MIRA INFORM REPORT

Report No. :	352261
Report Date :	05.12.2015

IDENTIFICATION DETAILS

Name :	ALHONGA VIETNAM ENTERPRISE CO LTD
Registered Office :	Song Than 2 Industrial Zone 27 DT 743 Rd Di An Ward, Di An Dist, Binh Duong
Country :	Vietnam
Financials (as on) :	31.12.2014
Date of Incorporation :	09.06.2011
Legal Form :	Private Company with Limited Liability
Line of Business :	Manufacturer of Motor Vehicles, Parts & Accessories.
No. of Employees :	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 :	Slow but correct
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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. Agriculture's share of economic output has shrunk 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 now account for only about 40% of GDP.

Vietnamese authorities have reaffirmed their commitment to economic modernization and a more open economy. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam joined the 12-nation Trans-Pacific Partnership free trade agreement negotiations in 2010.

Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. 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. 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.

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 to restructure 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.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Details

Organization Name	:	ALHONGA VIETNAM ENTERPRISE CO LTD
Name in Local Language	:	CÔNG TY TNHH ALHONGA VIỆT NAM
Address	:	Song Than 2 Industrial Zone 27 DT 743 Rd Di An Ward, Di An Dist, Binh Duong
Country	:	Vietnam
Phone (S)	:	[+84] 650-3731236
Facsimile	:	[+84] 650-3731238
Email	:	alhonga@hcm.vnn.vn
Website	:	http://www.alhonga.com.tw/
Primary Business Activity	:	Manufacturer
Key Industry	:	Motor Vehicles, Parts & Accessories

Key Facts

Registered Legal Address

:

Song Than 2 Industrial Zone 27 DT 743 Rd Di An Ward, Di An Dist, Binh Duong

Operational Address

:

Song Than 2 Industrial Zone 27 DT 743 Rd Di An Ward, Di An Dist, Binh Duong

License Status

:

License exists - Normal.

Issuing Authority

:

BINH DUONG INDUSTRIAL ZONES AUTHORITY - Binh Duong

License Number

:

462043000672

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

:

9 Jun, 2011

Employees

:

300

Capital

:

US$ 1,990,000

PREVIOUS BUSINESS LICENSE/S

:

License Date	License No.
22 Feb, 2001	100/GP-KCN-BD

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Chin-Cheng Chang
Nationality	:	Taiwanese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Chin-Cheng Chang	Taiwanese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03929596
Name	:	Mr. Chin-Cheng Chang
Date of Birth	:	1958

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03929596
Name	:	Mr. Chin-Cheng Chang
Date of Birth	:	1958

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing ALHONGA VIETNAM ENTERPRISE 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

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: USD - US Dollar)

Authorized Capital

:

$ 1,990,000

SHAREHOLDERS

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

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	INFOAHEAD MANAGEMENT LTD	Virgin Islands (British)	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
Domestic Sales	50%
International Sales (Export)	50%

Annual Purchases Analysis	Percentage
Imports	100%

PAYMENT TERMS

Selling

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

GROUP STRUCTURE & AFFILIATED COMPANIES

N/A

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Corporate Parent	:	INFOAHEAD MANAGEMENT LTD
Global Identifier	:	P3338952
Legal Form Category	:	Private Company with Limited Liability
Country	:	Virgin Islands (British)
Primary Business Activity	:	Service

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2013 Annual	9,510,724	6,671,538	46,045
2014 Annual	10,968,284	6,797,329	-2,176,167

