MIRA INFORM REPORT

Report Date :

11.06.2014

IDENTIFICATION DETAILS

Name :	SUNJIN VINA CO LTD
Registered Office :	Lot 2-11 Ho Nai Industrial Park, Trang Bom Dist, Dong Nai
Country :	Vietnam
Financials (as on) :	2012
Date of Incorporation :	12.02.2007
Legal Form :	Private Company with Limited Liability
Line of Business :	Manufacturer of Agricultural Products
No. of Employees	180

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Vietnam	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

Company name and address

REGISTERED NAME & COMPANY SUMMARY

Company Details
Organization Name	:	SUNJIN VINA CO LTD
Address	:	Lot 2-11 Ho Nai Industrial Park, Trang Bom Dist, Dong Nai
Country	:	Vietnam
Phone (S)	:	[+84] 61-33985990
Facsimile	:	[+84] 61-33985990
Email	:	sunjin2004@yahoo.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Agricultural Products

Key Facts
Registered Legal Address	:	Lot 2-11 Ho Nai Industrial Park, Trang Bom Dist, Dong Nai
Operational Address	:	Lot 2-11 Ho Nai Industrial Park, Trang Bom Dist, Dong Nai
Issuing Authority	:	Dept. of Planning & Investment - Dong Nai
License Number	:	472043000073
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	:	12 Feb, 2007
Employees	:	180
Capital	:	US$ 9,000,000
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.

Report Details
Country	:	Vietnam
Business Entity Name	:	SUNJIN VINA CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Agricultural Products
Office Contact Details
Operating Address	:	Lot 2-11 Ho Nai Industrial Park, Trang Bom Dist, Dong Nai
Tel	:	[+84] 61-33985990
	:	[+84] 61-33985991
	:	[+84] 61-33985994
Fax	:	[+84] 61-33985990
Email	:	sunjin2004@yahoo.com
Factory Contact Details
Address	:	Long Khanh Industrial Zone Lot K8 Rd 7 Binh Loc Commune, Long Khanh, Dong Nai
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	:	3600665280

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Dr. Bae-Keuk Hwan
Nationality	:	Korean

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Tran Xuan Trang	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI01982411
Name	:	Ms. Tran Xuan Trang
Date of Birth	:	1968

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI01982367
Name	:	Dr. Bae-Keuk Hwan
Date of Birth	:	1962

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the SUNJIN VINA 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$ 9,000,000

CAPITAL (Currency: UsSD - US Dollar)

Authorized Capital	:	$ 9,000,000
Paid-up Capital	:	$ 9,000,000

Date	Authorized Capital - History
12 Feb, 2007	7,000,000
2009	9,000,000

SHAREHOLDERS

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

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	SUNJIN CO LTD	Korea, South (Republic of Korea)	n/a	9,000,000	100.00
Total			n/a	9,000,000	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

Supplementary Business

In addition to the core business, SUNJIN VINA CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

DOMESTIC SALES & PURCHASES

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

Annual Purchases Analysis	Percentage
Local Purchases	20%
Imports	80%

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	Exporting
South America	Medium	Importing
Argentina	Medium	Importing
Australia	Medium	Importing
China	Medium	Importing
India	Medium	Importing
Indonesia	Medium	Importing
Korea, South (Republic of Korea)	Medium	Importing
Malaysia	Medium	Importing
Myanmar	Medium	Exporting
Thailand	Medium	Importing

GROUP STRUCTURE & AFFILIATED COMPANIES

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	SUNJIN CO LTD
Global Identifier	:	P3043093
Legal Form Category	:	Private Company with Limited Liability
Country	:	Korea, South (Republic of Korea)
Indirect Parent	:	SUNJIN HOLDINGS CO LTD
Global Identifier	:	31329879
Legal Form Category	:	Public Listed Company
Country	:	Korea, South (Republic of Korea)
Operational Address	:	517-3 Tunchon-dong Kangdong-gu Seoul 134060
Primary Business Activity	:	Manufacturer

