MIRA INFORM REPORT

Report No. :	305765
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	HATHAO CONSTRUCTION INVESTMENT AND TRADING JSC ^(1)
Registered Office :	4th, 234 Lane 8 Chu Van Thinh St Group 11 Chieng Le Ward, Son La, Son La
Country :	Vietnam
Financials (as on) :	2013
Date of Incorporation :	12.08.2013
Legal Form :	Joint Stock Company
Line of Business :	Construction & Construction Materials.
No. of Employees :	150

RATING & COMMENTS

MIRA’s Rating :

B

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

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 – 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 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

REGISTERED NAME & COMPANY SUMMARY

Organization Name	:	HATHAO CONSTRUCTION INVESTMENT AND TRADING JSC ^(1)
Address	:	4th, 234 Lane 8 Chu Van Thinh St Group 11 Chieng Le Ward, Son La, Son La
Country	:	Vietnam
Phone (S)	:	[+84] 22-3856160
Facsimile	:	[+84] 22-3858320
Primary Business Activity	:	Service
Key Industry	:	Construction & Construction Materials

Key Facts
Registered Legal Address	:	4th, 234 Lane 8 Chu Van Thinh St Group 11 Chieng Le Ward, Son La, Son La
Operational Address	:	4th, 234 Lane 8 Chu Van Thinh St Group 11 Chieng Le Ward, Son La, Son La
Issuing Authority	:	DEPARTMENT OF PLANNING AND INVESTMENT - Son La
License Number	:	5500281037
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	:	12 Aug, 2013
Employees	:	150
Capital	:	US$ 7,746,879
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

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Hoang Van Hoang	Vietnamese	Vice Director	-
2	Ms. Ha Thi Xuan	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03820612
Name	:	Mr. Hoang Van Hoang

Management Details - 2

Personal Unique Identifier	:	MI03820614
Name	:	Ms. Ha Thi Xuan

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03820601
Name	:	Mr. Dinh An Truong
Date of Birth	:	1990
2
Personal Unique Identifier	:	MI03820605
Name	:	Mr. Dinh Lam Truong
Date of Birth	:	1964

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing HATHAO CONSTRUCTION INVESTMENT AND TRADING 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

:

₫ 165,000,000,000

SHAREHOLDERS

Total number of shareholders	:	5
Total number of shares	:	n/a

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	NAM PIA HYDRO POWER JSC	Vietnam	n/a	n/a	61.82
2	Mr. Phuong Dieu Nguyen	Vietnam	n/a	n/a	17.12
3	Mr. Ha Van Thao	Vietnam	n/a	n/a	10.00
4	Mr. Thi Nguyet Nguyen	Vietnam	n/a	n/a	6.06
5	Mr. Minh The Nguyen	Vietnam	n/a	n/a	5.00
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

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	NAM PIA HYDRO POWER JSC
Global Identifier	:	P3182154
Legal Form Category	:	Joint Stock Company
Country	:	Vietnam

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2011 Annual	258,521	14,776,140	2,640
2012 Annual	69,149	14,367,437	432
2013 Annual (*)	18,114	21,932,238	142

