MIRA INFORM REPORT

Report No. :	316156
Report Date :	17.04.2015

IDENTIFICATION DETAILS

Name :	LIX DETERGENT JSC
Registered Office :	3 Rd 2 Quarter 4 Linh Trung Ward, Thu Duc, Ho Chi Minh
Country :	Vietnam
Financials (as on) :	2013
Date of Incorporation :	30.09.2003
Legal Form :	Joint Stock Company
Line of Business :	Subject is Manufacturer of Cosmetics, Toiletries & Personal Care
No. of Employee :	1,300

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Vietnam	A2	A2

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 18% in 2014, while industry's share increased from 36% to 38% 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 2014 growing at 5.4%, one of the slower growth rates since 1999. Exports have grown strongly in 2013-14; 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 has remained relatively stable since then. 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, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses. Vietnam is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Organization Name	:	LIX DETERGENT JSC ^(1)
Address	:	3 Rd 2 Quarter 4 Linh Trung Ward, Thu Duc, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-38963658
Facsimile	:	[+84] 8-8967522
Email	:	lixco@hcm.vnn.vn
Website	:	http://www.lixco.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Cosmetics, Toiletries & Personal Care

Key Facts

Registered Legal Address

:

3 Rd 2 Quarter 4 Linh Trung Ward, Thu Duc, Ho Chi Minh

Operational Address

:

3 Rd 2 Quarter 4 Linh Trung Ward, Thu Duc, Ho Chi Minh

Trading Name

:

LIXCO

Name History

:

Business Entity Name	Effective Date
LIX DETERGENT CO	8 Jun, 1993
LIX DETERGENT JSC	30 Sep, 2003

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0301444263

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

:

22 Aug, 2013

Employees

:

1,300

Capital

:

US$ 10,165,567

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
8 Jun, 1993	102752
30 Sep, 2003	4103001845

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Lam Van Kiet
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Vo Thanh Danh	Vietnamese	Deputy Managing Director	-
2	Ms. Doan Thi Tam	Vietnamese	Chief Accountant	-
3	Mr. Lam Van Kiet	Vietnamese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03844822
Name	:	Mr. Vo Thanh Danh
Date of Birth	:	1956

Management Details - 2

Personal Unique Identifier	:	MI03844824
Name	:	Ms. Doan Thi Tam
Date of Birth	:	1962

Management Details - 3

Personal Unique Identifier	:	MI03844797
Name	:	Mr. Lam Van Kiet
Date of Birth	:	1956

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03844797
Name	:	Mr. Lam Van Kiet
Date of Birth	:	1956

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing LIX DETERGENT JSC'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

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 216,000,000,000

Date	Authorized Capital - History
8 Jun, 1993	36,000,000,000
May, 2008	72,000,000,000
26 Oct, 2009	90,000,000,000
Jun, 2012	108,000,000,000
22 Aug, 2013	216,000,000,000

SHAREHOLDERS

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

No.	Shareholders	Country	Shares
			Number	Amount	%
1	VIETNAM NATIONAL CHEMICAL GROUP	Vietnam	n/a	n/a	51.00
2	Undisclosed Shareholders	n/a	n/a	n/a	49.00
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.

INTERNATIONAL TRADE - Activity & Markets
Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Exporting
Japan	Medium	Exporting
Singapore	Medium	Exporting
Taiwan	Medium	Exporting

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	60%
International Sales (Export)	40%

Annual Purchases Analysis	Percentage
Local Purchases	100%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~90 days
Export	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Received at time of transaction

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~90 days

GROUP STRUCTURE & AFFILIATED COMPANIES

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	VIETNAM NATIONAL CHEMICAL GROUP
Global Identifier	:	P0169778
Legal Form Category	:	Government-owned Enterprise
Country	:	Vietnam
Operational Address	:	1A Trang Tien St Trang Tien Ward Hoan Kiem Dist Hanoi
Primary Business Activity	:	Manufacturer

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	68,047,642	21,960,262	2,870,971
2013 Annual (*)	71,449,287	25,211,103	3,260,466

