MIRA INFORM REPORT

Report Date :

06.10.2014

IDENTIFICATION DETAILS

Name :	BAO VY PRIVATE ENTERPRISE
Registered Office :	21 Nguyen Nhac Go Da Trang Industrial Group Dap Da Ward, An Nhon, Binh Dinh
Country :	Vietnam
Date of Incorporation :	07.01.2009
Legal Form :	Sole-proprietorship
Line of Business :	Manufacturer of Chemicals
No. of Employees :	700

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 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

Organization Name	:	BAO VY PRIVATE ENTERPRISE
Address	:	21 Nguyen Nhac Go Da Trang Industrial Group Dap Da Ward, An Nhon, Binh Dinh
Country	:	Vietnam
Phone (S)	:	[+84] 56-3839931
Facsimile	:	[+84] 56-3639468
Email	:	baovy.tuan@gmail.com
Website	:	http://www.baovygroup.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Chemicals

Key Facts

Registered Legal Address	:	21 Nguyen Nhac Go Da Trang Industrial Group Dap Da Ward, An Nhon, Binh Dinh
Operational Address	:	21 Nguyen Nhac Go Da Trang Industrial Group Dap Da Ward, An Nhon, Binh Dinh
Issuing Authority	:	Dept. of Planning & Investment - Binh Dinh
License Number	:	4100241398
License Status	:	License exists - Normal.
Legal Form - Category	:	Sole-proprietorship
Legal Form	:	Not Applicable
Legal Form - Abbreviation	:	Not Applicable
Operational Status of Business	:	Normal
Date of Registration	:	7 Jan, 2009
Employees	:	700
Capital	:	n/a^(1)
Note	:	^(1) Not applicable. According to the corporate statutory laws for this type of Legal Form - Category(Sole-proprietorship) in Vietnam, there is no requirement for Authorized Capital.

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Proprietor / Owner
Name	:	Ms. Le Thi Phai
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Le Thi Phai	Vietnamese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03776267
Name	:	Ms. Le Thi Phai
Date of Birth	:	10 Feb, 1957

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing BAO VY PRIVATE ENTERPRISE'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

CIVIL LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

N/a

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	100%

PAYMENT TERMS

Selling

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

Purchasing

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

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual	2,059,386	1,335,286	15,074
2012 Annual	2,921,104	1,497,936	140,699
2013 Annual	5,157,935	1,155,913	429,294

