MIRA INFORM REPORT

Report No. :	353019
Report Date :	09.12.2015

IDENTIFICATION DETAILS

Name :	RESINOPLAST VIETNAM LTD ^(1)
Registered Office :	Bien Hoa 2 Industrial Park 2 Rd 15A, Bien Hoa, Dong Nai
Country :	Vietnam
Financials (as on) :	2014
Date of Incorporation :	08.05.2008
Legal Form :	Private Company With Limited Liability
Line of Business :	Manufacturer of Plastics & Products.
No. of Employees :	169

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 :	Good
Payment Behaviour :	Regular
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	:	RESINOPLAST VIETNAM LTD ^(1)
Name in Local Language	:	CÔNG TY TNHH RESINOPLAST VIỆT NAM
Address	:	Bien Hoa 2 Industrial Park 2 Rd 15A, Bien Hoa, Dong Nai
Country	:	Vietnam
Phone (S)	:	[+84] 61-3836339
Facsimile	:	[+84] 61-3836372
Email	:	muoi.ha@kemone.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Plastics & Products

Key Facts

Registered Legal Address

:

Bien Hoa 2 Industrial Park 2 Rd 15A, Bien Hoa, Dong Nai

Operational Address

:

Bien Hoa 2 Industrial Park 2 Rd 15A, Bien Hoa, Dong Nai

Name History

:

Business Entity Name	Effective Date
ATOFINA VIETNAM CO LTD	27 Apr, 1994
ARKEMA CO LTD	8 May, 2008
RESINOPLAST VIETNAM LTD	27 Jun, 2012

License Status

:

License exists - Normal.

Issuing Authority

:

Industrial Zone Management Board - Dong Nai

License Number

:

472043000467

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Limited

Legal Form - Abbreviation

:

LTD

Operational Status of Business

:

Normal

Date of Registration

:

8 May, 2008

Employees

:

169

Capital

:

US$ 4,778,325

PREVIOUS BUSINESS LICENSE/S

:

License Date	License No.
27 Apr, 1994	966/GP

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.

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Daniel Le Cerf
Nationality	:	French

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Daniel Le Cerf	French	Managing Director	-
2	Mr. Ha Muoi	Vietnamese	Chief Accountant	Finance

Management Details - 1

Personal Unique Identifier	:	MI01994696
Name	:	Mr. Daniel Le Cerf
Date of Birth	:	1953

Management Details - 2

Personal Unique Identifier	:	MI01994783
Name	:	Mr. Ha Muoi
Date of Birth	:	1959

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI01994696
Name	:	Mr. Daniel Le Cerf
Date of Birth	:	1953

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing RESINOPLAST VIETNAM 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

:

$ 4,778,325

SHAREHOLDERS

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

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	KEM ONE INNOVATIVE VINYLS SAS	France	0	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

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

Year	Imports	Exports	Total
2012	n/a	30,060,131	30,060,131
2013	n/a	32,344,816	32,344,816
2014	n/a	33,347,055	33,347,055

DOMESTIC SALES & PURCHASES
Annual Sales Analysis	Percentage
Domestic Sales	20%
International Sales (Export)	80%
Annual Purchases Analysis	Percentage
Local Purchases	30%
Imports	70%

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
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 - Statistics (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2006	n/a	5,574,170	5,574,170
2007	n/a	8,494,428	8,494,428
2008	n/a	11,736,939	11,736,939
2010	n/a	18,657,445	18,657,445
2011	n/a	22,273,567	22,273,567

OVERSEAS CUSTOMERS

Business Entity Name	Global Identifier	Country
MICROPLAST SA	P1862392	Costa Rica

GROUP STRUCTURE & AFFILIATED COMPANIES

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Corporate Parent	:	KEM ONE INNOVATIVE VINYLS SAS
Global Identifier	:	P0930071
Legal Form Category	:	Joint Stock Company
Country	:	France
Operational Address	:	420 Rue Estienne D'Orves Colombes Hauts-De-Seine 92700
Primary Business Activity	:	Manufacturer

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	37,575,163	22,164,732	1,759,501
2013 Annual	40,431,021	24,138,364	2,319,840
2014 Annual	41,683,819	23,383,010	1,880,522

Sales Trend - Analysis

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

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2006 Annual	12,387,044	6,246,335	196,843
2007 Annual	18,876,506	10,712,612	347,288
2008 Annual	26,082,087	15,110,796	129,071
2010 Annual	31,095,741	16,912,519	1,536,429
2011 Annual	37,122,612	21,310,178	1,871,627