Sales Trend - Analysis

2005	2006	2007	2008	2009	2010	2011	2012	2013	2014
-	-	-	-	-	-	-	-	-

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2013 Annual	2014 Annual
Current Assets(*)	104,554,000,000	107,333,000,000
Non Current Assets(*)	36,136,000,000	36,387,000,000
Non Current Liabilities(*)	0	4,830,000,000
Share Capital(*)	32,718,000,000	32,718,000,000
Other long term assets
Total Assets(*)	140,690,000,000	143,720,000,000
Total Liabilities(*)	87,340,000,000	136,381,000,000
Current Liabilities(*)	87,340,000,000	131,551,000,000
Long term liabilities
Shareholders Funds(*)	53,350,000,000	7,339,000,000
Current assets & short term investments	104,554,000,000	107,333,000,000
Cash & cash equivalents	1,762,000,000	2,050,000,000
Cash	1,762,000,000	2,050,000,000
Accounts receivable	59,078,000,000	40,040,000,000
Accounts receivable trade	58,933,000,000	39,919,000,000
Trade prepayment	29,000,000	-
Others receivables	117,000,000	121,000,000
Inventories	42,326,000,000	56,659,000,000
I.Other short term asset	1,388,000,000	8,585,000,000
VAT deductible	297,000,000	1,197,000,000
Other tax receivables	1,090,000,000	975,000,000
II.Other short term asset	-	6,413,000,000
Long term assets	36,136,000,000	36,387,000,000
Fixed assets	28,018,000,000	27,940,000,000
Tangible fixed assets	28,018,000,000	27,188,000,000
Cost	90,450,000,000	79,003,000,000
Accumulated depreciation	62,432,000,000	51,814,000,000
Construction in progress	-	751,000,000
Other long term assets	8,118,000,000	8,447,000,000
Long term prepayments	8,118,000,000	8,447,000,000
Total assets	140,690,000,000	143,720,000,000
Liabilities	87,340,000,000	136,381,000,000
Current liabilities	87,340,000,000	131,551,000,000
Short term borrowings	44,194,000,000	72,675,000,000
Accounts payables-trade	39,509,000,000	54,792,000,000
Advances from customers	-	615,000,000
Taxes and payable to state budget	9,000,000	22,000,000
Payable to employees	2,498,000,000	3,209,000,000
Other payables	1,130,000,000	-
Long term liabilities	-	4,830,000,000
Long term borrowings	-	4,830,000,000
Owners equity	53,350,000,000	7,339,000,000
Business capital	32,718,000,000	32,718,000,000
Retained earnings	20,632,000,000	(25,380,000,000)
Total resources	140,690,000,000	143,720,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2013 Annual	2014 Annual
Turnover(*)	200,563,000,000	231,909,000,000
Profit (Loss) Before Tax(*)	1,184,000,000	(46,012,000,000)
Profit After Tax attributable to Shareholders(*)	971,000,000	(46,012,000,000)
Gross sales	200,563,000,000	231,909,000,000
Net income	200,563,000,000	231,909,000,000
Cost of goods sold	184,357,000,000	228,689,000,000
Gross margin	16,206,000,000	3,220,000,000
Income from financial activities	525,000,000	138,000,000
Expenses from financial activities	2,837,000,000	3,536,000,000
In which: Interest expenses	2,166,000,000	2,412,000,000
Selling expenses	5,284,000,000	11,737,000,000
General & administration expenses	7,340,000,000	6,349,000,000
Net income from operating activities	1,270,000,000	(18,264,000,000)
Extraordinary income	41,000,000	448,000,000
Extraordinary expenses	127,000,000	28,195,000,000
Extraordinary gains	(86,000,000)	(27,747,000,000)
Net profit before tax	1,184,000,000	(46,012,000,000)
Income tax	213,000,000	0
Net profit after tax	971,000,000	(46,012,000,000)

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2013 Annual	2014 Annual
Growth %
Year-on-Year Growth	-	15.63
Profitability
Profit Margin (%)	0.48	(19.84)
Return on Equity (%)	1.82	(626.95)
Return on Assets (%)	0.69	(32.02)
Leverage
Total Debt Equity (Times)	1.64	18.58
Current Debt Equity (Times)	1.64	17.92
Long Term Debt to Equity	-	0.66
Total Asset To Total Equity	2.64	19.58
Asset Management
Total Assets Turnover (Times)	1.43	1.61
Fixed Assets Turnover (Times)	5.55	6.37
Liquidity
Current Ratio	1.20	0.82

Based on the corporate laws of Vietnam, legal entities which are a 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

Report Details

Country	:	Vietnam
Business Entity Name	:	ALHONGA VIETNAM ENTERPRISE CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Motor Vehicles, Parts & Accessories
Office Contact Details
Operating Address	:	Song Than 2 Industrial Zone 27 DT 743 Rd Di An Ward, Di An Dist, Binh Duong
Tel	:	[+84] 650-3731236
	:	[+84] 650-3731239
Fax	:	[+84] 650-3731238
Email	:	alhonga@hcm.vnn.vn
Website Details
Website	:	http://www.alhonga.com.tw/
Status	:	Normal - operational
Country of Registration	:	Taiwan
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	:	3700367672

Primary Products

Products / Materials / Services Description	Activity
Bicycle brake	Manufacturing, Exporting
Car brakes	Manufacturing, Exporting

International Trade - Statistics  (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2013	n/a	4,755,362	4,755,362
2014	n/a	5,484,142	5,484,142

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Motor vehicle parts and accessories, nspf	3714	Manufacturing, Exporting
Motorcycles, bicycles, and parts, nspf	3751	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Brakes, and parts of vehicles, of headings 8711 to 8713	8714945000	Manufacturing, Exporting
Brakes, for bicycles, of headings 8711 to 8713	8714944090	Manufacturing, Exporting
Parts & access for motor vehicles (head 8701-8705	8708	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of ALHONGA VIETNAM ENTERPRISE CO LTD is Manufacturing - Finished products.

Key products include :

Car brakes

Bicycle brake

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, ALHONGA VIETNAM ENTERPRISE CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
Europe	Medium	Exporting
Taiwan	Medium	Importing

OFFICE & FACILITIES

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

Name	:	ALHONGA VIETNAM ENTERPRISE CO LTD - DI AN DIST, BINH DUONG
Primary Use	:	Office & Administration facilities
Address	:	Song Than 2 Industrial Zone 27 DT 743 Rd Di An Ward, Di An Dist, Binh Duong
Country	:	Vietnam
Status	:	Operational

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.84
UK Pound	1	Rs.101.04
Euro	1	Rs.73.05
VND	1	Rs.0.0030

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	NIT

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.