MIRA INFORM REPORT

Report Date :

02.10.2013

IDENTIFICATION DETAILS

Name :	NEUMANN GRUPPE VIETNAM LTD
Formerly Known as:	BERO VIETNAM LTD
Registered Office :	Lot 03 Binh Duong Industrial Zone An Binh Ward, Di An Dist, Binh Duong
Country :	Vietnam
Financials (as on) :	2011
Date of Incorporation :	09.01.2001
Legal Form :	Limited
Line of Business :	Manufacturer of Food Products
No. of Employees :	70

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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	:	NEUMANN GRUPPE VIETNAM LTD
Address	:	Lot 03 Binh Duong Industrial Zone An Binh Ward, Di An Dist, Binh Duong
Country	:	Vietnam
Phone (S)	:	[+84] 650-3790600
Facsimile	:	[+84] 650-3790937
Email	:	nico@neumanngruppevn.com.vn
Website	:	http://www.vietnam.nkg.net/
Primary Business Activity	:	Manufacturer
Key Industry	:	Food Products

Key Facts

Registered Legal Address

:

Lot 03 Binh Duong Industrial Zone An Binh Ward, Di An Dist, Binh Duong

Operational Address

:

Lot 03 Binh Duong Industrial Zone An Binh Ward, Di An Dist, Binh Duong

Name History

:

Business Entity Name	Effective Date
BERO VIETNAM LTD	9 Jan, 2001
NEUMANN GRUPPE VIETNAM LTD	24 Jan, 2005

Issuing Authority

:

Dept. of Planning & Investment - Binh Duong

License Number

:

462045000562

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Limited

Legal Form - Abbreviation

:

LTD

Operational Status of Business

:

Normal

Employees

:

70

Capital

:

US$ 970,000

Report Details

Country	:	Vietnam
Business Entity Name	:	NEUMANN GRUPPE VIETNAM LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Food Products
Office Contact Details
Operating Address	:	Lot 03 Binh Duong Industrial Zone An Binh Ward, Di An Dist, Binh Duong
Tel	:	[+84] 650-3790600
	:	[+84] 650-3790938
Fax	:	[+84] 650-3790937
Email	:	nico@neumanngruppevn.com.vn
Website Details
Website	:	http://www.vietnam.nkg.net/
Status	:	Normal - operational
Country of Registration	:	Germany
Ownership Type	:	Registered ownership by a related third party
Owner Country	:	Germany
Owner Name	:	NEUMANN GRUPPE GMBH
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	:	3700364985

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Thomas Michael Hermann Weiske
Nationality	:	German

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Huynh Ngoc Thao	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03527392
Name	:	Ms. Huynh Ngoc Thao
Date of Birth	:	1979

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03527391
Name	:	Mr. Thomas Michael Hermann Weiske
Date of Birth	:	1956
Nationality	:	German

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the NEUMANN GRUPPE VIETNAM 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

:

970,000

SHAREHOLDERS

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

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	NEUMANN GRUPPE GMBH	Germany	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

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

GROUP STRUCTURE & AFFILIATED COMPANIES

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	NEUMANN GRUPPE GMBH
Global Identifier	:	P0781655
Legal Form Category	:	Private Company with Limited Liability
Country	:	Germany
Primary Business Activity	:	Service
Indirect Parent	:	HAROCA HOLDING GMBH
Global Identifier	:	P0781656
Legal Form Category	:	Private Company with Limited Liability
Country	:	Switzerland
Primary Business Activity	:	Service

STRATEGIC PARTNER/S & ALLIANCES

Group / Alliance name	:	NEUMANN KAFFEE GRUPPE
Holding Company	:	NEUMANN GRUPPE GMBH
Country	:	Germany

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual (*)	42,897,072	7,914,210	-825,732

Note: (*)

Financials listed are the most recent available for this company.