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to SUNJIN VINA CO LTD:

TYPE	INTERNATIONAL
	Africa	Asia / Pacific	Europe	Middle-East	North America	South America	TOTAL
Subsidiaries	-	-	-	-	-	-	-
Joint-Ventures	-	-	-	-	-	-	-
Minority shareholdings	-	-	-	-	-	-	-
Affiliates	-	1	-	-	-	-	1

International

Business Entity Name	:	SJ FARMS CO LTD
Global Identifier	:	P1026594
Country	:	Korea, South (Republic of Korea)
Relationship	:	Affiliate
Operational Address	:	114-12 Sadong-ri Daewol-myeon, Ichon, Kyonggi-do 467864
Primary Business Activity	:	Importer
Industry	:	Food Products

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2009 Annual	29,872,349	11,075,330	1,734,472
2011 Annual	47,022,132	20,078,301	1,807,153
2012 Annual (*)	36,732,605	20,197,209	482,505

Sales Trend – Analysis

2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
-	-	-	-	-	-	-	-

Note: (*)

Financials listed are the most recent available for this company.

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2006 Annual	n/a	6,419,997	n/a
2008 Annual	n/a	11,400,181	n/a

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual
Current Assets	225,771,000,000	215,340,000,000
Non Current Assets	192,460,000,000	205,260,000,000
Non Current Liabilities	725,000,000	-
Share Capital	63,206,000,000	63,206,000,000
Total Reserves	-	-
Other long term assets
Total Assets	418,231,000,000	420,600,000,000
Total Liabilities	272,323,000,000	264,654,000,000
Current Liabilities	271,598,000,000	264,654,000,000
Long term liabilities
Shareholders Funds	145,908,000,000	155,946,000,000
Current assets & short term investments	225,771,000,000	215,340,000,000
Cash & cash equivalents	61,351,000,000	39,767,000,000
Cash	36,351,000,000	29,767,000,000
Cash equivalents	25,000,000,000	10,000,000,000
Short term investments	-	10,000,000,000
Short term securities investments	-	10,000,000,000
Accounts receivable	97,889,000,000	66,690,000,000
Accounts receivable trade	87,391,000,000	66,141,000,000
Inter company receivables	-	-
Others receivables	10,498,000,000	549,000,000
Inventories	65,151,000,000	96,956,000,000
Other short term asset (I)	1,380,000,000	1,927,000,000
Prepaid expenses	554,000,000	30,000,000
VAT deductible	-	1,249,000,000
Other short term asset (II)	826,000,000	648,000,000
Long term assets	192,460,000,000	205,260,000,000
Fixed assets	68,453,000,000	61,270,000,000
Tangible fixed assets	68,354,000,000	58,915,000,000
Cost	125,964,000,000	126,914,000,000
Accumulated depreciation	57,610,000,000	67,999,000,000
Construction in progress	99,000,000	2,355,000,000
Long term investments	119,900,000,000	139,900,000,000
Invest to subsidiary company	119,900,000,000	139,900,000,000
Other long term assets	4,107,000,000	4,090,000,000
Long term prepayments	4,107,000,000	4,053,000,000
Asset of income tax delay	-	37,000,000
Total assets	418,231,000,000	420,600,000,000
Liabilities	272,323,000,000	264,654,000,000
Current liabilities	271,598,000,000	264,654,000,000
Short term borrowings	202,034,000,000	216,790,000,000
Accounts payables-trade	62,344,000,000	42,706,000,000
Advances from customers	169,000,000	394,000,000
Taxes and payable to state budget	6,522,000,000	2,719,000,000
Payable to employees	328,000,000	1,909,000,000
Other payables	201,000,000	136,000,000
Long term liabilities	725,000,000	-
Provision funds for unemployment	725,000,000	-
Owner's equity	145,908,000,000	155,946,000,000
Business capital	63,206,000,000	63,206,000,000
Retained earnings	82,702,000,000	92,740,000,000
Resources	418,231,000,000	420,600,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual
Turnover	979,471,000,000	764,944,000,000
Profit (Loss) Before Tax	39,301,000,000	10,052,000,000
Profit After Tax attributable to Shareholders	37,643,000,000	10,048,000,000
Gross sales	979,471,000,000	764,944,000,000
Less deductions	96,283,000,000	74,616,000,000
Net income	883,189,000,000	690,328,000,000
Cost of goods sold	748,805,000,000	615,937,000,000
Gross margin	134,383,000,000	74,391,000,000
Income from financial activities	3,668,000,000	2,632,000,000
Expenses from financial activities	25,898,000,000	10,804,000,000
In which: Interest expenses	-	10,400,000,000
Selling expenses	32,483,000,000	21,803,000,000
General & administration expenses	40,404,000,000	34,120,000,000
Net income from operating activities	39,267,000,000	10,297,000,000
Extraordinary income	719,000,000	1,979,000,000
Extraordinary expenses	685,000,000	2,224,000,000
Extraordinary gains	34,000,000	(245,000,000)
Net profit before tax	39,301,000,000	10,052,000,000
Income tax	1,658,000,000	40,000,000
Income tax delay	-	36,000,000
Net profit after tax	37,643,000,000	10,048,000,000