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Current Assets(*)	411,804,000,000	467,002,000,000	440,417,000,000
Non Current Assets(*)	49,769,000,000	42,030,000,000	53,984,000,000
Non Current Liabilities(*)	-	-	81,337,000,000
Other long term assets
Total Assets(*)	461,573,000,000	509,032,000,000	494,401,000,000
Total Liabilities(*)	324,415,000,000	322,954,000,000	266,705,000,000
Current Liabilities(*)	324,415,000,000	322,954,000,000	185,368,000,000
Long term liabilities
Shareholders Funds(*)	137,158,000,000	186,078,000,000	227,696,000,000
Current assets & short term investments	411,804,000,000	467,002,000,000	440,417,000,000
Cash & cash equivalents	26,741,000,000	85,068,000,000	12,198,000,000
Cash	26,741,000,000	85,068,000,000	12,198,000,000
Accounts receivable	190,135,000,000	201,693,000,000	201,291,000,000
Accounts receivable trade	190,293,000,000	203,352,000,000	203,778,000,000
Trade prepayment	660,000,000	769,000,000	92,500,000
Others receivables	98,000,000	98,000,000	99,000,000
Provision for bad debts	(916,000,000)	(2,526,000,000)	(3,511,000,000)
Inventories	143,914,000,000	150,731,000,000	201,342,000,000
I. Inventories	148,866,000,000	153,322,000,000	204,375,000,000
Provision for decline in inventory	(4,952,000,000)	(2,591,000,000)	(3,033,000,000)
Other short term asset	51,014,000,000	29,510,000,000	25,586,000,000
Prepaid expenses	177,000,000	1,028,000,000	1,278,000,000
VAT deductible	19,291,000,000	18,423,000,000	18,370,000,000
Other tax receivables	30,862,000,000	9,313,000,000	4,958,000,000
I. Other short term asset	684,000,000	746,000,000	980,000,000
Long term assets	49,769,000,000	42,030,000,000	53,984,000,000
Fixed assets	46,949,000,000	39,447,000,000	52,870,000,000
Tangible fixed assets	46,638,000,000	38,926,000,000	30,957,000,000
Cost	159,177,000,000	160,640,000,000	162,804,000,000
Accumulated depreciation	112,539,000,000	121,714,000,000	131,847,000,000
Construction in progress	311,000,000	521,000,000	21,913,000,000
Other long term assets	2,820,000,000	2,583,000,000	1,114,000,000
Asset of income tax delay	2,820,000,000	2,583,000,000	877,000,000
Total assets	461,573,000,000	509,032,000,000	494,401,000,000
Liabilities	324,415,000,000	322,954,000,000	266,705,000,000
Current liabilities	324,415,000,000	322,954,000,000	185,368,000,000
Short term borrowings	178,806,000,000	178,806,000,000	-
Accounts payables-trade	104,291,000,000	107,022,000,000	154,372,000,000
Advances from customers	1,011,000,000	-	-
Taxes and payable to state budget	11,145,000,000	1,713,000,000	765,000,000
Payable to employees	577,000,000	672,000,000	456,000,000
Accrued expenses payable	28,461,000,000	34,385,000,000	29,581,000,000
Other payables	124,000,000	356,000,000	194,000,000
Long term liabilities	-	-	81,337,000,000
Long term borrowings	-	-	81,337,000,000
Owner's equity	137,158,000,000	186,078,000,000	227,696,000,000
I. Owner's equity	137,158,000,000	186,078,000,000	227,696,000,000
Business capital	100,517,000,000	100,517,000,000	101,520,000,000
Retained earnings	36,641,000,000	85,561,000,000	126,176,000,000
Total resources	461,573,000,000	509,032,000,000	494,401,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Turnover(*)	782,490,000,000	852,613,000,000	881,346,000,000
Profit (Loss) Before Tax(*)	40,712,000,000	57,355,000,000	48,145,000,000
Profit After Tax attributable to Shareholders(*)	36,641,000,000	48,921,000,000	39,761,000,000
Gross sales	782,490,000,000	852,613,000,000	881,346,000,000
Less deductions	6,990,000,000	7,696,000,000	4,527,000,000
Net income	775,500,000,000	844,917,000,000	876,820,000,000
Cost of goods sold	641,070,000,000	686,665,000,000	724,236,000,000
Gross margin	134,430,000,000	158,252,000,000	152,583,000,000
Income from financial activities	145,000,000	81,000,000	51,000,000
Expenses from financial activities	5,064,000,000	5,067,000,000	2,403,000,000
In which: Interest expenses	287,000,000	2,892,000,000	1,787,000,000
Selling expenses	55,330,000,000	63,256,000,000	62,820,000,000
General & administration expenses	32,438,000,000	32,748,000,000	39,548,000,000
Net income from operating activities	41,743,000,000	57,262,000,000	47,862,000,000
Extraordinary income	491,000,000	656,000,000	671,000,000
Extraordinary expenses	1,522,000,000	563,000,000	389,000,000
Extraordinary gains	(1,031,000,000)	93,000,000	282,000,000
Net profit before tax	40,712,000,000	57,355,000,000	48,145,000,000
Income tax	5,928,000,000	8,197,000,000	6,652,000,000
Income tax delay	1,857,000,000	(237,000,000)	(1,731,000,000)
Net profit after tax	36,641,000,000	48,921,000,000	39,761,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Growth %
Year-on-Year Growth	1.19	8.96	3.37
Profitability
Profit Margin (%)	4.68	5.74	4.51
Return on Equity (%)	26.71	26.29	17.46
Return on Assets (%)	7.94	9.61	8.04
Leverage
Total Debt Equity (Times)	2.37	1.74	1.17
Current Debt Equity (Times)	2.37	1.74	0.81
Long Term Debt to Equity	-	-	0.36
Total Asset To Total Equity	3.37	2.74	2.17
Asset Management
Total Assets Turnover (Times)	1.70	1.67	1.78
Fixed Assets Turnover (Times)	15.72	20.29	16.33
Liquidity
Current Ratio	1.27	1.45	2.38

