MIRA INFORM REPORT

Report No. :	347972
Report Date :	06.11.2015

IDENTIFICATION DETAILS

Name :	PETROVIETNAM PETROCHEMICAL & TEXTILE FIBER JSC
Registered Office :	Lot CN 5.5A Dinh Vu Industrial Zone Dong Hai 2 Ward, Hai An Dist, Haiphong
Country :	Vietnam
Financials (as on) :	2014
Date of Incorporation :	24.05.2010
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Textiles & Raw Material.
No. of Employees :	1,000

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
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	:	PETROVIETNAM PETROCHEMICAL & TEXTILE FIBER JSC
Name in Local Language	:	CÔNG TY CỔ PHẦN HÓA CHẤT VÀ XƠ SƠI TỔNG HỢP
Address	:	Lot CN 5.5A Dinh Vu Industrial Zone Dong Hai 2 Ward, Hai An Dist, Haiphong
Country	:	Vietnam
Phone (S)	:	[+84] 31-3614615
Facsimile	:	[+84] 31-3614623
Email	:	pvtex@pvtex-dv.vn
Website	:	http://www.pvtex-dv.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Textiles & Raw Material

Key Facts

Registered Legal Address

:

Lot CN 5.5A Dinh Vu Industrial Zone Dong Hai 2 Ward, Hai An Dist, Haiphong

Operational Address

:

Lot CN 5.5A Dinh Vu Industrial Zone Dong Hai 2 Ward, Hai An Dist, Haiphong

Trading Name / DBA

:

PVTEX

Name History

:

Business Entity Name	Effective Date
PETROVIETNAM - VINATEX DINH VU JSC	4 Mar, 2008
DINH VU PETROCHEMICAL & FIRBER JSC , THE	1 Jun, 2009
PETROVIETNAM PETROCHEMICAL & TEXTILE FIBER JSC	Jan, 2011

License Status

:

License exists - Normal.

Issuing Authority

:

People's Committee - Hai Phong

License Number

:

0102681774

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

24 May, 2010

Employees

:

1,000

Capital

:

US$ 90,888,393

PREVIOUS BUSINESS LICENSE/S

:

License Date	License No.
4 Mar, 2008	0103022920
20 Nov, 2009	0203005877

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Tran Trung Chi Hieu
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Vu Dinh Duy	Vietnamese	Managing Director	-
2	Mr. Tran Trung Chi Hieu	Vietnamese	n/a	-
3	Ms. Vu Phuong Nam	Vietnamese	Chief Accountant	-
4	Mr. Tuan Anh Pham	Vietnamese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI02200317
Name	:	Mr. Vu Dinh Duy
Date of Birth	:	1975

Management Details - 2

Personal Unique Identifier	:	MI02200320
Name	:	Mr. Tran Trung Chi Hieu
Date of Birth	:	1965

Management Details - 3

Personal Unique Identifier	:	MI03376281
Name	:	Ms. Vu Phuong Nam
Date of Birth	:	1979

Management Details - 4

Personal Unique Identifier	:	MI03921130
Name	:	Mr. Tuan Anh Pham

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI02200318
Name	:	Mr. Do Van Ke
Date of Birth	:	1968
2
Personal Unique Identifier	:	MI02200320
Name	:	Mr. Tran Trung Chi Hieu
Date of Birth	:	1965
3
Personal Unique Identifier	:	MI03921130
Name	:	Mr. Tuan Anh Pham
4
Personal Unique Identifier	:	MI02200317
Name	:	Mr. Vu Dinh Duy
Date of Birth	:	1975

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing PETROVIETNAM PETROCHEMICAL & TEXTILE FIBER JSC'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: VND - Vietnam Dong)

Authorized Capital	:	₫ 1,996,000,000,000
Paid-up Capital	:	₫ 1,996,000,000,000

Date	Authorized Capital - History
4 Mar, 2008	160,000,000,000
2009	1,800,000,000,000
2010	1,996,000,000,000

Date	Paid-up Capital - History
4 Mar, 2008	160,000,000,000
2010	1,958,760,000,000
2011	1,996,000,000,000

SHAREHOLDERS

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

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	VIETNAM OIL & GAS GROUP	Vietnam	n/a	1,117,760,000,000	56.00
2	Undisclosed Shareholders	n/a	n/a	536,325,200,000	26.87
3	VIETNAM NATIONAL TEXTILE & GARMENT GROUP	Vietnam	n/a	252,094,800,000	12.63
4	PHONG PHU CORP	Vietnam	n/a	89,820,000,000	4.50
Total			n/a	1,996,000,000,000	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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	97%
International Sales (Export)	3%

