MIRA INFORM REPORT

Report Date :

19.12.2013

IDENTIFICATION DETAILS

Name :	NGHE AN TEA DEVELOPMENT INVESTMENT CO LTD
Registered Office :	Km 4, 376 Nguyen Trai St, Vinh, Nghe An
Country :	Vietnam
Financials (as on) :	31.12.2012
Date of Incorporation :	28.07.2011
Legal Form :	Company Limited
Line of Business :	Manufacturer of Agricultural Products
No. of Employees :	1,400

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 :	Slow but correct
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 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	:	NGHE AN TEA DEVELOPMENT INVESTMENT CO LTD
Address	:	Km 4, 376 Nguyen Trai St, Vinh, Nghe An
Country	:	Vietnam
Phone (S)	:	[+84] 38-3851939
Facsimile	:	[+84] 383-851242
Email	:	natea@hn.vnn.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Agricultural Products

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Ho Viet An
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Tran Thi Thao	Vietnamese	Assist. Managing Director	-
2	Mr. Dang Dinh Trung	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI01848872
Name	:	Ms. Tran Thi Thao
Date of Birth	:	1965

Management Details - 2

Personal Unique Identifier	:	MI02965965
Name	:	Mr. Dang Dinh Trung
Date of Birth	:	1957

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI01848866
Name	:	Mr. Ho Viet An
Date of Birth	:	1962
Nationality	:	Vietnamese
2
Personal Unique Identifier	:	MI01848872
Name	:	Ms. Tran Thi Thao
Date of Birth	:	1965
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the NGHE AN TEA DEVELOPMENT INVESTMENT 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$ 955,026

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital	:	20,161,000,000
Paid-up Capital	:	15,203,531,943

Date	Authorized Capital - History
29 Dec, 1992	15,203,531,943
2001	19,114,162,224
2012	20,161,000,000

SHAREHOLDERS

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

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIETNAM	Vietnam	n/a	15,203,531,943	100.00
Total			n/a	15,203,531,943	100.00

PAYMENT INFORMATION

International Trade - Statistics  (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2010	n/a	4,212,853	4,212,853
2011	n/a	5,061,908	5,061,908
2012	n/a	5,103,990	5,103,990

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	5%
International Sales (Export)	95%

Annual Purchases Analysis	Percentage
Local Purchases	80%
Imports	20%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 30~90 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 - Secured with Post-dated checks 30~90 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2006	n/a	3,396,868	3,396,868
2008	n/a	4,843,498	4,843,498

	INTERNATIONAL TRADE - Activity & Markets
Country / Region		Estimated level of importance	Trading Activity
Asia / Pacific		Medium	Importing, Exporting
Europe		Medium	Exporting
Middle-East		Medium	Exporting
Egypt		Medium	Exporting
Germany		Medium	Exporting
India		Medium	Importing
Netherlands		Medium	Exporting
Pakistan		Medium	Exporting

GROUP STRUCTURE & AFFILIATED COMPANIES

ASSOCIATIONS

NGHE AN TEA DEVELOPMENT INVESTMENT CO LTD are members of the following associations:

Domestic Associations

Association Name

VIETNAM BUSINESS CLUB

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2010 Annual	4,434,582	4,292,304	82,350
2011 Annual	5,328,325	4,226,884	122,804
2012 Annual	5,372,621	3,876,894	134,216

Sales Trend – Analysis

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

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2006 Annual	4,246,084	4,914,109	65,029
2008 Annual	5,381,665	5,877,201	79,071