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual
Growth %
Year-on-Year Growth	-	(21.90)
Profitability
Profit Margin (%)	3.84	1.31
Return on Equity (%)	25.80	6.44
Return on Assets (%)	9.00	2.39
Leverage
Total Debt Equity (Times)	1.87	1.70
Current Debt Equity (Times)	1.86	1.70
Long Term Debt to Equity	0.00	-
Total Asset To Total Equity	2.87	2.70
Asset Management
Total Assets Turnover (Times)	2.34	1.82
Fixed Assets Turnover (Times)	5.09	3.73
Liquidity
Current Ratio	0.83	0.81

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 basic financials were obtained for reference.

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Animal feed	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Dog and cat food	2047	Manufacturing, Exporting
Prepared feeds, nspf	2048	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Pet food nesoi, put up for retail sale	2309901015	Manufacturing, Exporting
Preparations of a kind used in animal feeding nesoi	2309908500	Manufacturing, Exporting
Preparations used in animal feeding	2309	Manufacturing, Exporting
Residues from food industries; animal feed	2300	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of SUNJIN VINA CO LTD is Manufacturing - Finished products.
Key product include :

Animal feed
An integral part of the core business includes:

Distribution

BANK DETAILS

Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	P1072025
Branch	:	Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM, DONG NAI
SWIFT Code	:	BFTVVNVX
Bank Name	:	SHINHAN BANK
Global Identifier	:	32406827
Branch	:	District 1,Ho Chi Minh
Branch Address	:	SHINHAN BANK - HO CHI MINH
SWIFT Code	:	SHBKVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	SUNJIN VINA CO LTD - DONG DA, HANOI
Branch Address	:	5 Group 11 Hoang Cau O Cho Dua Ward, Dong Da, Hanoi

OFFICE & FACILITIES

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

Name	:	SUNJIN VINA CO LTD - TRANG BOM DIST, DONG NAI
Primary Use	:	Office & Administration facilities
Address	:	Lot 2-11 Ho Nai Industrial Park, Trang Bom Dist, Dong Nai
Country	:	Vietnam
Status	:	Operational

FACTORIES, SIZE, & LOCATIONS

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

Address

:

Long Khanh Industrial Zone Lot K8 Rd 7 Binh Loc Commune, Long Khanh, Dong Nai

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
7 Jan, 2004	264/KCN-DN

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.26
UK Pound	1	Rs.99.63
Euro	1	Rs.80.59

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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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.