MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	DONG DUONG DRAGON IMPORT-EXPORT CO LTD
Registered Office :	Village 5 Thuan Hung Commune, Khoai Chau Dist, Hung Yen
Country :	Vietnam
Financials (as on) :	2012
Date of Incorporation :	11.01.2012
Legal Form :	Private Company with Limited Liability
Line of Business :	Exporter of Agricultural Products
No. of Employees :	15

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 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	:	DONG DUONG DRAGON IMPORT-EXPORT CO LTD
Address	:	Village 5 Thuan Hung Commune, Khoai Chau Dist, Hung Yen
Country	:	Vietnam
Phone (S)	:	[+84] 321-3994504
Facsimile	:	[+84] 321-3994505
Primary Business Activity	:	Exporter
Key Industry	:	Agricultural Products

Registered Legal Address	:	Village 5 Thuan Hung Commune, Khoai Chau Dist, Hung Yen
Operational Address	:	Village 5 Thuan Hung Commune, Khoai Chau Dist, Hung Yen
Issuing Authority	:	Dept. of Planning & Investment - Hung Yen
License Number	:	0900759223
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	:	11 Jan, 2012
Employees	:	15
Capital	:	US$ 90,003

DIRECTORS/MANAGEMENT

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03584709
Name	:	Ms. Nguyen Thi Huyen
Date of Birth	:	1985
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Due to the recent incorporation of the DONG DUONG DRAGON IMPORT-EXPORT CO LTD, and the relatively small nature of its business, no meaningful points of reference in terms of reputation within the respective industry was possible.

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

:

1,900,000,000

SHAREHOLDERS

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

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Ms. Nguyen Thi Huyen	Vietnam	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
International Sales (Export)	100%

Annual Purchases Analysis	Percentage
Local Purchases	100%

PAYMENT TERMS

Selling

Type	Terms
Export	Letter of Credit (At-sight) Documents against Acceptance (D/A)

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~120 days

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2012 Annual (*)	3,798,381	552,278	106,556

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	11,501,000,000
Non Current Liabilities	(70,000,000)
Share Capital	1,900,000,000
Other long term assets
Total Assets	11,501,000,000
Total Liabilities	7,382,000,000
Current Liabilities	7,452,000,000
Long term liabilities
Shareholders Funds	4,119,000,000
Current assets & short term investments	11,501,000,000
Cash & cash equivalents	9,202,000,000
Cash	9,202,000,000
Accounts receivable	2,166,000,000
Accounts receivable trade	338,000,000
Trade prepayment	591,000,000
Others receivables	1,237,000,000
Other short term asset	133,000,000
Prepaid expenses	32,000,000
VAT deductible	101,000,000
Total assets	11,501,000,000
Liabilities	7,382,000,000
Current liabilities	7,452,000,000
Short term borrowings	6,975,000,000
Accounts payables-trade	91,000,000
Advances from customers	883,000,000
Taxes and payable to state budget	739,000,000
Payable to employees	(1,236,000,000)
Long term liabilities	(70,000,000)
Long term other payables	(70,000,000)
Owner's equity	4,119,000,000
Business capital	1,900,000,000
Retained earnings	2,219,000,000
Total resources	11,501,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual
Turnover	79,100,000,000
Profit (Loss) Before Tax	2,958,000,000
Profit After Tax attributable to Shareholders	2,219,000,000
Gross sales	79,100,000,000
Net income	79,100,000,000
Cost of goods sold	71,335,000,000
Gross margin	7,765,000,000
Income from financial activities	125,000,000
Expenses from financial activities	1,041,000,000
Selling expenses	3,550,000,000
General & administration expenses	341,000,000
Net income from operating activities	2,958,000,000
Net profit before tax	2,958,000,000
Income tax	739,000,000
Net profit after tax	2,219,000,000

Financial Ratios

Financial Highlights	2012 Annual
Profitability
Profit Margin (%)	2.81
Return on Equity (%)	53.87
Return on Assets (%)	19.29
Leverage
Total Debt Equity (Times)	1.79
Current Debt Equity (Times)	1.81
Long Term Debt to Equity	(0.02)
Total Asset To Total Equity	2.79
Asset Management
Total Assets Turnover (Times)	6.88
Liquidity
Current Ratio	1.54

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

N/a

ADDITIONAL INFORMATION

Country	:	Vietnam
Business Entity Name	:	DONG DUONG DRAGON IMPORT-EXPORT CO LTD
Primary Business Activity	:	Exporter
Primary Industry	:	Agricultural Products
Office Contact Details
Operating Address	:	Village 5 Thuan Hung Commune, Khoai Chau Dist, Hung Yen
Tel	:	[+84] 321-3994504
Fax	:	[+84] 321-3994505

Primary Products

Products / Materials / Services Description	Activity
Agricultural products	Exporting
Corn	Exporting
Rice	Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Agricultural Production-Crops	0100	Exporting
Corn	0115	Exporting
Rice	0112	Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Corn (maize)	1005	Exporting
Food preparations	2106	Exporting
Rice	1006	Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of DONG DUONG DRAGON IMPORT-EXPORT CO LTD is Exporting - Natural food items, Unprocessed (Meats, Produce or Seafood).

Key products include :

Corn

Rice

Agricultural products

An integral part of the core business includes:

Distribution

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

LOCAL BRANCHES & MANAGEMENT

Branch	:	DONG DUONG DRAGON IMPORT-EXPORT CO LTD - TAN BINH DIST, HO CHI MINH
Branch Address	:	Rm 101 Ruby Garden Bldg 2A Nguyen Sy Sach St Ward 15, Tan Binh Dist, Ho Chi Minh
Branch	:	DONG DUONG DRAGON IMPORT-EXPORT CO LTD - HAI BA TRUNG DIST, HANOI
Branch Address	:	T052201 Times City 458 Minh Khai Vinh Tuy Ward, Hai Ba Trung Dist, Hanoi
Branch Tel	:	84-4-35643999
Branch Fax	:	84-4-35642973

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	High	Exporting
Europe	High	Exporting
Middle-East	High	Exporting
Bangladesh	High	Exporting
China	High	Exporting
India	High	Exporting
Iran	High	Exporting
Iraq	High	Exporting
Japan	High	Exporting
Poland	High	Exporting

OFFICE & FACILITIES

Name	:	DONG DUONG DRAGON IMPORT-EXPORT CO LTD - KHOAI CHAU DIST, HUNG YEN
Address	:	Village 5 Thuan Hung Commune, Khoai Chau Dist, Hung Yen
Country	:	Vietnam
Status	:	Operational

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.53
UK Pound	1	Rs.100.73
Euro	1	Rs.83.84

INFORMATION DETAILS

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%)

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.