Annual Purchases Analysis	Percentage
Local Purchases	0%
Imports	100%

PAYMENT TERMS

Selling

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

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Corporate Parent	:	VIETNAM OIL & GAS GROUP
Global Identifier	:	P1210968
Legal Form Category	:	Government-owned Enterprise
Country	:	Vietnam
Operational Address	:	18 Lang Ha Thanh Cong Ward Ba Dinh Ward Hanoi
Primary Business Activity	:	Service

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to PETROVIETNAM PETROCHEMICAL & TEXTILE FIBER JSC:

TYPE	DOMESTIC
	TOTAL
Subsidiaries	2
Joint-Ventures	-
Minority shareholdings	-
Affiliates	-
Liaison / Representative Offices	-

Domestic

Business Entity Name	:	PVTEX KINH BAC JSC
Global Identifier	:	P2631970
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	Dong Du Dao Vien Hamlet Que Vo, Bac Ninh, Bac Ninh
Primary Business Activity	:	Trader
Industry	:	Textiles & Raw Material

Business Entity Name	:	PVTEX NAM DINH SPINNING JSC
Global Identifier	:	P2631974
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	Lot 33/18 Phung Chi Kien Loc Hoa, Nam Dinh
Primary Business Activity	:	Trader
Industry	:	Textiles & Raw Material

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	n/a	333,015,041	-1,033,102
2013 Annual	21,847,498	358,365,267	-17,365,537
2014 Annual	54,169,063	347,284,048	-51,319,785

Sales Trend – Analysis

2005	2006	2007	2008	2009	2010	2011	2012	2013	2014
-	-	-	-	-	-	-	-	-

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2011 Annual	n/a	307,658,281	1,129,477

