MIRA INFORM REPORT

Report Date :

14.12.2013

IDENTIFICATION DETAILS

Name :	DOOSAN HEAVY INDUSTRIES VIETNAM HAI PHONG CO LTD
Registered Office :	Km 92 Highway 5 So Dau Ward, Hong Bang Dist, Haiphong
Country :	Viet Nam
Financials (as on) :	01.12.2012
Date of Incorporation :	04.09.2008
Legal Form :	Company Limited
Line of Business :	Manufacturer of Machinery
No. of Employees :	980

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)
Viet Nam	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

VIET NAM - 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 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

REGISTERED NAME & COMPANY SUMMARY

Company Details
Organization Name	:	DOOSAN HEAVY INDUSTRIES VIETNAM HAI PHONG CO LTD
Address	:	Km 92 Highway 5 So Dau Ward, Hong Bang Dist, Haiphong
Country	:	Vietnam
Phone (S)	:	[+84] 31-3712706
Facsimile	:	[+84] 31-3712715
Website	:	www.doosanvinahaiphong.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Machinery

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Sang-baek Kim
Nationality	:	Korean

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Nguyen Thi Mui	Vietnamese	Assist. Managing Director	-
2	Ms. Nguyen Thi Hai Yen	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03585872
Name	:	Ms. Nguyen Thi Mui
Date of Birth	:	1956

Management Details - 2

Personal Unique Identifier	:	MI03585873
Name	:	Ms. Nguyen Thi Hai Yen
Date of Birth	:	1975

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03585868
Name	:	Mr. Sang-baek Kim
Date of Birth	:	1960
Nationality	:	Korean

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the DOOSAN HEAVY INDUSTRIES VIETNAM HAI PHONG CO 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

LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

Capital

:

US$ 10,160,000

CAPITAL (Currency: USD - US Dollar)

Authorized Capital

:

10,160,000

SHAREHOLDERS

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

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	DOOSAN ENGINEERING & CONSTRUCTION CO LTD	Korea, South (Republic of Korea)	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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	30%
International Sales (Export)	70%

Annual Purchases Analysis	Percentage
Local Purchases	20%
Imports	80%

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
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
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 Parent	:	DOOSAN ENGINEERING & CONSTRUCTION CO LTD
Global Identifier	:	P1333051
Legal Form Category	:	Public Listed Company
Country	:	Korea, South (Republic of Korea)
Operational Address	:	Doosan Bldg 105-7 Nonhyeon 2-dong Kangnam-gu Seoul 135714
Primary Business Activity	:	Service

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual	45,974,892	32,404,609	2,661,690
2012 Annual	24,280,204	28,086,605	1,175,049

