MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	HAI DUNG COMMERCIAL CO LTD
Registered Office :	04 Nguyen Trai St Le Loi Ward, Hung Yen, Hung Yen
Country :	Vietnam
Date of Incorporation :	10.08.2010
Legal Form :	Private Company with Limited Liability
Line of Business :	Trader of Silk, Silk blends & Silk products
No. of Employees :	03

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 :	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 – 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 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	:	HAI DUNG COMMERCIAL CO LTD
Address	:	04 Nguyen Trai St Le Loi Ward, Hung Yen, Hung Yen
Country	:	Vietnam
Primary Business Activity	:	Trader
Key Industry	:	Textiles & Raw Material

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Nguyen Thi Thuy	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03610475
Name	:	Ms. Nguyen Thi Thuy
Date of Birth	:	1981

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03610472
Name	:	Mr. Nguyen Van Hai
Date of Birth	:	1977
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the HAI DUNG COMMERCIAL 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

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$ 237,101

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

5,000,000,000

SHAREHOLDERS

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

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Mr. Nguyen Van Hai	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%
Domestic Sales	0%

Annual Purchases Analysis	Percentage
Imports	100%
Local Purchases	0%

PAYMENT TERMS

Selling

Type	Terms
Export	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Received at time of transaction

Purchasing

Type	Terms
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

China

Medium

Exporting

India

Medium

Importing

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.

ADDITIONAL INFORMATION

Key Facts
Registered Legal Address	:	04 Nguyen Trai St Le Loi Ward, Hung Yen, Hung Yen
Operational Address	:	04 Nguyen Trai St Le Loi Ward, Hung Yen, Hung Yen
Trading Name	:	HAI DUNG CO LTD
Issuing Authority	:	Dept. of Planning & Investment - Hung Yen
License Number	:	0900608619
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	:	10 Aug, 2010
Employees	:	3

Report Details
Country	:	Vietnam
Business Entity Name	:	HAI DUNG COMMERCIAL CO LTD
Primary Business Activity	:	Trader
Primary Industry	:	Textiles & Raw Material
Office Contact Details
Operating Address	:	04 Nguyen Trai St Le Loi Ward, Hung Yen, Hung Yen
Mobile	:	[+84]-942055376 ^(*)

Note (*):

There exists no known land telephone line that is being used by the Subject Business Entity (SBE) in connection to their business, which is uncommon in normal / regular businesses. The SBE ONLY operates using a Mobile phone as the primary point of contact.
In such scenarios, there is no ability to legally associate any relationship between the SBE and the person/s answering the mobile phone.
Caution is advised.

Primary Products

Products / Materials / Services Description	Activity
Silk	Trading
Silk blends	Trading
Silk products	Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Broad woven fabrics, manmade fibers and silk	2221	Trading
Finish Man Fiber/Silk Fabric	2262	Trading
Yarn, spun, of cotton, man-made fibers, and silk	2281	Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Silk, inc. yarns & woven fabrics thereof	5000	Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HAI DUNG COMMERCIAL CO LTD is Trading - Finished products.

Key products include :

• Silk blends
• Silk products
• Silk

Supplementary Business

In addition to the core business, HAI DUNG COMMERCIAL CO LTD also is engaged in the following areas of business:

1. Exporting
• Exporting - Finished products
2. Importing
• Importing - Finished products

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

REAL ESTATE OWNERSHIP

The following property / ies are owned by HAI DUNG COMMERCIAL CO LTD :

Property Name	:	HAI DUNG COMMERCIAL CO LTD - HUNG YEN, HUNG YEN
Type of Property	:	Office
Address	:	04 Nguyen Trai St Le Loi Ward, Hung Yen, Hung Yen
Office Size	:	120 Square meters

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 :

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.