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual
Current Assets	150,473,000,000
Non Current Assets	14,380,000,000
Non Current Liabilities	453,000,000
Share Capital	20,203,000,000
Other long term assets
Total Assets	164,853,000,000
Total Liabilities	136,319,000,000
Current Liabilities	135,866,000,000
Long term liabilities
Shareholders Funds	28,534,000,000
Current assets & short term investments	150,473,000,000
Cash & cash equivalents	2,759,000,000
Cash	2,759,000,000
Accounts receivable	32,840,000,000
Accounts receivable trade	40,000,000
Trade prepayment	32,638,000,000
Others receivables	162,000,000
I. Inventories	108,143,000,000
II. Inventories	116,250,000,000
Provision for decline in inventory	(8,107,000,000)
I. Other short term asset	6,731,000,000
Prepaid expenses	800,000,000
VAT deductible	5,740,000,000
Other tax receivables	61,000,000
II. Other short term asset	130,000,000
Long term assets	14,380,000,000
Fixed assets	12,522,000,000
Tangible fixed assets	12,522,000,000
I. Cost	35,929,000,000
I. Accumulated depreciation	23,407,000,000
II. Cost	293,000,000
II. Accumulated depreciation	293,000,000
Other long term assets	1,858,000,000
Asset of income tax delay	1,858,000,000
Total assets	164,853,000,000
Liabilities	136,319,000,000
Current liabilities	135,866,000,000
Short term borrowings	27,450,000,000
Accounts payables-trade	3,498,000,000
Advances from customers	102,942,000,000
Taxes and payable to state budget	87,000,000
Accrued expenses payable	1,879,000,000
Other payables	10,000,000
Long term liabilities	453,000,000
Provision funds for unemployment	453,000,000
Owner's equity	28,534,000,000
Business capital	20,203,000,000
Retained earnings	8,331,000,000
Total resources	164,853,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual
Turnover	893,546,000,000
Profit (Loss) Before Tax	(19,058,000,000)
Profit After Tax attributable to Shareholders	(17,200,000,000)
Gross sales	893,546,000,000
Net income	893,546,000,000
Cost of goods sold	895,683,000,000
Gross margin	(2,137,000,000)
Income from financial activities	11,152,000,000
Expenses from financial activities	3,909,000,000
In which: Interest expenses	2,244,000,000
Selling expenses	4,580,000,000
General & administration expenses	21,232,000,000
Net income from operating activities	(20,706,000,000)
Extraordinary income	1,678,000,000
Extraordinary expenses	30,000,000
Extraordinary gains	1,648,000,000
Net profit before tax	(19,058,000,000)
Income tax delay	1,858,000,000
Net profit after tax	(17,200,000,000)

Financial Ratios

Financial Highlights	2011 Annual
Profitability
Profit Margin (%)	(1.92)
Return on Equity (%)	(60.28)
Return on Assets (%)	(10.43)
Leverage
Total Debt Equity (Times)	4.78
Current Debt Equity (Times)	4.76
Long Term Debt to Equity	0.02
Total Asset To Total Equity	5.78
Asset Management
Total Assets Turnover (Times)	5.42
Fixed Assets Turnover (Times)	62.14
Liquidity
Current Ratio	1.11

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

Na

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Coffee	Manufacturing, Exporting
Robusta coffee	Manufacturing, Exporting

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

Year	Imports	Exports	Total
2011	n/a	42,039,130	42,039,130

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Food products, nspf	2099	Manufacturing, Exporting
Roasted coffee	2095	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Coffee extracts, essences and concentrates	2101102040	Manufacturing, Exporting
Coffee, tea, mate & spices	0900	Manufacturing, Exporting
Coffee; coffee husks etc; substitutes with coffee	0901	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of NEUMANN GRUPPE VIETNAM LTD is Manufacturing - Finished products.

Key products include :

Robusta coffee

Coffee

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, NEUMANN GRUPPE VIETNAM LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	2%
International Sales (Export)	98%

Annual Purchases Analysis	Percentage
Local Purchases	100%

BRANDS & TRADEMARKS

Brands & Trademarks	Application Category
Dep lam	n/a
Tuoi dep	n/a

BANK DETAILS

Bank Name	:	DEUTSCHE BANK AG
Global Identifier	:	32401803
Branch	:	Hai Ba Trung Dist,Hanoi
Branch Address	:	25 Tran Binh Trong St Hai Ba Trung Dist Hanoi (Head Office)
SWIFT Code	:	DEUTVNVX
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 - BINH DUONG
SWIFT Code	:	BFTVVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	NEUMANN GRUPPE VIETNAM LTD - CU MGAR DIST, DAK LAK
Branch Address	:	Km 16 National Highway 14 Cuor Dang Commune, Cu Mgar Dist, Dak Lak
Branch	:	NEUMANN GRUPPE VIETNAM LTD - CHU SE DIST, GIA LAI
Branch Address	:	National Highway 14 Hamlet 7 La Blang Commune, Chu Se Dist, Gia Lai
Branch	:	NEUMANN GRUPPE VIETNAM LTD - DAK SONG DIST, DAKNONG
Branch Address	:	Thuan Tan Hamlet Thuan Hanh Commune, Dak Song Dist, Daknong

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Exporting
Europe	Medium	Exporting
Middle-East	Medium	Exporting
North America	Medium	Exporting
USA	Medium	Exporting

OFFICE & FACILITIES

Name	:	NEUMANN GRUPPE VIETNAM LTD - DI AN DIST, BINH DUONG
Building Size	:	12,000 Square meters
Address	:	Lot 03 Binh Duong Industrial Zone An Binh Ward, Di An Dist, Binh Duong
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
9 Jan, 2001	93/GP-KCN-BD

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.35
UK Pound	1	Rs.101.20
Euro	1	Rs.84.54

INFORMATION DETAILS

Report Prepared by :

SDA

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.