MIRA INFORM REPORT

Report Date :

19.02.2014

IDENTIFICATION DETAILS

Name :	AU CO DEVELOPING JSC
Registered Office :	12 Lane 126 Khuat Duy Tien St Nhan Chinh Ward, Thanh Xuan, Hanoi
Country :	Vietnam
Financials (as on) :	December 2012
Date of Incorporation :	13.09.2011
Legal Form :	Joint Stock Company
Line of Business :	Trader of Plywood, Timber & Wood Products
No. of Employees :	06

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 :	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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

Company Details
Organization Name	:	AU CO DEVELOPING JSC
Address	:	12 Lane 126 Khuat Duy Tien St Nhan Chinh Ward, Thanh Xuan, Hanoi
Country	:	Vietnam
Phone (S)	:	[+84] 4-35539757
Facsimile	:	[+84] 4-35542827
Email	:	info@aucocar.com
Website	:	www.aucocar.com
Primary Business Activity	:	Trader
Key Industry	:	Plywood, Timber & Wood Products

Key Facts
Registered Legal Address	:	12 Lane 126 Khuat Duy Tien St Nhan Chinh Ward, Thanh Xuan, Hanoi
Operational Address	:	12 Lane 126 Khuat Duy Tien St Nhan Chinh Ward, Thanh Xuan, Hanoi
Trading Name	:	AU CO JSC
Issuing Authority	:	Dept. of Planning & Investment - Hanoi
License Number	:	0104219156
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	:	13 Sep, 2011
Employees	:	6
Capital	:	US$ 23,710
Report Details

Country	:	Vietnam
Business Entity Name	:	AU CO DEVELOPING JSC
Primary Business Activity	:	Trader
Primary Industry	:	Plywood, Timber & Wood Products
Office Contact Details
Operating Address	:	12 Lane 126 Khuat Duy Tien St Nhan Chinh Ward, Thanh Xuan, Hanoi
Tel	:	[+84] 4-35539757
Fax	:	[+84] 4-35542827
Email	:	info@aucocar.com greenleaf_corp@yahoo.com
Website Details
Website	:	www.aucocar.com
Status	:	Normal - operational
Country of Registration	:	Vietnam
Ownership Type	:	Registered ownership by Subject Business Entity

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Trinh Quoc Dat
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Trinh Quoc Nghia	Vietnamese	Vice Director	-

Management Details - 1

Personal Unique Identifier	:	MI02501450
Name	:	Mr. Trinh Quoc Nghia
Date of Birth	:	1974

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI02501433
Name	:	Mr. Trinh Quoc Dat
Date of Birth	:	1975
Nationality	:	Vietnamese
2
Personal Unique Identifier	:	MI02501450
Name	:	Mr. Trinh Quoc Nghia
Date of Birth	:	1974
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the AU CO DEVELOPING 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

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

:

500,000,000

SHAREHOLDERS

Total number of shareholders	:	3
Total number of shares	:	n/a

No.	Shareholders	Country	Shares
			Number	Amount	%
1	Mr. Trinh Quoc Dat	Vietnam	n/a	n/a	52.00
2	Mr. Trinh Quoc Nghia	Vietnam	n/a	n/a	28.00
3	Ms. Phan Thi Tuyet Le	Vietnam	n/a	n/a	20.00
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

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2012 Annual (*)	1,004,962	141,227	15,991

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	2012 Annual
Current Assets	2,426,000,000
Non Current Assets	515,000,000
Share Capital	500,000,000
Other long term assets
Total Assets	2,941,000,000
Total Liabilities	1,809,000,000
Current Liabilities	1,809,000,000
Long term liabilities
Shareholders Funds	1,132,000,000
Current assets & short term investments	2,426,000,000
Cash & cash equivalents	213,000,000
Cash	213,000,000
Accounts receivable	1,548,000,000
Accounts receivable trade	598,000,000
Trade prepayment	950,000,000
Inventories	585,000,000
Other short term asset	80,000,000
VAT deductible	80,000,000
Long term assets	515,000,000
Fixed assets	515,000,000
Tangible fixed assets	515,000,000
Cost	752,000,000
Accumulated depreciation	237,000,000
Total assets	2,941,000,000
Liabilities	1,809,000,000
Current liabilities	1,809,000,000
Short term borrowings	1,450,000,000
Accounts payables-trade	359,000,000
Owner's equity	1,132,000,000
Business capital	500,000,000
Retained earnings	632,000,000
Total resources	2,941,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual
Turnover	20,928,000,000
Profit (Loss) Before Tax	445,000,000
Profit After Tax attributable to Shareholders	333,000,000
Gross sales	20,928,000,000
Net income	20,928,000,000
Cost of goods sold	19,086,000,000
Gross margin	1,842,000,000
Income from financial activities	15,000,000
Expenses from financial activities	292,000,000
In which: Interest expenses	265,000,000
General & administration expenses	1,121,000,000
Net income from operating activities	445,000,000
Net profit before tax	445,000,000
Income tax	111,000,000
Net profit after tax	333,000,000

Financial Ratios

Financial Highlights	2012 Annual
Profitability
Profit Margin (%)	1.59
Return on Equity (%)	29.42
Return on Assets (%)	11.32
Leverage
Total Debt Equity (Times)	1.60
Current Debt Equity (Times)	1.60
Total Asset To Total Equity	2.60
Asset Management
Total Assets Turnover (Times)	7.12
Fixed Assets Turnover (Times)	40.64
Liquidity
Current Ratio	1.34

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. Although financials were obtained for reference.

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Plywoods	Trading, Exporting

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

Year	Imports	Exports	Total
2012	n/a	904,466	904,466

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Lumber and Wood Products	2400	Trading, Exporting
Wood products, nspf	2499	Trading, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Articles of wood	4421	Trading, Exporting
Plywood	4412995000	Trading, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of AU CO DEVELOPING JSC is Trading - Finished products.

Key product include :

· Plywoods

Supplementary Business

In addition to the core business, AU CO DEVELOPING JSC also is engaged in the following areas of business:

1. Exporting

· Exporting - Finished products

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
International Sales (Export)	90%
Domestic Sales	10%

Annual Purchases Analysis	Percentage
Local Purchases	100%

BANK DETAILS

Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM
Global Identifier	:	32400483
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - BA DINH
SWIFT Code	:	BIDVVNVX

INTERNATIONAL TRADE - Activity & Markets

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

OFFICE & FACILITIES

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

Name	:	AU CO DEVELOPING JSC - THANH XUAN, HANOI
Primary Use	:	Office & Administration facilities
Address	:	12 Lane 126 Khuat Duy Tien St Nhan Chinh Ward, Thanh Xuan, Hanoi
Country	:	Vietnam
Status	:	Operational

COMPANY HISTORY

Date	Details
2009 - Oct	Commenced commercial operation.

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
7 Aug, 2008	0103041535

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

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.