MIRA INFORM REPORT

Report Date :

07.08.2013

IDENTIFICATION DETAILS

Name :	HACOTA ONE MEMBER LIMITED LIABILITY COMPANY
Formerly Known As :	HACOTA MANUFACTURE IMPORT - EXPORT & TOURISM COMPANY
Registered Office :	61-63 Tran Quoc Thao Street, Ward 7, District 3, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2011
Date of Incorporation :	1990
Com. Reg. No.:	0300525304
Legal Form :	State Owned Company
Line of Business :	Production of Wooden products, handicrafts, paintings and statues of various kinds such as silk, lacquer, embroidery on cloth, wooden sculptures, and garment.
No. of Employees :	150

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 policy away 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

SUBJECT IDENTIFICATION & LEGAL FORM

Current legal status
English Name	HACOTA ONE MEMBER LIMITED LIABILITY COMPANY
Vietnamese Name	CONG TY TNHH MOT THANH VIEN HACOTA
Trade name	HACOTA ONE MEMBER LIMITED LIABILITY COMPANY
Short name	HACOTA CO., LTD
Type of Business	State Owned Company
Year Established	1990
Business Registration No.	0300525304
Date of Registration	22 Jun 2011
Date of the latest adjustment (7^th)	11 Apr 2013
Place of Registration	Business Registration Office (Planning and Investment department of Hochiminh City)
Chartered capital	VND 100,000,000,000
Tax code	0300525304
Total Employees	150

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Registered English Name: HACOTA MANUFACTURE IMPORT - EXPORT & TOURISM COMPANY Changed to: HACOTA ONE MEMBER LIMITED LIABILITY COMPANY	22 Jun 2011
2	Subject has got former Registered Vietnamese Name: CONG TY SAN XUAT XUAT NHAP KHAU VA DU LICH (HACOTA) Changed to: CONG TY TNHH MOT THANH VIEN HACOTA	22 Jun 2011
3	Subject has got former Type of Business: State Owned Company Changed to: One member limited liability company	22 Jun 2011
4	Subject has got former Business Registration No: 102879 issued on 19 Aug 1993 Changed to 4106000306 issued on 28 Sep 2006 Changed to: 0300525304	22 Jun 2011
5	Subject has got former Registered capital: 4,900,000,000 VND Changed to 84,609,609,732 VND Changed to: 100,000,000,000 VND	22 Jun 2011
6	Subject has got former Abbreviated Name: HACOTEXIM Changed to: HACOTA CO., LTD	22 Jun 2011

ADDRESSES

Head Office
Address	61-63 Tran Quoc Thao Street, Ward 7, District 3, Ho Chi Minh City, Vietnam
Telephone	(84-8) 6290 5688
Fax	(84-8) 6290 5689
Email	hacota.com.vn
Website	hacota@hcm.vnn.vn
Representative office in Ho Chi Minh
Address	8 Nguyen Binh Khiem Street, Da Kao Ward, District 1, Ho Chi Minh City, Vietnam
Email	hacota@hcm.vnn.vn
Website	www.hacota.com.vn
Occupied Area	4,118m2
Land-use Right	Owned
Branch in Ho Chi Minh City
Address	20 Duong Quang Ham Street, Ward 7, Go Vap District, Ho Chi Minh City - Vietnam
Branch in Ho Chi Minh City
Address	166 Phan Dinh Phung Street, Ward 2, Phu Nhuan District, Ho Chi Minh City - Vietnam
Branch in Ho Chi Minh City
Address	14A Phan Van Tri Street, Ward 7, Go Vap District, Ho Chi Minh City - Vietnam
Branch in Ho Chi Minh City
Address	No. 324 Phu Dinh – An Duong Vuong Street, Ward 16, District 8, Ho Chi Minh City – Vietnam

SUBSIDIARIES AND RELATED COMPANIES

1. BINH DUONG -HACOTA INVESTMENT AND DEVELOPMENT PTE.LTD
Address	Binh Duong Province, Vietnam
2. HACOMY FINE ARTS FACTORY
Address	Ho Chi Minh City, Vietnam
3. HACOLAND REAL ESTATE COMPANY
Address	Ho Chi Minh City, Vietnam
4. HACOMAX TRADING COMPANY
Address	Ho Chi Minh City, Vietnam
5. HANDICRAFT SHOP
Address	Ho Chi Minh City, Vietnam
6. BICYCLES & BIKE TRADING SHOP
Address	Ho Chi Minh City, Vietnam
7. AIR TICKET & TOURISM AGENCY TO INDIA MARKET
Address	Ho Chi Minh City, Vietnam

