PMI II

completed

_x000C_ Paul Maitland International, Inc. (‘PMI’ or the ‘Company’) is an existing IFC client and a maker of high-end European style furniture with manufacturing operations based in Ho Chi Minh City, Vietnam. The Company was established in 1996 in Vanuatu and was re-domiciled to the British Virgin Islands (‘BVI’) in 1998. The Company's business model involves a process whereby all products are manufactured in Theodore Alexander HCM Ltd., (‘TA’), its 100%-owned Vietnam subsidiary, for sale to global dealers through PMI’s sales and distribution subsidiaries. The Company is export-driven and generates all its revenues in U.S. dollars. The main factory and warehouse building (TA1) are located at Linh Trung II (HCMC) Export Processing Zone (HEPZ), Block 50 – 57, Street 1, Binh Chieu Ward, Thu Duc District, Ho Chi Minh City, Vietnam. This is a special industrial zone in Ho Chi Minh City where many manufacturing companies are located. There are three other ancillary sites in TA’s possession. TA2 operations are located in Thuan An District, 9 kms north of HCMC and comprise the foundry operations (in a mixed industrial-residential area, including small scale casting of brass fixtures and finishing) and the former sawmill site (currently non-operational except for a small ceramic operation - individual piece work - by a contract supplier). The company also has a 2.7ha empty lot under leasehold. All three sites have perimeter walls or fences and at least one posted security guard. The Project consists of 1) the refinancing of TA’s permanent working capital, 2) the development of the Company’s U.S. distribution program, 3) refinancing short term debt, and 4) supporting TA’s FY2010 – 2011 capital expenditures program. Total project cost is estimated to be US$20 million and IFC proposes providing an A loan of up to US$10 million.