MIRA INFORM REPORT

Report Date :

7.12.2014

IDENTIFICATION DETAILS

Name :	HUNG CUONG JSC
Registered Office :	2 Pham Minh Duc May To Ward, Ngo Quyen Dist, Hai Phong
Country :	Vietnam
Date of Incorporation :	08.11.2013
Legal Form :	Joint Stock Company
Line of Business :	Materials Handling Services
No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Vietnam	A2	A2

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

REGISTERED NAME & COMPANY SUMMARY

Company Details

Organization Name	:	HUNG CUONG JSC ^(1)
Address	:	2 Pham Minh Duc May To Ward, Ngo Quyen Dist, Hai Phong
Country	:	Vietnam
Phone (S)	:	[+84] 31-3686408
Facsimile	:	[+84] 31-3737617
Primary Business Activity	:	Service
Key Industry	:	Materials Handling

Key Facts

Registered Legal Address	:	2 Pham Minh Duc May To Ward, Ngo Quyen Dist, Hai Phong
Operational Address	:	2 Pham Minh Duc May To Ward, Ngo Quyen Dist, Hai Phong
Issuing Authority	:	Dept. of Planning & Investment - Hai Phong
License Number	:	0200372301
License Status	:	License exists - Normal.
Legal Form - Category	:	Joint Stock Company
Legal Form	:	Joint Stock Company
Legal Form - Abbreviation	:	JSC
Operational Status of Business	:	Normal
Date of Registration	:	8 Nov, 2013
Employees	:	10
Capital	:	US$ 283,774
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.

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Dao Quang Trinh
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Dao Quang Dinh	Vietnamese	Vice Director	-
2	Mr. Nguyen Ngoc Thien	Vietnamese	Vice Director	-
3	Mr. Dao Quang Thuat	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03804279
Name	:	Mr. Dao Quang Dinh

Management Details - 2

Personal Unique Identifier	:	MI03804266
Name	:	Mr. Nguyen Ngoc Thien

Management Details - 3

Personal Unique Identifier	:	MI03804265
Name	:	Mr. Dao Quang Thuat

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03804258
Name	:	Mr. Dao Quang Trinh
2
Personal Unique Identifier	:	MI03804245
Name	:	Ms. Nguyen Thi Khanh

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing HUNG CUONG JSC'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 (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 6,000,000,000

SHAREHOLDERS

Not available - According to the corporate statutory laws for this type of Legal Form - Category (Joint Stock Company) in Vietnam, there is no public disclosure of Shareholders.

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	60%
Imports	40%

PAYMENT TERMS

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

N/A

FINANCIAL INFORMATION

FINANCIAL STATEMENT - DETAILED

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

FOREIGN EXCHANGE RATES

N/A

ADDITIONAL INFORMATION

Report Details

Country	:	Vietnam
Business Entity Name	:	HUNG CUONG JSC
Primary Business Activity	:	Service
Primary Industry	:	Materials Handling
Office Contact Details
Operating Address	:	2 Pham Minh Duc May To Ward, Ngo Quyen Dist, Hai Phong
Tel	:	[+84] 31-3686408
	:	[+84] 31-3826014
Fax	:	[+84] 31-3737617
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	:	0200372301

Primary Products

Products / Materials / Services Description	Activity
Warehousing	Service

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
General Warehousing & Storage	4225	Service
Trucking & Warehousing	4200	Service

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
General warehousing and storage	9838	Service
Special warehousing and storage	9839	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HUNG CUONG JSC is Specialized professional services, including:

Warehousing

Key service include :

Warehousing

BANK DETAILS

Bank Name	:	VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT
Global Identifier	:	32408794
Branch	:	Tu Liem,Hanoi
Branch Address	:	HAI AN
SWIFT Code	:	VBAAVNVX
Bank Name	:	VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK
Global Identifier	:	32408999
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	70-72 Ba Trieu St Hang Bai Ward Hoan Kiem Dist Hanoi (Head Office)
SWIFT Code	:	VTCBVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
Europe	Medium	Importing

OFFICE & FACILITIES

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

Name	:	HUNG CUONG JSC - NGO QUYEN DIST, HAI PHONG
Primary Use	:	Office & Administration facilities
Address	:	2 Pham Minh Duc May To Ward, Ngo Quyen Dist, Hai Phong
Country	:	Vietnam
Status	:	Operational

WAREHOUSING FACILITIES

Name	:	HUNG CUONG JSC - HAI AN DIST, HAI PHONG
Address	:	Km 9 Dong Hai II Ward, Hai An Dist, Hai Phong
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
1 Oct, 1999	055575

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.41
UK Pound	1	Rs.99.30
Euro	1	Rs.79.00

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIT

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.