MIRA INFORM REPORT

Report No. :	352231
Report Date :	05.12.2015

IDENTIFICATION DETAILS

Name :	SONG THANH INTERNATIONAL CO LTD
Registered Office :	8 Lane 96 Vo Thi Sau St Thanh Nhan Ward, Hai Ba Trung Dist, Hanoi
Country :	Vietnam
Financials (as on) :	2013
Date of Incorporation :	16.01.2012
Legal Form :	Private Company With Limited Liability
Line of Business :	Trader of Hardware & Tools.
No. of Employees :	22

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD $80,000
Status :	Moderate
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	:	SONG THANH INTERNATIONAL CO LTD
Name in Local Language	:	CÔNG TY TNHH QUỐC TẾ SONG THANH
Address	:	8 Lane 96 Vo Thi Sau St Thanh Nhan Ward, Hai Ba Trung Dist, Hanoi
Country	:	Vietnam
Phone (S)	:	[+84] 4-36230304
Facsimile	:	[+84] 4-36230305
Email	:	vnstico@hn.vnn.vn
Website	:	http://www.stigroup.vn
Primary Business Activity	:	Trader
Key Industry	:	Hardware & Tools

Key Facts

Registered Legal Address

:

2 Lane 4 Nguyen Dinh Chieu St Le Dai Hanh Ward, Hai Ba Trung Dist, Hanoi

Operational Address

:

8 Lane 96 Vo Thi Sau St Thanh Nhan Ward, Hai Ba Trung Dist, Hanoi

License Status

:

License exists - Normal.

Issuing Authority

:

DEPARTMENT OF PLANNING & INVESTMENT - Hanoi

License Number

:

0101252211

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

:

16 Jan, 2012

Employees

:

22

Capital

:

US$ 910,705

PREVIOUS BUSINESS LICENSE/S

:

License Date	License No.
24 May, 2002	0102005448

CREDIT recommendation

Current Credit Limit: USD $80,000 based on  90 days

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	President
Name	:	Mr. Hung Thanh Nguyen
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Thu Thi Doi	Vietnamese	Chief Accountant	-
2	Ms. Hang Thu Nguyen	Vietnamese	Deputy Managing Director	-
3	Mr. Hung Thanh Nguyen	Vietnamese	President	-
4	Mr. Long Thanh Nguyen	Vietnamese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03929326
Name	:	Mr. Thu Thi Doi
Date of Birth	:	1977

Management Details - 2

Personal Unique Identifier	:	MI03929322
Name	:	Ms. Hang Thu Nguyen
Date of Birth	:	1974

Management Details - 3

Personal Unique Identifier	:	MI03929324
Name	:	Mr. Hung Thanh Nguyen
Date of Birth	:	1970

Management Details - 4

Personal Unique Identifier	:	MI03929318
Name	:	Mr. Long Thanh Nguyen
Date of Birth	:	1973

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03929324
Name	:	Mr. Hung Thanh Nguyen
Date of Birth	:	1970
2
Personal Unique Identifier	:	MI03929318
Name	:	Mr. Long Thanh Nguyen
Date of Birth	:	1973

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing SONG THANH INTERNATIONAL 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: VND - Vietnam Dong)

Authorized Capital	:	₫ 20,000,000,000
Paid-up Capital	:	₫ 5,000,000,000

Date	Authorized Capital - History
24 May, 2002	700,000,000
2012	5,000,000,000
2015	20,000,000,000

SHAREHOLDERS

Total number of shareholders	:	2
Total number of shares	:	n/a

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Mr. Hung Thanh Nguyen	Vietnam	n/a	2,550,000,000	51.00
2	Mr. Long Thanh Nguyen	Vietnam	n/a	2,450,000,000	49.00
Total			n/a	5,000,000,000	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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	50%
Imports	50%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 30~60 days

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 30~60 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

N/A

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	868,922	1,125,685	9,844
2013 Annual (*)	1,626,463	853,325	14,131

