PMI II

completed

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. Project Description: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 $20 million and IFC proposes providing an A loan of up to $10 million. The remainder of the project cost is expected to be funded by a local bank ($4 million) and internally generated cashflow ($6 million). In March 2006, IFC provided an $8 million A loan primarily to support TA’s permanent working capital needs. Currently, only $2.4 million of the original A loan remains outstanding. The loan is planned to be completely repaid by December 2010.