Sales Trend – Analysis

2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
-	-	-	-	-	-	-	-

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Current Assets(*)	25,695,000,000	25,104,000,000	16,108,000,000
Non Current Assets(*)	2,119,000,000	6,090,000,000	8,268,000,000
Non Current Liabilities(*)	(170,000,000)	126,000,000	470,000,000
Share Capital(*)	1,500,000,000	2,500,000,000	2,500,000,000
Other long term assets
Total Assets(*)	27,814,000,000	31,194,000,000	24,376,000,000
Total Liabilities(*)	26,283,000,000	25,817,000,000	9,945,000,000
Current Liabilities(*)	26,453,000,000	25,691,000,000	9,475,000,000
Long term liabilities
Shareholders Funds(*)	1,531,000,000	5,377,000,000	14,431,000,000
Current assets & short term investments	25,695,000,000	25,104,000,000	16,108,000,000
Cash & cash equivalents	299,000,000	987,000,000	1,456,000,000
Cash	-	987,000,000	1,456,000,000
Cash equivalents	299,000,000	-	-
Accounts receivable	13,964,000,000	21,061,000,000	1,946,000,000
Accounts receivable trade	11,588,000,000	18,600,000,000	1,946,000,000
Trade prepayment	425,000,000	510,000,000	-
Others receivables	1,951,000,000	1,951,000,000	-
i. Inventories	11,432,000,000	3,056,000,000	10,444,000,000
ii. Inventories	11,432,000,000	3,056,000,000	10,444,000,000
i. Other short term asset	-	-	2,262,000,000
VAT deductible	-	-	1,000,000
ii. Other short term asset	-	-	2,261,000,000
Long term assets	2,119,000,000	6,090,000,000	8,268,000,000
Fixed assets	2,119,000,000	6,090,000,000	7,502,000,000
Tangible fixed assets	1,646,000,000	6,090,000,000	7,502,000,000
Cost	1,681,000,000	6,667,000,000	8,845,000,000
Accumulated depreciation	35,000,000	577,000,000	1,343,000,000
Construction in progress	473,000,000	-	-
i. Other long term assets	-	-	766,000,000
ii. Other long term assets	-	-	766,000,000
Total assets	27,814,000,000	31,194,000,000	24,376,000,000
Liabilities	26,283,000,000	25,817,000,000	9,945,000,000
Current liabilities	26,453,000,000	25,691,000,000	9,475,000,000
Short term borrowings	(598,000,000)	4,800,000,000	5,890,000,000
Accounts payables-trade	5,185,000,000	1,938,000,000	400,000,000
Advances from customers	483,000,000	173,000,000	-
Taxes and payable to state budget	1,383,000,000	5,080,000,000	3,065,000,000
Other payables	20,000,000,000	13,700,000,000	120,000,000
Long term liabilities	(170,000,000)	126,000,000	470,000,000
Long term borrowings	(170,000,000)	126,000,000	470,000,000
i. Owner's equity	1,531,000,000	5,377,000,000	14,431,000,000
ii. Owner's equity	1,531,000,000	5,377,000,000	14,431,000,000
Business capital	1,500,000,000	2,500,000,000	2,500,000,000
Retained earnings	31,000,000	2,877,000,000	11,931,000,000
Total resources	27,814,000,000	31,194,000,000	24,376,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	42,897,000,000	60,831,000,000	108,771,000,000
Profit (Loss) Before Tax(*)	380,000,000	3,551,000,000	12,069,000,000
Profit After Tax attributable to Shareholders(*)	314,000,000	2,930,000,000	9,053,000,000
Gross sales	42,897,000,000	60,831,000,000	108,771,000,000
Less deductions	-	110,000,000	-
Net income	42,897,000,000	60,721,000,000	108,771,000,000
Cost of goods sold	41,845,000,000	55,309,000,000	95,418,000,000
Gross margin	1,052,000,000	5,412,000,000	13,353,000,000
Income from financial activities	2,000,000	1,000,000	1,000,000
Expenses from financial activities	129,000,000	409,000,000	1,010,000,000
In which: Interest expenses	129,000,000	-	1,010,000,000
General & administration expenses	545,000,000	1,453,000,000	275,000,000
Net income from operating activities	380,000,000	3,551,000,000	12,069,000,000
Net profit before tax	380,000,000	3,551,000,000	12,069,000,000
Income tax	66,000,000	621,000,000	3,016,000,000
Net profit after tax	314,000,000	2,930,000,000	9,053,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	41.81	78.81
Profitability
Profit Margin (%)	0.73	4.82	8.32
Return on Equity (%)	20.51	54.49	62.73
Return on Assets (%)	1.13	9.39	37.14
Leverage
Total Debt Equity (Times)	17.17	4.80	0.69
Current Debt Equity (Times)	17.28	4.78	0.66
Long Term Debt to Equity	(0.11)	0.02	0.03
Total Asset To Total Equity	18.17	5.80	1.69
Asset Management
Total Assets Turnover (Times)	1.54	1.95	4.46
Fixed Assets Turnover (Times)	20.24	9.99	13.16
Liquidity
Current Ratio	0.97	0.98	1.70

Based on the corporate laws of Vietnam, legal entities which are Sole-proprietorship 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

Report Details

Country	:	Vietnam
Business Entity Name	:	BAO VY PRIVATE ENTERPRISE
Primary Business Activity	:	Manufacturer
Primary Industry	:	Chemicals
Office Contact Details
Operating Address	:	21 Nguyen Nhac Go Da Trang Industrial Group Dap Da Ward, An Nhon, Binh Dinh
Tel	:	[+84] 56-3839931
	:	[+84] 56-3839984
Mobile	:	[+84]-988883323
Fax	:	[+84] 56-3639468
Email	:	baovy.tuan@gmail.com
Website Details
Website	:	http://www.baovygroup.com
Status	:	Normal - operational
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	:	4100241398

Primary Products

Products / Materials / Services Description	Activity
Incense powder	Manufacturing
Incense sticks	Manufacturing

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Chemical preparations, nspf	2899	Manufacturing
Chemicals and Allied Products	2800	Manufacturing

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Chemical products and preparations of the chemical or allied industries	3823905050	Manufacturing
Miscellaneous chemical products	3800	Manufacturing

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of BAO VY PRIVATE ENTERPRISE is Manufacturing - Finished products.

Key products include :

Incense sticks

Incense powder

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, PHU TAI
SWIFT Code	:	BFTVVNVX
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, PHU TAI
SWIFT Code	:	BIDVVNVX
Bank Name	:	VIETNAM PROSPERITY JOINT STOCK COMMERCIAL BANK
Global Identifier	:	P1854843
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	VIETNAM PROSPERITY JOINT STOCK COMMERCIAL BANK - BINH DINH, BINH DINH
SWIFT Code	:	VPBKVNVX

OFFICE & FACILITIES

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

Name	:	BAO VY PRIVATE ENTERPRISE - AN NHON, BINH DINH
Primary Use	:	Office & Administration facilities
Address	:	21 Nguyen Nhac Go Da Trang Industrial Group Dap Da Ward, An Nhon, Binh Dinh
Country	:	Vietnam
Status	:	Operational

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	SUM
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.