Sales Trend – Analysis

2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
-	-	-	-	-	-	-	-	-

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual
Current Assets	481,466,000,000	384,674,000,000
Non Current Assets	193,522,000,000	200,220,000,000
Non Current Liabilities	15,279,000,000	10,768,000,000
Share Capital	211,613,000,000	211,612,000,000
Other long term assets
Total Assets	674,988,000,000	584,894,000,000
Total Liabilities	173,013,000,000	76,778,000,000
Current Liabilities	157,734,000,000	66,010,000,000
Long term liabilities
Shareholders Funds	501,975,000,000	508,116,000,000
Current assets & short term investments	481,466,000,000	384,674,000,000
Cash & cash equivalents	172,475,000,000	165,440,000,000
Cash	2,522,000,000	56,348,000,000
Cash equivalents	169,953,000,000	109,092,000,000
Accounts receivable	153,495,000,000	171,483,000,000
Accounts receivable trade	25,276,000,000	146,606,000,000
Trade prepayment	10,327,000,000	373,000,000
Receivable from planning progress of construct contract	120,672,000,000	27,287,000,000
Others receivables	1,267,000,000	1,264,000,000
Provision for bad debts	(4,047,000,000)	(4,047,000,000)
Inventories	138,049,000,000	44,708,000,000
I. Other short term asset	17,447,000,000	3,043,000,000
Prepaid expenses	327,000,000	393,000,000
VAT deductible	16,605,000,000	2,001,000,000
II. Other short term asset	515,000,000	649,000,000
Long term assets	193,522,000,000	200,220,000,000
Fixed assets	190,597,000,000	196,633,000,000
Tangible fixed assets	187,774,000,000	193,537,000,000
I. Cost	434,942,000,000	460,642,000,000
I. Accumulated depreciation	247,168,000,000	267,105,000,000
Intangible fixed assets	2,607,000,000	3,096,000,000
II. Cost	3,198,000,000	4,326,000,000
II. Accumulated depreciation	591,000,000	1,230,000,000
Construction in progress	216,000,000	-
I. Other long term assets	2,925,000,000	3,587,000,000
Long term prepayments	2,783,000,000	3,186,000,000
Asset of income tax delay	93,000,000	352,000,000
II. Other long term assets	49,000,000	49,000,000
Total assets	674,988,000,000	584,894,000,000
Liabilities	173,013,000,000	76,778,000,000
Current liabilities	157,734,000,000	66,010,000,000
Short term borrowings	83,312,000,000	41,656,000,000
Accounts payables-trade	18,410,000,000	5,137,000,000
Advances from customers	-	1,000,000,000
Taxes and payable to state budget	18,793,000,000	6,903,000,000
Payable to employees	11,210,000,000	7,402,000,000
Accrued expenses payable	-	11,000,000
Payable from planning progress of construct contract	6,400,000,000	-
Other payables	19,609,000,000	3,901,000,000
Long term liabilities	15,279,000,000	10,768,000,000
Long term other payables	13,000,000	13,000,000
Long term borrowings	5,504,000,000	-
Provision for long term payable	9,762,000,000	10,755,000,000
Owner's equity	501,975,000,000	508,116,000,000
Business capital	211,613,000,000	211,612,000,000
Retained earnings	290,362,000,000	296,504,000,000
Total resources	674,988,000,000	584,894,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual
Turnover	957,657,000,000	505,627,000,000
Profit (Loss) Before Tax	85,663,000,000	32,983,000,000
Profit After Tax attributable to Shareholders	55,443,000,000	24,470,000,000
Gross sales	957,657,000,000	505,627,000,000
Net income	957,657,000,000	505,627,000,000
Cost of goods sold	836,145,000,000	439,202,000,000
Gross margin	121,512,000,000	66,425,000,000
Income from financial activities	2,542,000,000	2,021,000,000
Expenses from financial activities	4,077,000,000	2,581,000,000
In which: Interest expenses	2,432,000,000	2,174,000,000
Selling expenses	38,384,000,000	20,967,000,000
General & administration expenses	12,893,000,000	17,911,000,000
Net income from operating activities	68,700,000,000	26,987,000,000
Extraordinary income	17,964,000,000	6,040,000,000
Extraordinary expenses	1,001,000,000	44,000,000
Extraordinary gains	16,963,000,000	5,996,000,000
Net profit before tax	85,663,000,000	32,983,000,000
Income tax	34,481,000,000	14,276,000,000
Income tax delay	4,261,000,000	5,763,000,000
Net profit after tax	55,443,000,000	24,470,000,000

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual
Growth %
Year-on-Year Growth	-	(47.20)
Profitability
Profit Margin (%)	5.79	4.84
Return on Equity (%)	11.04	4.82
Return on Assets (%)	8.21	4.18
Leverage
Total Debt Equity (Times)	0.34	0.15
Current Debt Equity (Times)	0.31	0.13
Long Term Debt to Equity	0.03	0.02
Total Asset To Total Equity	1.34	1.15
Asset Management
Total Assets Turnover (Times)	1.42	0.86
Fixed Assets Turnover (Times)	4.95	2.53
Liquidity
Current Ratio	3.05	5.83

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

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Key Facts

Registered Legal Address

:

Km 92 Highway 5 So Dau Ward, Hong Bang Dist, Haiphong

Operational Address

:

Km 92 Highway 5 So Dau Ward, Hong Bang Dist, Haiphong

Trading Name

:

DOOSAN VINA HAIPHONG CO LTD

Name History

:

Business Entity Name	Effective Date
HAN VIET HEAVY INDUSTRY & CONSTRUCTION CORP	23 Oct, 1995
HAN VIET HEAVY INDUSTRY & CONSTRUCTION CO LTD	4 Sep, 2008
DOOSAN HEAVY INDUSTRIES VIETNAM HAI PHONG CO LTD	26 Oct, 2010

Issuing Authority

:

Dept. of Planning & Investment - Hai Phong

License Number

:

021022000126

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

4 Sep, 2008

Employees

:

980

Report Details

Country	:	Vietnam
Business Entity Name	:	DOOSAN HEAVY INDUSTRIES VIETNAM HAI PHONG CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Machinery
Office Contact Details
Operating Address	:	Km 92 Highway 5 So Dau Ward, Hong Bang Dist, Haiphong
Tel	:	[+84] 31-3712706
	:	[+84] 31-3712710
Fax	:	[+84] 31-3712715
	:	[+84] 31-3712714
Website Details
Website	:	http://www.doosanvinahaiphong.com
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	:	0200109075