Sales Trend – Analysis

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

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	2013 Annual
Current Assets(*)	324,384,000,000	358,545,000,000
Non Current Assets(*)	132,931,000,000	173,109,000,000
Non Current Liabilities(*)	4,327,000,000	38,628,000,000
Share Capital(*)	108,000,000,000	216,000,000,000
Other long term assets
Total Assets(*)	457,315,000,000	531,654,000,000
Total Liabilities(*)	179,697,000,000	207,314,000,000
Current Liabilities(*)	175,370,000,000	168,686,000,000
Long term liabilities
Shareholders Funds(*)	277,618,000,000	324,340,000,000
Current assets & short term investments	324,384,000,000	358,545,000,000
Cash & cash equivalents	84,283,000,000	73,947,000,000
Cash	30,383,000,000	20,447,000,000
Cash equivalents	53,900,000,000	53,500,000,000
Short term investments	-	20,000,000,000
Short term securities investments	-	20,000,000,000
Accounts receivable	106,463,000,000	130,625,000,000
Accounts receivable trade	93,944,000,000	107,993,000,000
Trade prepayment	11,141,000,000	21,379,000,000
Others receivables	1,378,000,000	1,253,000,000
Inventories	123,695,000,000	122,841,000,000
Other short term asset	9,943,000,000	11,132,000,000
Prepaid expenses	130,000,000	100,000,000
VAT deductible	9,783,000,000	11,012,000,000
i. Other short term asset	30,000,000	20,000,000
Long term assets	132,931,000,000	173,109,000,000
Fixed assets	116,762,000,000	152,608,000,000
Tangible fixed assets	81,947,000,000	118,337,000,000
Cost	150,419,000,000	192,772,000,000
Accumulated depreciation	68,472,000,000	74,435,000,000
Intangible fixed assets	34,779,000,000	33,966,000,000
i. Cost	37,924,000,000	37,913,000,000
i. Accumulated depreciation	3,145,000,000	3,947,000,000
Construction in progress	36,000,000	305,000,000
Other long term assets	16,169,000,000	20,501,000,000
Long term prepayments	13,488,000,000	17,981,000,000
Asset of income tax delay	2,678,000,000	2,517,000,000
i. Other long term assets	3,000,000	3,000,000
Total assets	457,315,000,000	531,654,000,000
Liabilities	179,697,000,000	207,314,000,000
Current liabilities	175,370,000,000	168,686,000,000
Short term borrowings	42,261,000,000	44,905,000,000
Accounts payables-trade	73,420,000,000	74,265,000,000
Advances from customers	1,795,000,000	2,573,000,000
Taxes and payable to state budget	11,114,000,000	2,307,000,000
Payable to employees	25,690,000,000	27,215,000,000
Accrued expenses payable	10,712,000,000	10,068,000,000
Other payables	1,433,000,000	1,405,000,000
Bonus and welfare funds	8,945,000,000	5,948,000,000
Long term liabilities	4,327,000,000	38,628,000,000
Accounts long term payables-trade	-	33,559,000,000
Long term other payables	4,327,000,000	5,069,000,000
Owners' equity	277,618,000,000	324,340,000,000
Business capital	108,000,000,000	216,000,000,000
Business development funds	104,816,000,000	20,802,000,000
Financial reserved funds	9,000,000,000	10,800,000,000
Retained earnings	55,802,000,000	76,738,000,000
Minority Interest
Total resources	457,315,000,000	531,654,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual
Turnover(*)	1,417,069,000,000	1,506,729,000,000
Profit (Loss) Before Tax(*)	80,749,000,000	92,121,000,000
Profit After Tax attributable to Shareholders(*)	59,787,000,000	68,757,000,000
Gross sales	1,417,069,000,000	1,506,729,000,000
Less deductions	14,594,000,000	13,958,000,000
Net income	1,402,475,000,000	1,492,771,000,000
Cost of goods sold	1,169,637,000,000	1,226,136,000,000
Gross margin	232,838,000,000	266,635,000,000
Income from financial activities	4,233,000,000	7,272,000,000
Expenses from financial activities	1,118,000,000	2,219,000,000
In which: Interest expenses	1,087,000,000	1,296,000,000
Selling expenses	108,146,000,000	132,734,000,000
General & administration expenses	48,024,000,000	47,366,000,000
Net income from operating activities	79,783,000,000	91,588,000,000
Extraordinary income	2,038,000,000	559,000,000
Extraordinary expenses	1,072,000,000	26,000,000
Extraordinary gains	966,000,000	533,000,000
Net profit before tax	80,749,000,000	92,121,000,000
Income tax	21,740,000,000	23,203,000,000
Income tax delay	778,000,000	(161,000,000)
Net profit after tax	59,787,000,000	68,757,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	6.33
Profitability
Profit Margin (%)	4.22	4.56
Return on Equity (%)	21.54	21.20
Return on Assets (%)	13.07	12.93
Leverage
Total Debt Equity (Times)	0.65	0.64
Current Debt Equity (Times)	0.63	0.52
Long Term Debt to Equity	0.02	0.12
Total Asset To Total Equity	1.65	1.64
Asset Management
Total Assets Turnover (Times)	3.10	2.83
Fixed Assets Turnover (Times)	10.66	8.70
Liquidity
Current Ratio	1.85	2.13