DIRECTORS

1. NAME	Mr. DO MANH TIEN
Position	Director
Date of Birth	10 Aug 1962
ID Number/Passport	05026197
ID Issue Date	25 Nov 2009
ID Issue Place	Department of defense industry
Resident	15A/29 Le Thanh Ton Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
NAME	Mr. TRINH DINH VINH
Position	Former Director – Legal Representative
Date of Birth	27 May 1954
ID Number/Passport	7A7E040.541
ID Issue Date	15 Mar 2008
ID Issue Place	Ministry of Defense
Resident	138 Bui Vien Street, Pham Ngu Lao Ward - 1 District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Qualification	Management
2. NAME	Mr. VO CHI CONG
Position	Deputy General Director
Resident	Hochiminh City - Vietnam
Nationality	Vietnamese
Qualification	Management
3. NAME	Mr. THAI VAN THANH
Position	Chief Accountant
Resident	Hochiminh City - Vietnam
Nationality	Vietnamese
Qualification	Management

BUSINESS NATURE AND ACTIVITIES

The subject registers and operates in:
• Production of goods for export: Wooden products, handicrafts, paintings and statues of various kinds such as silk, lacquer, embroidery on cloth, wooden sculptures, and garment
• Manufacturing of food (noodle) and mineral water
• Production of concrete and plaster product.
• Export: agricultural, forestry, aquatic, bamboo, rattan, wooden products, shoes and sandals, cosmetics, consumer goods, cereals and garment…
• Domestics trading: materials, equipment, chemical products, consumer goods, vehicles of various kinds...; contracted work, assembling and maintenance of electronic, refrigeration equipment; consumer goods, handicrafts and garment; labour export and overseas study services
• Business in real estate
• Tourist agent and related support services
• Construction

IMPORT & EXPORT ACTIVITIES

IMPORT:
Types of products	machine and equipments
Market	Australia, India, Argentina, Chile, Germany, Netherlands, Korea, Hongkong, Indonesia, New Zealand, Japan, USA, Peru, Philippine, Singapore, Thailand, China
Mode of payment	T/T, L/C
EXPORT:
Market	Australia, Japan, Togo

BANKERS

1. DONG A COMMERCIAL JOINT STOCK BANK DISTRICT 10 BRANCH
Address	No.828 Su Van Hanh Street, Ward 13, District 10, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3864 0254
Fax	(84-8) 3863 4134
2. MILITARY COMMERCIAL JOINT STOCK BANK HO CHI MINH BRANCH
Address	No.18B Cong Hoa Street, Ward 4, Tan Binh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3811 8090
Fax	(84-8) 3811 8082