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(*)	23,064,000,000	17,676,000,000
Non Current Assets(*)	378,000,000	319,000,000
Non Current Liabilities(*)	-	17,000,000
Share Capital(*)	5,000,000,000	5,000,000,000
Other long term assets
Total Assets(*)	23,442,000,000	17,995,000,000
Total Liabilities(*)	18,044,000,000	12,296,000,000
Current Liabilities(*)	18,044,000,000	12,279,000,000
Long term liabilities
Shareholders Funds(*)	5,398,000,000	5,699,000,000
Current assets & short term investments	23,064,000,000	17,676,000,000
Cash & cash equivalents	1,185,000,000	1,219,000,000
Cash	1,185,000,000	1,219,000,000
Accounts receivable	8,548,000,000	8,496,000,000
Accounts receivable trade	4,347,000,000	4,549,000,000
Trade prepayment	1,101,000,000	847,000,000
Others receivables	3,100,000,000	3,100,000,000
I. Inventories	11,719,000,000	4,105,000,000
II. Inventories	11,719,000,000	4,105,000,000
I. Other short term asset	1,612,000,000	3,856,000,000
VAT deductible	371,000,000	-
II. Other short term asset	1,241,000,000	3,856,000,000
Long term assets	378,000,000	319,000,000
Fixed assets	378,000,000	319,000,000
Tangible fixed assets	378,000,000	319,000,000
Cost	1,023,000,000	1,115,000,000
Accumulated depreciation	645,000,000	796,000,000
Total assets	23,442,000,000	17,995,000,000
Liabilities	18,044,000,000	12,296,000,000
Current liabilities	18,044,000,000	12,279,000,000
Short term borrowings	2,999,000,000	2,227,000,000
Accounts payables-trade	2,002,000,000	3,054,000,000
Advances from customers	13,019,000,000	6,694,000,000
Taxes and payable to state budget	24,000,000	304,000,000
Long term liabilities	-	17,000,000
Long term other payables	-	17,000,000
I. Owner's equity	5,398,000,000	5,699,000,000
II. Owner's equity	5,398,000,000	5,699,000,000
Business capital	5,000,000,000	5,000,000,000
Retained earnings	398,000,000	699,000,000
Total resources	23,442,000,000	17,995,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual
Turnover(*)	18,095,000,000	34,299,000,000
Profit (Loss) Before Tax(*)	235,000,000	361,000,000
Profit After Tax attributable to Shareholders(*)	205,000,000	298,000,000
Gross sales	18,095,000,000	34,299,000,000
Net income	18,095,000,000	34,299,000,000
Cost of goods sold	13,604,000,000	28,719,000,000
Gross margin	4,491,000,000	5,580,000,000
Income from financial activities	3,000,000	12,000,000
Expenses from financial activities	365,000,000	280,000,000
In which: Interest expenses	0	280,000,000
General & administration expenses	3,894,000,000	4,951,000,000
Net income from operating activities	235,000,000	361,000,000
Net profit before tax	235,000,000	361,000,000
Income tax	30,000,000	63,000,000
Net profit after tax	205,000,000	298,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	89.55
Profitability
Profit Margin (%)	1.13	0.87
Return on Equity (%)	3.80	5.23
Return on Assets (%)	0.87	1.66
Leverage
Total Debt Equity (Times)	3.34	2.16
Current Debt Equity (Times)	3.34	2.15
Long Term Debt to Equity	-	0.00
Total Asset To Total Equity	4.34	3.16
Asset Management
Total Assets Turnover (Times)	0.77	1.91
Fixed Assets Turnover (Times)	47.87	107.52
Liquidity
Current Ratio	1.28	1.44

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

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000046 USD United States Dollars

ADDITIONAL INFORMATION

Report Details

Country	:	Vietnam
Business Entity Name	:	SONG THANH INTERNATIONAL CO LTD
Acronym	:	STI
Primary Business Activity	:	Trader
Primary Industry	:	Hardware & Tools
Office Contact Details
Operating Address	:	8 Lane 96 Vo Thi Sau St Thanh Nhan Ward, Hai Ba Trung Dist, Hanoi
Tel	:	[+84] 4-36230304
Fax	:	[+84] 4-36230305
Email	:	vnstico@hn.vnn.vn
Website Details
Website	:	http://www.stigroup.vn
Status	:	Registered but not operational
Country of Registration	:	Vietnam
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	:	0101252211

Primary Products

Products / Materials / Services Description	Activity
Industrial pumps	Importing, Trading
Valves	Importing, Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Arrange Trans Freight/Cargo	4731	Service
Fluid power pumps and motors, and parts, nspf	3594	Importing, Trading
Hardware, nspf	3429	Importing, Trading
Industrial Valves	3491	Importing, Trading
Valves and pipe fittings, nspf	3494	Importing, Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Freight transportation arrangement, nvocc, customs brokerage	9852	Service
Hardware, fixtures, castors etc & parts, base metal	8302	Importing, Trading
Hydraulic fluid power pumps, rotary positive displacement, gear type	8413600030	Importing, Trading
Hydraulic valves nesoi	8481200050	Importing, Trading
Other taps, cocks, valves, etc.	8481809050	Importing, Trading
Pumps for liquids	8413810040	Importing, Trading
Pumps for liquids; liquid elevators; parts thereof	8413	Importing, Trading
Taps, cocks, valves etc for pipes, tanks etc, parts	8481	Importing, Trading

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Freight forwarding	Secondary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of SONG THANH INTERNATIONAL CO LTD is Trading - Finished products.

Key products include :

Industrial pumps

Valves

Supplementary Business

In addition to the core business, SONG THANH INTERNATIONAL CO LTD also is engaged in the following areas of business:

Importing

Importing - Finished products

Service

Specialized professional services, including:

Freight forwarding

BANK DETAILS

Bank Name	:	MILITARY COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0387295
Branch	:	Dong Da,Hanoi
Branch Address	:	MILITARY COMMERCIAL JOINT STOCK BANK - THANH XUAN, HANOI
SWIFT Code	:	MSCBVNVX
Bank Name	:	VIETNAM PROSPERITY JOINT STOCK COMMERCIAL BANK
Global Identifier	:	P1854843
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	VIETNAM PROSPERITY JOINT STOCK COMMERCIAL BANK, DONG DO
SWIFT Code	:	VPBKVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Europe	Medium	Importing
North America	Medium	Importing
Germany	Medium	Importing
Sweden	Medium	Importing
USA	Medium	Importing

OFFICE & FACILITIES

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

Name	:	SONG THANH INTERNATIONAL CO LTD - HAI BA TRUNG DIST, HANOI
Primary Use	:	Office & Administration facilities
Address	:	8 Lane 96 Vo Thi Sau St Thanh Nhan Ward, Hai Ba Trung Dist, Hanoi
Country	:	Vietnam
Status	:	Operational

PREVIOUS CONTACT DETAILS

Company Address

:

Unit 901, 9Fl Bldg 8C 30 Ta Quang Buu St Bach Khoa Ward, Hai Ba Trung Dist, Hanoi

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 :	HEE
Report Prepared by :	TPT

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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