MIRA INFORM REPORT

Report Date :

16.08.2014

IDENTIFICATION DETAILS

Name :	STAR HAIR INDUSTRIAL CO LTD

Registered Office :	47 Quang Minh Industrial Zone, Me Linh, Hanoi

Country :	Vietnam

Date of Incorporation :	26.05.2008

Legal Form :	Private Company with Limited Liability

Line of Business :	Manufacturer of Garments & Accessories

No. of Employees	260

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
Payment Behaviour :	Unknown
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Vietnam

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 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 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 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, 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 relatively stable in 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 has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses

Source : CIA

Company name and address

Company Details
Organization Name	:	STAR HAIR INDUSTRIAL CO LTD⁽¹⁾
Address	:	47 Quang Minh Industrial Zone, Me Linh, Hanoi
Country	:	Vietnam
Phone (S)	:	[+84] 4-38182449
Facsimile	:	[+84] 4-38182448
Email	:	starhair@vnn.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Garments & Accessories

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Hoon-Oh Chi
Nationality	:	Korean

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Ha Van Hieu	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03753363
Name	:	Mr. Ha Van Hieu
Date of Birth	:	1980

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03753338
Name	:	Mr. Hoon-Oh Chi
Date of Birth	:	1954

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing STAR HAIR INDUSTRIAL 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

CIVIL 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$ 800,000

CAPITAL (Currency: USD - US Dollar)

Authorized Capital

$ 800,000

SHAREHOLDERS

Total number of shareholders	:	2
Total number of shares	:	n/a

Currency

VND - Vietnam Dong

No.	Shareholders	Country	Shares
No.	Shareholders	Country	Number	Amount (VND)	%
1	Mr. Fang-Zhou Zhang	Hong Kong	n/a	n/a	50.00
2	Mr. Hoon-Oh Chi	Korea, South (Republic of Korea)	n/a	n/a	50.00
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
International Sales (Export)	100%

Annual Purchases Analysis	Percentage
Local Purchases	15%
Imports	85%

PAYMENT TERMS

Selling

Type

Terms

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 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

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.

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	:	47 Quang Minh Industrial Zone, Me Linh, Hanoi
Operational Address	:	47 Quang Minh Industrial Zone, Me Linh, Hanoi
Trading Name	:	STAR HAIR INDUSTRIES
Issuing Authority	:	Dept. of Planning & Investment - Hanoi
License Number	:	012023000235
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	:	26 May, 2008
Employees	:	260

Report Details
Country	:	Vietnam
Business Entity Name	:	STAR HAIR INDUSTRIAL CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Garments & Accessories
Office Contact Details
Operating Address	:	47 Quang Minh Industrial Zone, Me Linh, Hanoi
Tel	:	[+84] 4-38182449
Fax	:	[+84] 4-38182448
Email	:	starhair@vnn.vn
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	:	2500234017

Primary Products

Products / Materials / Services Description	Activity
Fashion wigs	Manufacturing, Exporting
Wigs	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Apparel and accessories, nspf	2389	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Wigs etc of hair etc; human hair articles	6704	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of STAR HAIR INDUSTRIAL CO LTD is Manufacturing - Finished products.

Key products include :

Fashion wigs

Wigs

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, STAR HAIR INDUSTRIAL CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT
Global Identifier	:	32408794
Branch	:	Tu Liem,Hanoi
Branch Address	:	VIETNAM BANK FOR AGRICULTURE
SWIFT Code	:	VBAAVNVX

INTERNATIONAL TRADE - Activity & Markets
Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
North America	Medium	Exporting
China	Medium	Importing
Hong Kong	Medium	Importing
USA	Medium	Exporting

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name	:	STAR HAIR INDUSTRIAL CO LTD - ME LINH, HANOI
Primary Use	:	Office & Administration facilities
Address	:	47 Quang Minh Industrial Zone, Me Linh, Hanoi
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
25 Nov, 2004	67/GP-VP

NOTES & COMMENTS

Note

⁽¹⁾ Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.06
UK Pound	1	Rs.101.84
Euro	1	Rs.81.56

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIS

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.