Primary Products

Products / Materials / Services Description	Activity
Boilers	Manufacturing, Exporting
Crane	Manufacturing, Exporting
Heat recovery steam generators	Manufacturing, Exporting
Material handling equipment	Manufacturing, Exporting
Pressure vessels	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Electric motors, generators, generator sets, rotating converters, and parts and accessories, nspf	3621	Manufacturing, Exporting
Hoists, overhead traveling cranes, and monorails, and parts and attachments, nspf	3536	Manufacturing, Exporting
Industrial Machinery & Equipment	3500	Manufacturing, Exporting
Primary metal products, nspf	3399	Manufacturing, Exporting
Steel Foundries, NEC	3325	Manufacturing, Exporting
Structural metal parts, nspf	3449	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Articles of iron or steel	7300	Manufacturing, Exporting
Central heat boilers nesoi, and parts	8403	Manufacturing, Exporting
Derricks; cranes; mobile lifting frames etc	8426	Manufacturing, Exporting
Machines etc having individual functions nesoi, parts	8479	Manufacturing, Exporting
Miscellaneous articles of base metal	8300	Manufacturing, Exporting
Parts of electric motors, generators & sets	8503	Manufacturing, Exporting
Tanks	8907900060	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Storage tanks	Primary	Manufacturing, Exporting
Structural steel	Primary	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of DOOSAN HEAVY INDUSTRIES VIETNAM HAI PHONG CO LTD is Manufacturing - Finished products.

Key products include :

· Boilers

· Crane

· Heat recovery steam generators

· Material handling equipment

· Pressure vessels

· Storage tanks

· Structural steel

An integral part of the core business includes:

· Distribution

Supplementary Business

In addition to the core business, DOOSAN HEAVY INDUSTRIES VIETNAM HAI PHONG CO LTD also is engaged in the following areas of business:

1. Exporting

· Exporting - Finished products

2. Importing

· Importing - Raw materials

BANK DETAILS

Bank Name	:	KOREA EXCHANGE BANK
Global Identifier	:	P1242336
Branch Address	:	KOREA EXCHANGE BANK - HANOI
SWIFT Code	:	This bank does not have a SWIFT Code
Bank Name	:	SHINHANVINA BANK
Global Identifier	:	P0824947
Branch	:	District 1,Ho Chi Minh
Branch Address	:	SHINHANVINA BANK - HANOI
SWIFT Code	:	SHBKVNVN
Bank Name	:	WOORI BANK
Global Identifier	:	P0271354
Branch	:	Ba Dinh,Hanoi
Branch Address	:	WOORI BANK - HANOI
SWIFT Code	:	HVBKVN2X

LOCAL BRANCHES & MANAGEMENT

Branch	:	DOOSAN HEAVY INDUSTRIES VIETNAM HAI PHONG CO LTD - BA DINH, HANOI
Branch Address	:	Rm 1101 Daeha Bussiness Center 360 Kim Ma St, Ba Dinh, Hanoi

	INTERNATIONAL TRADE - Activity & Markets
Country / Region		Estimated level of importance	Trading Activity
Asia / Pacific		Medium	Importing, Exporting
Europe		Medium	Exporting
North America		Medium	Exporting
Canada		Medium	Exporting
Germany		Medium	Exporting
Japan		Medium	Importing, Exporting
Korea, South (Republic of Korea)		Medium	Importing, Exporting
Malaysia		Medium	Importing
Singapore		Medium	Importing
Taiwan		Medium	Exporting

OFFICE & FACILITIES

Name	:	DOOSAN HEAVY INDUSTRIES VIETNAM HAI PHONG CO LTD - HONG BANG DIST, HAIPHONG
Land Size	:	70,000 Square meters
Address	:	Km 92 Highway 5 So Dau Ward, Hong Bang Dist, Haiphong
Country	:	Vietnam
Ownership of Property	:	Rented / Leased
Other Use	:	Factory
Status	:	Operational

QUALITY ACCREDITATION

Quality Accreditation Listings

#	Name	Accreditation Category
1	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	3834:2
2	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9001:2000

PREVIOUS CONTACT DETAILS

Company Address

:

933 Ton Duc Thang St So Dau Ward, Hong Bang Dist, Haiphong

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
23 Oct, 1995	1404/GP

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.12
UK Pound	1	Rs.101.53
Euro	1	Rs.85.41

INFORMATION DETAILS

Report Prepared by :

PDT

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.