SHAREHOLDERS

NAME	MINISTRY OF DEFENCE
Address	No. 7 Nguyen Tri Phuong, Ba Dinh District, Ha Noi City, Vietnam
Tel	(069) 534223 / 532090
Fax	(069) 532090
Percentage	100%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2011	31/12/2010	31/12/2009
Number of weeks	52	52	52
ASSETS
A – CURRENT ASSETS	67,195,000,000	72,992,517,400	76,624,553,614
I. Cash and cash equivalents	2,599,000,000	4,224,601,906	5,007,196,725
1. Cash	2,599,000,000	4,224,601,906	5,007,196,725
2. Cash equivalents	0	0
II. Short-term investments	270,000,000	2,660,000,000	270,000,000
1. Short-term investments	270,000,000	2,660,000,000	270,000,000
2. Provisions for devaluation of short-term investments	0	0
III. Accounts receivable	56,506,000,000	60,070,304,631	64,939,662,339
1. Receivable from customers	35,573,000,000	48,135,462,772	47,835,355,619
2. Prepayments to suppliers	6,234,000,000	3,591,804,994	3,210,729,813
3. Inter-company receivable	2,740,000,000	3,240,852,525	1,797,656,285
4. Receivable according to the progress of construction	0	0
5. Other receivable	11,959,000,000	5,102,184,340	12,095,920,622
6. Provisions for bad debts	0	0
IV. Inventories	5,473,000,000	4,346,456,426	4,383,171,810
1. Inventories	5,473,000,000	4,346,456,426	4,383,171,810
2. Provisions for devaluation of inventories	0	0
V. Other Current Assets	2,347,000,000	1,691,154,437	2,024,522,740
1. Short-term prepaid expenses	0	0
2. VAT to be deducted	-10,000,000	405,817,790	120,536,549
3. Taxes and other accounts receivable from the State	77,000,000	107,333,732	19,860,387
4. Other current assets	2,280,000,000	1,178,002,915	1,884,125,804
B. LONG-TERM ASSETS	86,457,000,000	89,706,211,715	87,893,747,056
I. Long term accounts receivable	565,000,000	565,084,352
1. Long term account receivable from customers	0	0
2. Working capital in affiliates	565,000,000	565,084,352
3. Long-term inter-company receivable	0	0
4. Other long-term receivable	0	0
5. Provisions for bad debts from customers	0	0
II. Fixed assets	2,875,000,000	3,104,166,382	2,513,952,987
1. Tangible assets	2,050,000,000	2,302,855,366	2,466,740,461
- Historical costs	4,616,000,000	4,567,700,395	4,440,057,850
- Accumulated depreciation	-2,566,000,000	-2,264,845,029	-1,973,317,389
2. Financial leasehold assets	0	0
- Historical costs	0	0
- Accumulated depreciation	0	0
3. Intangible assets	0	21,453,600
- Initial costs	21,000,000	21,453,600	21,453,600
- Accumulated amortization	-21,000,000	-21,453,600	-21,453,600
4. Construction-in-progress	825,000,000	801,311,016	47,212,526
III. Investment property	0	0
Historical costs	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	82,774,000,000	85,273,947,100	85,273,947,100
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	82,774,000,000	85,273,947,100	85,273,947,100
3. Other long-term investments	0	0	0
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	243,000,000	763,013,881	105,846,969
1. Long-term prepaid expenses	216,000,000	736,126,381	78,959,469
2. Deferred income tax assets	0	0	0
3. Other long-term assets	27,000,000	26,887,500	26,887,500
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	153,652,000,000	162,698,729,115	164,518,300,670
LIABILITIES
A- LIABILITIES	62,656,000,000	71,607,427,875	74,202,789,156
I. Current liabilities	61,261,000,000	70,206,943,002	72,463,052,503
1. Short-term debts and loans	19,418,000,000	11,060,428,058	25,478,120,152
2. Payable to suppliers	17,531,000,000	31,710,607,513	13,371,400,869
3. Advances from customers	5,370,000,000	716,549,534	875,656,371
4. Taxes and other obligations to the State Budget	1,707,000,000	1,553,895,256	1,057,818,294
5. Payable to employees	768,000,000	778,669,304	494,096,190
6. Accrued expenses	0	665,381,935	0
7. Inter-company payable	11,132,000,000	17,419,116,877	26,261,295,221
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	4,781,000,000	6,302,294,525	4,924,665,406
10. Provisions for short-term accounts payable	554,000,000	0	0
11. Bonus and welfare funds	0	0	0
II. Long-Term Liabilities	1,395,000,000	1,400,484,873	1,739,736,653
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	138,000,000	138,000,000	216,400,000
4. Long-term debts and loans	1,257,000,000	1,256,809,238	1,256,809,238
5. Deferred income tax payable	0	0
6. Provisions for unemployment allowances	0	5,675,635	266,527,415
7. Provisions for long-term accounts payable	0	0	0
8. Unearned Revenue	0	0	0
9. Science and technology development fund	0	0	0
B- OWNER’S EQUITY	90,996,000,000	91,091,301,240	90,315,511,514
I. OWNER’S EQUITY	91,190,000,000	91,088,377,371	89,590,001,620
1. Capital	87,025,000,000	87,028,890,601	86,586,408,497
2. Share premiums	0	0	0
3. Other sources of capital	0	0	0
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	0	0	0
7. Business promotion fund	2,979,000,000	2,958,970,976	1,955,954,564
8. Financial reserved fund	939,000,000	853,189,839	626,209,052
9. Other funds	0	0	174,103,552
10. Retained earnings	247,000,000	247,325,955	247,325,955
11. Construction investment fund	0	0	0
12. Business arrangement supporting fund	0	0	0
II. Other sources and funds	-194,000,000	2,923,869	725,509,894
1. Bonus and welfare funds (Elder form)	0	0	692,403,587
2. Sources of expenditure	-189,000,000	2,923,869	33,106,307
3. Fund to form fixed assets	-5,000,000	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	153,652,000,000	162,698,729,115	164,518,300,670

PROFIT & LOSS STATEMENT
Description	FY2011	FY2010	FY2009
1. Total Sales	198,111,000,000	162,615,299,073	146,623,614,369
2. Deduction item	13,000,000	0	0
3. Net revenue	198,098,000,000	162,615,299,073	146,623,614,369
4. Costs of goods sold	187,018,000,000	150,010,338,047	130,873,981,831
5. Gross profit	11,080,000,000	12,604,961,026	15,749,632,538
6. Financial income	16,978,000,000	15,927,510,277	14,689,396,058
7. Financial expenses	5,753,000,000	5,793,365,628	6,202,608,272
- In which: Loan interest expenses	2,113,000,000	0	1,206,352,204
8. Selling expenses	3,645,000,000	2,113,072,584	2,239,929,279
9. Administrative overheads	7,887,000,000	5,972,446,566	5,886,174,007
10. Net operating profit	10,773,000,000	14,653,586,525	16,110,317,038
11. Other income	84,000,000	4,727,795	29,257
12. Other expenses	1,000,000	1,094,444	50,766,202
13. Other profit /(loss)	83,000,000	3,633,351	-50,736,945
14. Total accounting profit before tax	10,856,000,000	14,657,219,876	16,059,580,093
15. Current corporate income tax	271,000,000	1,026,628,493	666,964,466
16. Deferred corporate income tax	0	0	0
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	10,585,000,000	13,630,591,383	15,392,615,627

