MIRA INFORM REPORT

Report Date :

31.12.2013

IDENTIFICATION DETAILS

Name :	VDH SAFES SAIGON CO LTD
Registered Office :	Linh Trung II Export Processing Zone Lot 5 Rd 5, Thu Duc, Ho Chi Minh
Country :	Vietnam
Date of Incorporation :	09.03.2011
Legal Form :	Private Company with Limited Liability
Line of Business :	Manufacturer of Safes, Strong Doors, ATM Protection Safes and Data Safes for Export and Domestic Consumption.
No. of Employees :	40

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

REGISTERED NAME & COMPANY SUMMARY

Organization Name	:	VDH SAFES SAIGON CO LTD
Address	:	Linh Trung II Export Processing Zone Lot 5 Rd 5, Thu Duc, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-37291875
Facsimile	:	[+84] 8-37291874
Email	:	info@vdhsafes.com
Website	:	http://www.vdhsafes.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Hardware & Tools

Registered Legal Address	:	Linh Trung II Export Processing Zone Lot 5 Rd 5, Thu Duc, Ho Chi Minh
Operational Address	:	Linh Trung II Export Processing Zone Lot 5 Rd 5, Thu Duc, Ho Chi Minh
Issuing Authority	:	Dept. of Planning & Investment - Ho Chi Minh
License Number	:	412023000278
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	:	9 Mar, 2011
Employees	:	40
Capital	:	US$ 702,000

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Dang Khanh Cuong
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Dang Thanh Uyen	Vietnamese	Deputy Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03604631
Name	:	Ms. Dang Thanh Uyen
Date of Birth	:	1957

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03604630
Name	:	Mr. Dang Khanh Cuong
Date of Birth	:	1957
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the VDH SAFES SAIGON 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 (Currency: USD - US Dollar)

Authorized Capital

:

702,000

SHAREHOLDERS

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

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	VDH SAFES HOLLAND BV	Netherlands	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	40%
International Sales (Export)	60%

Annual Purchases Analysis	Percentage
Local Purchases	10%
Imports	90%

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	:	VDH SAFES HOLLAND BV
Global Identifier	:	P2949247
Legal Form Category	:	Private Company with Limited Liability
Country	:	Netherlands

FINANCIAL INFORMATION

FINANCIAL STATEMENT – DETAILED

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. Therefore no financials are available for this entity.

ADDITIONAL INFORMATION

Country	:	Vietnam
Business Entity Name	:	VDH SAFES SAIGON CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Hardware & Tools
Office Contact Details
Operating Address	:	Linh Trung II Export Processing Zone Lot 5 Rd 5, Thu Duc, Ho Chi Minh
Tel	:	[+84] 8-37291875
	:	[+84] 8-37291876
Fax	:	[+84] 8-37291874
Email	:	info@vdhsafes.com
Website Details
Website	:	http://www.vdhsafes.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	:	0302731503

Activity

Manufacturer of Safes, Strong Doors, ATM Protection Safes and Data Safes for Export and Domestic Consumption. 

Primary Products

Products / Materials / Services Description	Activity
Safety doors	Manufacturing, Exporting
Treasury doors	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Counters, lockers, racks, display cases, shelves, partitions, and similar fixtures, of metal	2542	Manufacturing, Exporting
Hardware, nspf	3429	Manufacturing, Exporting
Metal doors, sash and trim, of iron, steel, or aluminum	3442	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Aluminum doors	7610100030	Manufacturing, Exporting
Armored or reinforced safes, strong-boxes and doors and safe deposit lockers for strong-rooms, cash or deed boxes etc and parts, of base metal	8303000000	Manufacturing, Exporting
Hardware, fixtures, castors etc & parts, base metal	8302	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of VDH SAFES SAIGON CO LTD is Manufacturing - Finished products.

Key products include :

Safety doors

Treasury doors

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, VDH SAFES SAIGON CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	P1072025
Branch	:	Hanoi
Branch Address	:	31-33 Ngo Quyen Hanoi (Head Office)
SWIFT Code	:	BFTVVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Importing, Exporting
North America	Medium	Importing
Germany	Medium	Importing
Hong Kong	Medium	Importing
India	Medium	Importing
Netherlands	Medium	Importing
Taiwan	Medium	Importing
USA	Medium	Importing

OFFICE & FACILITIES

Name	:	VDH SAFES SAIGON CO LTD - THU DUC, HO CHI MINH
Address	:	Linh Trung II Export Processing Zone Lot 5 Rd 5, Thu Duc, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

QUALITY ACCREDITATION

Quality Accreditation Listings

#	Name	Accreditation Category
1	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9001:2008

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
19 Aug, 2002	146/GP-HCM

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.00
UK Pound	1	Rs.102.17
Euro	1	Rs.85.19

INFORMATION DETAILS

Report Prepared by :

MNL

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.