Based on the corporate laws of Vietnam, legal entities which are a Joint Stock Company are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Report Details
Country	:	Vietnam
Business Entity Name	:	LIX DETERGENT JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Cosmetics, Toiletries & Personal Care
Office Contact Details
Operating Address	:	3 Rd 2 Quarter 4 Linh Trung Ward, Thu Duc, Ho Chi Minh
Tel	:	[+84] 8-38963658
	:	[+84] 8-38964072
	:	[+84] 8-38966803
Fax	:	[+84] 8-8967522
Email	:	lixco@hcm.vnn.vn
Website Details
Website	:	http://www.lixco.com
Status	:	Normal - operational
Country of Registration	:	Vietnam
Ownership Type	:	Registered ownership by Subject Business Entity
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	:	0301444263

 Primary Products

Products / Materials / Services Description	Activity
Detergent products	Manufacturing, Exporting
Dishwashing liquid	Manufacturing, Exporting
Fabric softeners	Manufacturing, Exporting
Floor cleaners	Manufacturing, Exporting
Washing liquid	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Soap and other detergents, except specialty cleaners	2841	Manufacturing, Exporting
Specialty cleaning, polishing, and sanitary preparations	2842	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Organic surf-act agents, preps & cleaning preps	3402	Manufacturing, Exporting
Synthetic detergents	3402901000	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Washing powder	Primary	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of LIX DETERGENT JSC is Manufacturing - Finished products.

Key products include :

Detergent products

Dishwashing liquid

Fabric softeners

Floor cleaners

Washing liquid

Washing powder

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, LIX DETERGENT JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Trading

Trading - Finished products

BANK DETAILS

Bank Name	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE
Global Identifier	:	32404058
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	108 Tran Hung Dao St Hoan Kiem Dist Hanoi (Head Office)
SWIFT Code	:	ICBVVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	LIX DETERGENT JSC - THANH XUAN, HANOI
Branch Address	:	233 Nguyen Trai St Thuong Dinh Ward, Thanh Xuan, Hanoi
Branch	:	LIX DETERGENT JSC - QUE VO DIST, HA BAC
Branch Address	:	Lot II-4.1 Que Vo 2 Industrial Zone Ngoc Xa Commune, Que Vo Dist, Ha Bac
Branch	:	LIX DETERGENT JSC - THU DAU MOT TOWN, BINH DUONG
Branch Address	:	A-6 & A-12 Dai Dang Industrial Zone Phu Tan Ward, Thu Dau Mot Town, Binh Duong

OFFICE & FACILITIES

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

Name	:	LIX DETERGENT JSC - THU DUC, HO CHI MINH
Primary Use	:	Office & Administration facilities
Address	:	3 Rd 2 Quarter 4 Linh Trung Ward, Thu Duc, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

NOTES & COMMENTS

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.37
UK Pound	1	Rs.92.44
Euro	1	Rs.66.56

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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.