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2011	FY2010	FY2009	Average Industry
Current liquidity ratio	1.10	1.04	1.06	1.20
Quick liquidity ratio	1.01	0.98	1.00	0.65
Inventory circle	34.17	34.51	29.86	11.15
Average receive period	104.11	134.83	161.66	49.22
Utilizing asset performance	1.29	1.00	0.89	2.60
Liability by total assets	40.78	44.01	45.10	72.10
Liability by owner's equity	68.86	78.61	82.16	396.96
Ebit / Total assets (ROA)	8.44	9.01	10.49	8.25
Ebit / Owner's equity (ROE)	14.25	16.09	19.12	42.15
Ebit / Total revenue (NPM)	6.55	9.01	11.78	4.23
Gross profit / Total revenue (GPM)	5.59	7.75	10.74	7.33
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Fair
Liquidity	Medium
Payment status	Average
Financial Situation	Above Average
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	L/C, T/T
Sale Methods	Retailer and Wholesaler

INTERPRETATION ON THE SCORES

The subject - HACOTA CO., LTD was established since 1990. It is now operating under business registration No. 0300525304 issued by Business Registration Office (Planning and Investment department of Hochiminh City) and chartered capital is VND 100 billion. The subject is managed by Ministry of Defense.

Originally, the subject was a state owned company, operated under name “Hacota Manufacture Import Export And Tourism Company”. The subject has changed its type of business from state owned company to one member limited liability company in 2011. It also changed its name to “HACOTA ONE MEMBER LIMITED LIABILITY COMPANY” and increased registered capital from VND 84,609,609,732 to VND 100,000,000,000 now.

The subject company is specializing in general import and export products. It imports machines, granite, agricultural product, paper, food, iron and steel, garments, bricks from Australia, India, Argentina, Chile, Germany, Netherlands, Korea, Hongkong, Indonesia, New Zealand, Japan, USA, Peru, Philippine, Singapore, Thailand, China… The products are exported garment products, agricultural product, grocery and household to Australia, Japan and Togo. The subject’ products were well-known for high quality and the enterprise’s close cooperative relations, in compliance with international practice. The Hacomy Fine Arts Factory with main products of interior decoration, handicrafts, paintings, sculpture, lacquer and monument.

The premises and facilities of the subject are fairly good. Currently, the subject company has 6 subsidiaries and 2 joint venture companies: MEKONG-HACOTA JOINT VENTURE COMPANY, BINH DUONG – HACOTA INVESMENT AND DEVELOPMENT PTE.LTD, HACOMY FINE ARTS FACTORY, HACOLAND REAL ESTATE COMPANY, HACOMAX TRADING COMPANY LIMITED, HANDICRAFT SHOP, BICYCLES & BIKE TRADING SHOP and AIR TICKET & TOURISM AGENCY TO INDIA MARKET.

The subject has a long time operation in this filed so it has created a stable market share and customer. Competition capacity and the management capability of the subject are fair as well. Current position in industry of the subject is remarkable. The subject is a subsidiary of Ministry Of Defense so it was strongly supported. According to financial data, its business result was fair. Its turnover were increased regularly. The financial situation of the subject is above average. It has capacity to meet small-medium financial commitments.

INDUSTRY DATA

Industry code	GDP growth speed by price compared with 1994 (%)		Total enterprises 2010	Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2012	2011
Agriculture, Forestry and Fishing	2.72	4.00	8,887	24,362.9	95,227
Industry and Construction	4.52	5.53	95,217	10,718.9	3,641,376
Trade and Services	6.42	6.69	187,195	15,270.2	6,957,082

ECONOMIC INDICATORS

	2012	2011	2010
Population (Million person)	88.78	87.84	86.93
Gross Domestic Products (USD billion)	136	119	102.2
GDP Growth (%)	5.03	5.89	6.78
GDP Per Capita (USD/person/year)	1,540	1,300	1,160
Inflation (% Change in Composite CPI)	9.21	18.58	11.75
State Budget Deficit compared with GDP (%)	4.8	4.9	5.8

SERVICE TRADE PERFORMANCE

Billion USD	2012	2011	2010
Exports	114.6	96.3	72.2
Imports	114.3	105.8	84.8
Trade Balance	0.3	-9.5	-12.6

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.54
UK Pound	1	Rs.94.37
Euro	1	Rs.81.57

INFORMATION DETAILS

Report Prepared by :

SMN

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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