MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	NHAT THANH IMPORT EXPORT JSC
Registered Office :	1/19 Lane 85 Dinh Cong Thuong St Dinh Cong Ward, Hoang Mai Dist, Hanoi
Country :	Vietnam
Date of Incorporation :	31.10.2012
Legal Form :	Joint Stock Company
Line of Business :	Importer of Agricultural Products
No. of Employees :	17

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 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	:	NHAT THANH IMPORT EXPORT JSC
Address	:	1/19 Lane 85 Dinh Cong Thuong St Dinh Cong Ward, Hoang Mai Dist, Hanoi
Country	:	Vietnam
Phone (S)	:	[+84] 4-37368869
Facsimile	:	[+84] 4-37368867
Primary Business Activity	:	Importer
Key Industry	:	Agricultural Products

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Pham Thi Bich	Vietnamese	Chief Accountant	-
2	Mr. Do Ngoc Luan	Vietnamese	Vice Director	-
3	Mr. Ha Duy Phu	Vietnamese	Vice Director	-

Management Details - 1

Personal Unique Identifier	:	MI03609898
Name	:	Ms. Pham Thi Bich
Date of Birth	:	1980

Management Details - 2

Personal Unique Identifier	:	MI03609896
Name	:	Mr. Do Ngoc Luan
Date of Birth	:	1971

Management Details - 3

Personal Unique Identifier	:	MI03609897
Name	:	Mr. Ha Duy Phu
Date of Birth	:	1978

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03609884
Name	:	Mr. Nguyen Tho Anh
Date of Birth	:	1982
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Due to the recent incorporation of the NHAT THANH IMPORT EXPORT JSC, 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

:

US$ 948,403

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

20,000,000,000

SHAREHOLDERS

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

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Mr. Nguyen Tho Anh	Vietnam	n/a	n/a	50.00
2	Mr. Ha Duy Phu	Vietnam	n/a	n/a	30.00
3	Mr. Do Ngoc Luan	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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	10%
Imports	90%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days

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

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
South America	Medium	Importing
Argentina	Medium	Importing
Australia	Medium	Importing
China	Medium	Importing
India	Medium	Importing
Thailand	Medium	Importing

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

Key Facts
Registered Legal Address	:	1/19 Lane 85 Dinh Cong Thuong St Dinh Cong Ward, Hoang Mai Dist, Hanoi
Operational Address	:	1/19 Lane 85 Dinh Cong Thuong St Dinh Cong Ward, Hoang Mai Dist, Hanoi
Trading Name	:	NHAT THANH IMEX
License Number	:	0106025519
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	:	31 Oct, 2012
Employees	:	17

Report Details
Country	:	Vietnam
Business Entity Name	:	NHAT THANH IMPORT EXPORT JSC
Primary Business Activity	:	Importer
Primary Industry	:	Agricultural Products
Office Contact Details
Operating Address	:	1/19 Lane 85 Dinh Cong Thuong St Dinh Cong Ward, Hoang Mai Dist, Hanoi
Tel	:	[+84] 4-37368869
Fax	:	[+84] 4-37368867

Primary Products

Products / Materials / Services Description	Activity
Animal feed raw materials	Importing, Trading
Bone meal	Importing, Trading
Fish meal	Importing, Trading
Meat meal	Importing, Trading
Poultry feeds	Importing, Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Poultry & Poultry Products	5144	Importing, Trading
Prepared feeds, nspf	2048	Importing, Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Other livestock feed nesoi, prepared	2309901045	Importing, Trading
Poultry feeds, prepared	2309901020	Importing, Trading
Preparations of a kind used in animal feeding	2309909000	Importing, Trading
Preparations used in animal feeding	2309	Importing, Trading

	DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Products / Materials / Services Description		Ranking	Activity
Rice brans		Primary	Importing, Trading
Soyabean meal		Primary	Importing, Trading
Stock feed raw materials		Primary	Importing, Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of NHAT THANH IMPORT EXPORT JSC is Importing - Finished products.

Key products include :

Animal feed raw materials

Bone meal

Fish meal

Meat meal

Poultry feeds

Rice brans

Soyabean meal

Stock feed raw materials

Supplementary Business

In addition to the core business, NHAT THANH IMPORT EXPORT JSC also is engaged in the following areas of business:

Trading

Trading - 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 - BA DINH
SWIFT Code	:	BIDVVNVX
Bank Name	:	MILITARY COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0387295
Branch	:	Dong Da,Hanoi
Branch Address	:	MILITARY COMMERCIAL JOINT STOCK BANK, DIEN BIEN PHU
SWIFT Code	:	MSCBVNVX

OFFICE & FACILITIES

Name	:	NHAT THANH IMPORT EXPORT JSC - HOANG MAI DIST, HANOI
Address	:	1/19 Lane 85 Dinh Cong Thuong St Dinh Cong Ward, Hoang Mai Dist, Hanoi
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 :

NNA

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.