong
Branch Tel	:	84-4-33512869
Branch Fax	:	84-4-35190359
Branch Email	:	mccvn.front-office.st26@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - HOANG MAI DIST, HANOI
Branch Address	:	126 Tam Trinh Yen So Ward, Hoang Mai Dist, Hanoi
Branch Tel	:	84-4-36453232
Branch Fax	:	84-4-36453234
Branch Email	:	mccvn.front-office.st14@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - VINH, NGHE AN
Branch Address	:	Dung Quyet St Ben Thuy Ward, Vinh, Nghe An
Branch Tel	:	84-38-8696555
Branch Fax	:	84-38-8696556
Branch Email	:	mccvn.front-office.st23@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - BUON ME THUOT, DAK LAK
Branch Address	:	Giai Phong St Tan An Ward, Buon Me Thuot, Dak Lak
Branch Tel	:	84-500-3886666
Branch Fax	:	84-500-3886677
Branch Email	:	mccvn.front-office.st27@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - NHA TRANG, KHANH HOA
Branch Address	:	Hai Ba Thang Muoi St Vo Canh Hamlet Vinh Trung Commune, Nha Trang, Khanh Hoa
Branch Tel	:	84-58-3896999
Branch Fax	:	84-58-3896990
Branch Email	:	mccvn.front-office.st25@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - QUY NHON, BINH DINH
Branch Address	:	Highway 1D Ghenh Rang Ward, Quy Nhon, Binh Dinh
Branch Tel	:	84-56-3546246
Branch Fax	:	84-56-3546248
Branch Email	:	mccvn.front-office.st21@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - HAI CHAU DIST, DA NANG
Branch Address	:	Cach Mang Thang Tam Hoa Cuong Nam Ward, Hai Chau Dist, Da Nang
Branch Tel	:	84-511-3644933
Branch Fax	:	84-511-3644966
Branch Email	:	mccvn.front-office.st17@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - RACH GIA, KIEN GIANG
Branch Address	:	3/2 (Ba Thang Hai) St Vinh Bao Ward, Rach Gia, Kien Giang
Branch Tel	:	84-77-3943919
Branch Fax	:	84-77-3943921
Branch Email	:	mccvn.front-office.st28@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - LONG XUYEN, AN GIANG
Branch Address	:	414 Tran Hung Dao St My Phuoc Ward, Long Xuyen, An Giang
Branch Tel	:	84-76-3821888
Branch Fax	:	84-76-3821878
Branch Email	:	mccvn.front-office.st20@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - NINH KIEU DIST, CAN THO
Branch Address	:	91 B Highway Hung Loi Ward, Ninh Kieu Dist, Can Tho
Branch Tel	:	84-710-3739973
Branch Fax	:	84-710-3739982
Branch Email	:	mccvn.front-office.st15@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - VUNG TAU, BA RIA-VUNG TAU
Branch Address	:	Highway 51 B Ward 11, Vung Tau, Ba Ria-Vung Tau
Branch Tel	:	84-64-3627668
Branch Fax	:	84-64-3627979
Branch Email	:	mccvn.front-office.st22@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - THU DAU MOT, BINH DUONG
Branch Address	:	Binh Duong Blvd Phu Tho Ward, Thu Dau Mot, Binh Duong
Branch Tel	:	84-650-3844768
Branch Fax	:	84-650-3844768
Branch Email	:	mccvn.front-office.st19@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - BIEN HOA, DONG NAI
Branch Address	:	Nguyen Ai Quoc St Quang Vinh Ward, Bien Hoa, Dong Nai
Branch Tel	:	84-61-8820420
Branch Fax	:	84-61-8820420
Branch Email	:	mccvn.front-office.st18@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - DISTRICT 12, HO CHI MINH
Branch Address	:	Tan Thoi Hiep Dai Han Highway Tan Thoi Hiep Ward, District 12, Ho Chi Minh
Branch Tel	:	84-8-37172979
Branch Fax	:	84-8-37172962
Branch Email	:	mccvn.front-office.st12@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - DISTRICT 6, HO CHI MINH
Branch Address	:	Binh Phu Residential Ward 11, District 6, Ho Chi Minh
Branch Tel	:	84-8-38769719
Branch Fax	:	84-8-38769704
Branch Email	:	mccvn.front-office.st11@metro.com.vn
Branch	:	METRO CASH & CARRY VIETNAM LTD - DISTRICT 2, HO CHI MINH
Branch Address	:	An Phu Anh Khanh Ward, District 2, Ho Chi Minh
Branch Tel	:	84-8-37406677
Branch Fax	:	84-8-37406677
Branch Email	:	mccvn.front-office.st10@metro.com.vn

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name	:	METRO CASH & CARRY VIETNAM LTD - DISTRICT 2, HO CHI MINH
Primary Use	:	Office & Administration facilities
Building Size	:	36,000 Square meters
Address	:	Lot B An Phu - An Khanh New Urban Area An Phu Ward, District 2, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

COMPANY HISTORY

Date	Details
2001 - Mar	Opened Metro Binh Phu (Ho Chi Minh City).
2002 - Mar	Opened the first wholesale hyper market in the country.
2002 - Nov	Opened the second wholesale hyper market in the country.
2002 - Dec	Opened Metro An Phu (Ho Chi Minh City).
2003 - Jul	Opened Metro Thang Long (Hanoi).
2004 - Dec	Opened Metro Hung Loi (Can Tho Province).
2005 - May	Constructed METRO CASH & CARRY at Hong Bang Dist, Hai Phong City
2005 - Jul	Constructed METRO CASH & CARRY DA NANG at Hai Chau Dist, Da Nang City to be completed in November 2005.
2005 - Dec	Opened Metro Cash & Carry Da Nang at Hai Chau District, Da Nang City. Prepared the construction of METRO CASH & CARRY YEN SO at Hoang Mai District, Hanoi in early year 2006. Going to construct Metro Cash & Carry in District 12 Ho Chi Minh City.

STRATEGIC PARTNER/S & ALLIANCES

Group / Alliance name

:

METRO GROUP

PREVIOUS CONTACT DETAILS

Company Address	:	Rm 1408, 14Fl Me Linh Point Tower 2 Ngo Duc Ke St Ben Nghe Ward, District 1, Ho Chi Minh
Telephone Number	:	84-8-8258954
Fax Number	:	84-8-8258957
Date of Relocation	:	1 Jan, 2006

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.45
UK Pound	1	Rs.100.96
Euro	1	Rs.72.10

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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.