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Current Assets	39,670,000,000	45,553,000,000	44,342,000,000
Non Current Assets	43,987,000,000	42,493,000,000	36,393,000,000
Non Current Liabilities	18,589,000,000	14,000,000,000	12,552,000,000
Share Capital	18,610,000,000	19,051,000,000	20,161,000,000
Total Reserves	-	-	-
Other long term assets
Total Assets	83,657,000,000	88,046,000,000	80,735,000,000
Total Liabilities	61,684,000,000	64,426,000,000	56,818,000,000
Current Liabilities	43,095,000,000	50,426,000,000	44,266,000,000
Long term liabilities
Shareholders Funds	21,973,000,000	23,620,000,000	23,917,000,000
Current assets & short term investments	39,670,000,000	45,553,000,000	44,342,000,000
Cash & cash equivalents	3,048,000,000	1,899,000,000	3,593,000,000
Cash	3,048,000,000	1,899,000,000	3,593,000,000
Accounts receivable	13,313,000,000	17,441,000,000	18,412,000,000
Accounts receivable trade	10,365,000,000	15,105,000,000	14,756,000,000
Trade prepayment	2,394,000,000	1,454,000,000	2,633,000,000
Inter company receivables	0	2,000,000	0
Others receivables	3,363,000,000	3,656,000,000	3,799,000,000
Provision for bad debts	(2,809,000,000)	(2,776,000,000)	(2,776,000,000)
Inventories	22,107,000,000	24,485,000,000	19,983,000,000
Inventories*	22,992,000,000	26,257,000,000	19,983,000,000
Provision for decline in inventory	(885,000,000)	(1,772,000,000)	0
Other short term asset	1,202,000,000	1,728,000,000	2,354,000,000
Prepaid expenses	116,000,000	141,000,000	699,000,000
VAT deductible	155,000,000	455,000,000	484,000,000
Other short term asset*	931,000,000	1,132,000,000	1,171,000,000
Long term assets	43,987,000,000	42,493,000,000	36,393,000,000
Fixed assets	37,374,000,000	36,151,000,000	32,789,000,000
Tangible fixed assets	36,539,000,000	35,207,000,000	32,709,000,000
Cost	85,047,000,000	86,867,000,000	91,459,000,000
Accumulated depreciation	48,508,000,000	51,660,000,000	58,750,000,000
Construction in progress	835,000,000	944,000,000	80,000,000
Long term investments	6,329,000,000	5,690,000,000	3,589,000,000
Invest to joint venture company	188,000,000	188,000,000	188,000,000
Other long term investments	6,141,000,000	5,502,000,000	3,401,000,000
I Other long term assets	284,000,000	652,000,000	15,000,000
Long term prepayments	284,000,000	652,000,000	-
II Other long term assets	0	0	15,000,000
Total assets	83,657,000,000	88,046,000,000	80,735,000,000
Liabilities	61,684,000,000	64,426,000,000	56,818,000,000
Current liabilities	43,095,000,000	50,426,000,000	44,266,000,000
Short term borrowings	27,086,000,000	33,282,000,000	23,387,000,000
Accounts payables-trade	3,757,000,000	5,018,000,000	8,785,000,000
Advances from customers	79,000,000	167,000,000	209,000,000
Taxes and payable to state budget	236,000,000	633,000,000	907,000,000
Payable to employees	6,386,000,000	5,146,000,000	5,311,000,000
Accrued expenses payable	4,482,000,000	5,361,000,000	2,648,000,000
Other payables	1,069,000,000	819,000,000	1,159,000,000
II Bonus and welfare funds	0	0	1,860,000,000
Long term liabilities	18,589,000,000	14,000,000,000	12,552,000,000
Long term borrowings	16,359,000,000	11,770,000,000	10,323,000,000
Provision funds for unemployment	2,230,000,000	2,230,000,000	2,229,000,000
I Owners equity	21,973,000,000	23,620,000,000	23,917,000,000
II Owners equity	19,900,000,000	20,869,000,000	22,180,000,000
Business capital	18,610,000,000	19,051,000,000	20,161,000,000
Business development funds	1,056,000,000	1,422,000,000	0
Financial reserved funds	234,000,000	396,000,000	1,517,000,000
Other funds from owners equity	0	0	502,000,000
Budget sources	2,073,000,000	2,751,000,000	1,737,000,000
I Bonus and welfare funds	1,278,000,000	1,862,000,000	0
Source from subsidies of State	(31,000,000)	131,000,000	0
Source from subsidies of state paid for fixed assets	826,000,000	758,000,000	1,737,000,000
Total resources	83,657,000,000	88,046,000,000	80,735,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Turnover	86,430,000,000	110,989,000,000	111,883,000,000
Profit (Loss) Before Tax	1,834,000,000	3,101,000,000	3,387,000,000
Profit After Tax attributable to Shareholders	1,605,000,000	2,558,000,000	2,795,000,000
Gross sales	86,430,000,000	110,989,000,000	111,883,000,000
Net income	86,430,000,000	110,989,000,000	111,883,000,000
Cost of goods sold	64,780,000,000	82,786,000,000	84,324,000,000
Gross margin	21,650,000,000	28,203,000,000	27,559,000,000
Income from financial activities	1,578,000,000	1,554,000,000	1,397,000,000
Expenses from financial activities	2,852,000,000	4,090,000,000	2,157,000,000
In which: Interest expenses	2,421,000,000	3,973,000,000	2,037,000,000
Selling expenses	8,120,000,000	12,388,000,000	12,864,000,000
General & administration expenses	10,953,000,000	10,661,000,000	11,369,000,000
Net income from operating activities	1,303,000,000	2,618,000,000	2,566,000,000
Extraordinary income	591,000,000	534,000,000	1,158,000,000
Extraordinary expenses	60,000,000	51,000,000	337,000,000
Extraordinary gains	531,000,000	483,000,000	821,000,000
Net profit before tax	1,834,000,000	3,101,000,000	3,387,000,000
Income tax	229,000,000	543,000,000	592,000,000
Net profit after tax	1,605,000,000	2,558,000,000	2,795,000,000