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Current Assets(*)	603,161,000,000	510,551,000,000	728,484,000,000
Non Current Assets(*)	6,331,764,000,000	7,046,688,000,000	6,614,351,000,000
Non Current Liabilities(*)	4,374,843,000,000	3,877,623,000,000	4,968,947,000,000
Other long term assets
Total Assets(*)	6,934,925,000,000	7,557,239,000,000	7,342,835,000,000
Total Liabilities(*)	5,125,374,000,000	5,720,800,000,000	6,562,918,000,000
Current Liabilities(*)	750,531,000,000	1,843,177,000,000	1,593,971,000,000
Long term liabilities
Shareholders Funds(*)	1,809,551,000,000	1,836,439,000,000	779,917,000,000
Current assets & short term investments	603,161,000,000	510,551,000,000	728,484,000,000
Cash & cash equivalents	32,303,000,000	23,005,000,000	12,260,000,000
Cash	14,695,000,000	17,165,000,000	7,702,000,000
Cash equivalents	17,608,000,000	5,840,000,000	4,558,000,000
Short term investments	47,000,000,000	47,000,000,000	-
Short term securities investments	47,000,000,000	47,000,000,000	-
Accounts receivable	144,732,000,000	165,534,000,000	146,349,000,000
Accounts receivable trade	96,369,000,000	136,270,000,000	117,214,000,000
Trade prepayment	32,791,000,000	29,354,000,000	33,156,000,000
Others receivables	21,002,000,000	12,275,000,000	12,479,000,000
Provision for bad debts	(5,430,000,000)	(12,365,000,000)	(16,500,000,000)
i.Inventories	367,975,000,000	237,551,000,000	474,194,000,000
ii.Inventories	367,975,000,000	263,339,000,000	643,370,000,000
Provision for decline in inventory	-	(25,788,000,000)	(169,176,000,000)
i.Other short term asset	11,151,000,000	37,461,000,000	95,681,000,000
Prepaid expenses	414,000,000	872,000,000	5,940,000,000
VAT deductible	9,891,000,000	36,068,000,000	89,499,000,000
ii.Other short term asset	846,000,000	521,000,000	242,000,000
Long term assets	6,331,764,000,000	7,046,688,000,000	6,614,351,000,000
Fixed assets	6,305,579,000,000	6,711,528,000,000	6,213,109,000,000
Tangible fixed assets	5,247,000,000	6,501,239,000,000	6,148,806,000,000
i.Cost	11,228,000,000	6,660,480,000,000	6,701,824,000,000
i.Accumulated depreciation	5,981,000,000	159,241,000,000	553,018,000,000
Intangible fixed assets	34,000,000	146,249,000,000	36,000,000
ii.Cost	506,000,000	147,848,000,000	585,000,000
ii.Accumulated depreciation	472,000,000	1,599,000,000	549,000,000
Construction in progress	6,300,298,000,000	64,040,000,000	64,267,000,000
Long term investments	12,352,000,000	11,517,000,000	8,736,000,000
Invest to subsidiary company	15,300,000,000	15,300,000,000	15,300,000,000
Provision for long term investments	(2,948,000,000)	(3,783,000,000)	(6,564,000,000)
Other long term assets	13,833,000,000	323,643,000,000	392,506,000,000
Long term prepayments	13,833,000,000	323,643,000,000	392,506,000,000
Total assets	6,934,925,000,000	7,557,239,000,000	7,342,835,000,000
Liabilities	5,125,374,000,000	5,720,800,000,000	6,562,918,000,000
Current liabilities	750,531,000,000	1,843,177,000,000	1,593,971,000,000
Short term borrowings	645,375,000,000	1,335,363,000,000	516,149,000,000
Accounts payables-trade	75,084,000,000	88,929,000,000	382,742,000,000
Advances from customers	1,440,000,000	28,429,000,000	4,869,000,000
Taxes and payable to state budget	44,000,000	4,924,000,000	440,000,000
Payable to employees	35,000,000	5,739,000,000	6,852,000,000
Accrued expenses payable	5,873,000,000	283,248,000,000	289,522,000,000
Other payables	20,229,000,000	96,129,000,000	393,065,000,000
Long term liabilities	4,374,843,000,000	3,877,623,000,000	4,968,947,000,000
Long term other payables	-	-	158,845,000,000
Long term borrowings	4,374,843,000,000	3,877,623,000,000	4,810,102,000,000
i.Owner's equity	1,809,551,000,000	1,836,439,000,000	779,917,000,000
ii.Owner's equity	1,809,551,000,000	1,836,439,000,000	779,917,000,000
Business capital	2,018,760,000,000	2,136,547,000,000	2,165,110,000,000
Foreign exchange differences	(275,304,000,000)	-	-
Business development funds	82,687,000,000	82,687,000,000	82,687,000,000
Financial reserved funds	4,921,000,000	4,923,000,000	4,922,000,000
Retained earnings	(21,513,000,000)	(387,718,000,000)	(1,472,802,000,000)
Bonus and welfare funds	2,451,000,000	416,000,000	332,000,000
Total resources	6,934,925,000,000	7,557,239,000,000	7,342,835,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Turnover(*)	-	460,722,000,000	1,145,329,000,000
Profit (Loss) Before Tax(*)	(21,514,000,000)	(366,206,000,000)	(1,085,085,000,000)
Profit After Tax attributable to Shareholders(*)	(21,514,000,000)	(366,206,000,000)	(1,085,085,000,000)
Gross sales	0	460,722,000,000	1,145,329,000,000
Less deductions	0	0	5,350,000,000
Net income	0	460,722,000,000	1,139,979,000,000
Cost of goods sold	0	475,511,000,000	1,587,825,000,000
Gross margin	0	(14,789,000,000)	(447,846,000,000)
Income from financial activities	11,077,000,000	4,323,000,000	26,672,000,000
Expenses from financial activities	1,214,000,000	113,782,000,000	365,022,000,000
In which: Interest expenses	0	80,992,000,000	194,369,000,000
Selling expenses	0	23,495,000,000	41,687,000,000
General & administration expenses	31,872,000,000	33,305,000,000	32,806,000,000
Net income from operating activities	(22,009,000,000)	(181,048,000,000)	(860,689,000,000)
Extraordinary income	559,000,000	685,000,000	1,782,000,000
Extraordinary expenses	64,000,000	185,843,000,000	226,178,000,000
Extraordinary gains	495,000,000	(185,158,000,000)	(224,396,000,000)
Net profit before tax	(21,514,000,000)	(366,206,000,000)	(1,085,085,000,000)
Net profit after tax	(21,514,000,000)	(366,206,000,000)	(1,085,085,000,000)

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Growth %
Year-on-Year Growth	(77.88)	4,059.27	148.59
Profitability
Profit Margin (%)	(194.22)	(79.49)	(94.74)
Return on Equity (%)	(1.19)	(19.94)	(139.13)
Return on Assets (%)	(0.31)	(4.85)	(14.78)
Leverage
Total Debt Equity (Times)	2.83	3.12	8.41
Current Debt Equity (Times)	0.41	1.00	2.04
Long Term Debt to Equity	2.42	2.11	6.37
Total Asset To Total Equity	3.83	4.12	9.41
Asset Management
Total Assets Turnover (Times)	0.00	0.06	0.16
Fixed Assets Turnover (Times)	0.00	0.07	0.17
Liquidity
Current Ratio	0.80	0.28	0.46