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	:	RESINOPLAST VIETNAM LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Plastics & Products
Office Contact Details
Operating Address	:	Bien Hoa 2 Industrial Park 2 Rd 15A, Bien Hoa, Dong Nai
Tel	:	[+84] 61-3836339
Fax	:	[+84] 61-3836372
Email	:	muoi.ha@kemone.com arkema.vn@arkema.com
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	:	3600243377

Primary Products

Products / Materials / Services Description	Activity
PVC	Manufacturing, Exporting
Plastic products	Manufacturing, Exporting
Plastic resins	Manufacturing, Exporting
Resin	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Plastics Mat'ls/Basic Forms	5162	Manufacturing, Exporting
Plastics materials and resins	2821	Manufacturing, Exporting
Plastics products, nspf	3089	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Articles of plastics (inc polymers & resins)	3926	Manufacturing, Exporting
Other articles of plastic,nesoi	3926909050	Manufacturing, Exporting
Plastics & articles thereof	3900	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of RESINOPLAST VIETNAM LTD is Manufacturing - Finished products.

Key products include :

Plastic products

PVC

Plastic resins

Resin

An integral part of the core business includes:

Distribution

Supplementary Business

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

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	CALYON
Global Identifier	:	P0061666
Branch	:	District 1,Ho Chi Minh
Branch Address	:	HO CHI MINH
SWIFT Code	:	CAINVNVX
Bank Name	:	HSBC BANK (VIETNAM) LTD
Global Identifier	:	32403760
Branch	:	District 1,Ho Chi Minh
Branch Address	:	HSBC BANK (VIETNAM) LTD - HO CHI MINH
SWIFT Code	:	HSBCVNVX
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	32400479
Branch	:	Hoan Kiem,Hanoi
Branch Address	:	Ha Noi
SWIFT Code	:	BFTVVNVX
Bank Name	:	NATEXIS BANQUES
Global Identifier	:	P0314071
Branch	:	District 1,Ho Chi Minh
Branch Address	:	Ho Chi Minh
SWIFT Code	:	BFCEVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	RESINOPLAST VIETNAM LTD - HAI BA TRUNG DIST, HANOI
Branch Address	:	2A Nguyen Dinh Chieu St, Hai Ba Trung Dist, Hanoi

INTERNATIONAL TRADE - Activity & Markets
Country / Region	Estimated level of importance	Trading Activity
Africa	Medium	Exporting
Asia / Pacific	High	Importing, Exporting
North America	High	Importing, Exporting
South America	Medium	Exporting
Canada	Medium	Exporting
China	Medium	Importing
Costa Rica	Medium	Exporting
Indonesia	Medium	Importing
Malaysia	Medium	Importing
Pakistan	Medium	Exporting
South Africa	Medium	Exporting
Thailand	Medium	Importing
USA	Medium	Importing, Exporting

OFFICE & FACILITIES

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

Name	:	RESINOPLAST VIETNAM LTD - BIEN HOA, DONG NAI
Primary Use	:	Office & Administration facilities
Address	:	Bien Hoa 2 Industrial Park 2 Rd 15A, Bien Hoa, Dong Nai
Country	:	Vietnam
Status	:	Operational

PREVIOUS CONTACT DETAILS

E-mail

:

atofinavn@fmail.vnn.vn

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.80
UK Pound	1	Rs.100.49
Euro	1	Rs.72.52.
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%)

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.