Financial Ratios

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Growth %
Year-on-Year Growth	-	28.41	0.81
Profitability
Profit Margin (%)	1.86	2.30	2.50
Return on Equity (%)	7.30	10.83	11.69
Return on Assets (%)	1.92	2.91	3.46
Leverage
Total Debt Equity (Times)	2.81	2.73	2.38
Current Debt Equity (Times)	1.96	2.13	1.85
Long Term Debt to Equity	0.85	0.59	0.52
Total Asset To Total Equity	3.81	3.73	3.38
Asset Management
Total Assets Turnover (Times)	1.03	1.26	1.39
Fixed Assets Turnover (Times)	1.96	2.61	3.07
Liquidity
Current Ratio	0.92	0.90	1.00

Based on the corporate laws of Vietnam, legal entities which are Government-owned Enterprise are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

FOREIGN EXCHANGE RATES

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000047 USD United States Dollars

ADDITIONAL INFORMATION

Key Facts

Registered Legal Address

:

Km 4, 376 Nguyen Trai St, Vinh, Nghe An

Operational Address

:

Km 4, 376 Nguyen Trai St, Vinh, Nghe An

Trading Name

:

Name History

:

Business Entity Name	Effective Date
NGHE AN TEA DEVELOPMENT INVESTMENT CO	29 Dec, 1992
NGHE AN TEA DEVELOPMENT INVESTMENT CO LTD	28 Jul, 2011

Issuing Authority

:

Dept. of Planning & Investment - Vinh Long

License Number

:

2900326223

License Status

:

License exists - Normal.

Legal Form - Category

:

Government-owned Enterprise

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

28 Jul, 2011

Employees

:

1,400

Report Details
Country	:	Vietnam
Business Entity Name	:	NGHE AN TEA DEVELOPMENT INVESTMENT CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Agricultural Products
Office Contact Details
Operating Address	:	Km 4, 376 Nguyen Trai St, Vinh, Nghe An
Tel	:	[+84] 38-3851939
	:	[+84] 38-3851170
	:	[+84] 38-3851555
	:	[+84] 38-3852306
Fax	:	[+84] 383-851242
Email	:	natea@hn.vnn.vn

Primary Products

Products / Materials / Services Description	Activity
Tea	Manufacturing, Exporting
Tea products	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Agricultural Production-Crops	0100	Manufacturing, Exporting
Agricultural Services	0700	Service
Crop Planting & Cultivating	0721	Service
Farm machinery and equipment, and parts, nspf	3523	Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Agric, construction, trans, electric/ gas/ sanitary, eng & mgmt & envir.quality	9800	Service
Crop planting, cultivating and protecting	9802	Service
Herbal teas and herbal infusions comprising mixed herbs	2106906087	Manufacturing, Exporting
Machines etc having individual functions nesoi, parts	8479	Trading
Tea	0902	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Agricultural equipment	Secondary	Trading
Tea plantation	Secondary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of NGHE AN TEA DEVELOPMENT INVESTMENT CO LTD is Manufacturing - Finished products

Key products include :

Tea

Tea products

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, NGHE AN TEA DEVELOPMENT INVESTMENT CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

Trading

Trading - General products

BANK DETAILS

Bank Name	:	BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	32400479
Branch	:	Hoan Kiem,Hanoi
Branch Address	:	Vinh
SWIFT Code	:	BFTVVBVX
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	P1072025
Branch	:	Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM - VINH
SWIFT Code	:	BFTVVNVX
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM
Global Identifier	:	32400483
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	Hoan KiemHanoi
SWIFT Code	:	BIDVVNVX
Bank Name	:	SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0388625
Branch	:	District 3,Ho Chi Minh
Branch Address	:	SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK - NGHE AN
SWIFT Code	:	SGTTVNVX
Bank Name	:	VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT
Global Identifier	:	32408794
Branch	:	Tu Liem,Hanoi
Branch Address	:	VIETNAM BANK FOR AGRICULTURE
SWIFT Code	:	VBAAVNVX
Bank Name	:	VIETNAM DEVELOPMENT BANK , THE
Global Identifier	:	P2215949
Branch Address	:	VIETNAM DEVELOPMENT BANK , THE - NGHE AN
SWIFT Code	:	This bank does not have a SWIFT Code
Bank Name	:	VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK
Global Identifier	:	32408823
Branch	:	District 1,Ho Chi Minh
Branch Address	:	District 1Ho Chi Minh
SWIFT Code	:	EBVIVNVX
Bank Name	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE
Global Identifier	:	32404058
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	Hoan Kiem DistHanoi
SWIFT Code	:	ICBVVNVX

OFFICE & FACILITIES

Name	:	NGHE AN TEA DEVELOPMENT INVESTMENT CO LTD - VINH, NGHE AN
Building Size	:	10 Hectares
Address	:	Km 4, 376 Nguyen Trai St, Vinh, Nghe An
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
29 Dec, 1992	104717

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.92
UK Pound	1	Rs.100.83
Euro	1	Rs.85.27

INFORMATION DETAILS

Report Prepared by :

NNA

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.