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

FOREIGN EXCHANGE RATES

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000046 USD United States Dollars

ADDITIONAL INFORMATION

Country	:	Vietnam
Business Entity Name	:	PETROVIETNAM PETROCHEMICAL & TEXTILE FIBER JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Textiles & Raw Material
Office Contact Details
Operating Address	:	Lot CN 5.5A Dinh Vu Industrial Zone Dong Hai 2 Ward, Hai An Dist, Haiphong
Tel	:	[+84] 31-3614615
	:	[+84] 31-3614629
	:	[+84] 31-3260398
Fax	:	[+84] 31-3614623
Email	:	pvtex@pvtex-dv.vn
Website Details
Website	:	http://www.pvtex-dv.vn
Status	:	Normal - operational
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	:	0102681774

Primary Products

Products / Materials / Services Description	Activity
Cotton	Manufacturing, Exporting
Garment products	Manufacturing, Exporting
Man-made fibers	Manufacturing, Exporting
Polyester fiber	Manufacturing, Exporting
Spinning yarn	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Broad woven fabrics, wool	2231	Manufacturing, Exporting
Cotton and cottonseed	0131	Manufacturing, Exporting
Fabricated textile products, nspf	2399	Manufacturing, Exporting
Yarn, spun, of cotton, man-made fibers, and silk	2281	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Cotton sewing thread, retail packed or not	5204	Manufacturing, Exporting
Cotton waste (including yarn waste etc.)	5202	Manufacturing, Exporting
Cotton yarn (not sewing thread) retail packed	5207	Manufacturing, Exporting
Garments nesoi, knitted or crocheted	6114	Manufacturing, Exporting
Knitted or crocheted fabrics	6002	Manufacturing, Exporting
Other knitted or crocheted fabrics of other textile materials (exclude wool, fine animal hair, cot & mmf) not elsewhere specified or included	6002990000	Manufacturing, Exporting
Textile products etc. for specific tech uses	5911	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Textile products	Primary	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of PETROVIETNAM PETROCHEMICAL & TEXTILE FIBER JSC is Manufacturing - Finished products.

Key products include :

Cotton

Garment products

Man-made fibers

Polyester fiber

Spinning yarn

Textile products

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, PETROVIETNAM PETROCHEMICAL & TEXTILE FIBER JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM
Global Identifier	:	32400483
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	HAI BA TRUNG BRANCH
SWIFT Code	:	BIDVVNVX
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM
Global Identifier	:	32400483
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - HAI PHONG
SWIFT Code	:	BIDVVNVX
Bank Name	:	MILITARY COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0387295
Branch	:	Dong Da,Hanoi
Branch Address	:	MILITARY COMMERCIAL JOINT STOCK BANK - HAI PHONG
SWIFT Code	:	MSCBVNVX
Bank Name	:	VIET NAM INT'L COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0741176
Branch	:	Dong Da,Hanoi
Branch Address	:	LONG BIEN BRANCH
SWIFT Code	:	VNIBVNVX
Bank Name	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE
Global Identifier	:	32404058
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY
SWIFT Code	:	ICBVVNVX
Bank Name	:	VIETNAM RUSSIA JOINT VENTURE BANK
Global Identifier	:	P1811172
SWIFT Code	:	VRBAVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Africa	Medium	Exporting
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Exporting
Japan	Medium	Importing
Thailand	Medium	Importing

DOMESTIC CUSTOMERS

Business Entity Name	Global Identifier
MARUNI CHEMICALS AND FIBER JSC	P2873769

OFFICE & FACILITIES

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

Name	:	PETROVIETNAM PETROCHEMICAL & TEXTILE FIBER JSC - HAI AN DIST, HAIPHONG
Primary Use	:	Office & Administration facilities
Address	:	Lot CN 5.5A Dinh Vu Industrial Zone Dong Hai 2 Ward, Hai An Dist, Haiphong
Country	:	Vietnam
Status	:	Operational

PREVIOUS CONTACT DETAILS

Company Address	:	Yen Phu Ward 70 An Duong Vuong St, Tay Ho, Hanoi
Telephone Number	:	84-4-37172813
Fax Number	:	84-4-37172816
Company Address	:	2 Le Thanh Tong St, Hoan Kiem Dist, Hanoi

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.67
UK Pound	1	Rs.101.02
Euro	1	Rs.71.35

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	TPT

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.