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	2011 Annual	2012 Annual	2013 Annual
Current Assets(*)	52,537,000,000	41,438,000,000	80,340,000,000
Non Current Assets(*)	255,250,000,000	257,759,000,000	382,169,000,000
Non Current Liabilities(*)	174,397,000,000	174,820,000,000	300,205,000,000
Other long term assets
Total Assets(*)	307,787,000,000	299,197,000,000	462,509,000,000
Total Liabilities(*)	207,392,000,000	198,738,000,000	322,269,000,000
Current Liabilities(*)	32,995,000,000	23,918,000,000	22,064,000,000
Long term liabilities
Shareholders Funds(*)	100,395,000,000	100,459,000,000	140,240,000,000
Current assets & short term investments	52,537,000,000	41,438,000,000	80,340,000,000
Cash & cash equivalents	3,047,000,000	143,000,000	270,000,000
Cash	3,006,000,000	39,000,000	270,000,000
Cash equivalents	41,000,000	104,000,000	-
Accounts receivable	49,356,000,000	41,228,000,000	66,010,000,000
Accounts receivable trade	7,077,000,000	4,582,000,000	2,183,000,000
Trade prepayment	19,396,000,000	17,973,000,000	63,769,000,000
Other receivables	22,883,000,000	18,673,000,000	58,000,000
i. Other short term assets	134,000,000	67,000,000	14,060,000,000
VAT deductible	134,000,000	67,000,000	11,173,000,000
ii. Other short term assets	-	-	2,887,000,000
Long term assets	255,250,000,000	257,759,000,000	382,169,000,000
Fixed assets	255,150,000,000	257,752,000,000	382,152,000,000
Tangible fixed assets	7,538,000,000	1,420,000,000	955,000,000
i. Cost	18,134,000,000	4,880,000,000	4,880,000,000
i. Accumulated depreciation	10,596,000,000	3,460,000,000	3,925,000,000
Finance lease assets	1,067,000,000	664,000,000	531,000,000
ii. Cost	1,067,000,000	1,066,000,000	1,067,000,000
ii. Accumulated depreciation	-	402,000,000	536,000,000
Intangible fixed assets	246,000,000	246,000,000	246,000,000
iii. Cost	246,000,000	246,000,000	246,000,000
Construction in progress	246,299,000,000	255,422,000,000	380,420,000,000
i. Other long term assets	100,000,000	7,000,000	17,000,000
Long term prepayments	-	-	17,000,000
ii. Other long term assets	100,000,000	7,000,000	-
Total assets	307,787,000,000	299,197,000,000	462,509,000,000
Liabilities	207,210,000,000	198,620,000,000	322,269,000,000
Current liabilities	32,995,000,000	23,918,000,000	22,064,000,000
Short term borrowings	21,865,000,000	13,546,000,000	11,356,000,000
Accounts payables-trade	10,859,000,000	10,115,000,000	10,389,000,000
Advances from customers	110,000,000	-	-
Taxes and payable to state budget	(46,000,000)	7,000,000	-
Other payables	207,000,000	250,000,000	200,000,000
Bonus and welfare funds	-	-	119,000,000
Long term liabilities	174,215,000,000	174,702,000,000	300,205,000,000
Long term borrowings	174,215,000,000	174,702,000,000	300,205,000,000
Owner's equity	100,395,000,000	100,459,000,000	140,240,000,000
Business capital	100,260,000,000	100,625,000,000	140,404,000,000
Foreign exchange differences	-	(277,000,000)	(277,000,000)
Business development funds	81,000,000	81,000,000	81,000,000
Retained earnings	54,000,000	30,000,000	32,000,000
Budget sources	182,000,000	118,000,000	-
Source from subsidies of State	182,000,000	118,000,000	-
Total resources	307,787,000,000	299,197,000,000	462,509,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	5,385,000,000	1,440,000,000	382,000,000
Profit (Loss) Before Tax(*)	58,000,000	10,000,000	3,000,000
Profit After Tax attributable to Shareholders(*)	55,000,000	9,000,000	3,000,000
Gross sales	5,385,000,000	1,440,000,000	382,000,000
Net income	5,385,000,000	1,440,000,000	382,000,000
Cost of goods sold	3,582,000,000	807,000,000	382,000,000
Gross margin	1,803,000,000	633,000,000	0
Income from financial activities	11,000,000	1,000,000	3,000,000
Expenses from financial activities	182,000,000	0	0
General & administration expenses	1,574,000,000	431,000,000	0
Net income from operating activities	58,000,000	203,000,000	3,000,000
Extraordinary income	0	4,213,000,000	0
Extraordinary expenses	0	4,406,000,000	0
Extraordinary gains	0	(193,000,000)	0
Net profit before tax	58,000,000	10,000,000	3,000,000
Income tax	3,000,000	1,000,000	0
Net profit after tax	55,000,000	9,000,000	3,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	(73.26)	(73.47)
Profitability
Profit Margin (%)	1.02	0.63	0.79
Return on Equity (%)	0.05	0.01	0.00
Return on Assets (%)	0.02	0.00	0.00
Leverage
Total Debt Equity (Times)	2.07	1.98	2.30
Current Debt Equity (Times)	0.33	0.24	0.16
Long Term Debt to Equity	1.74	1.74	2.14
Total Asset To Total Equity	3.07	2.98	3.30
Asset Management
Total Assets Turnover (Times)	0.02	0.00	0.00
Fixed Assets Turnover (Times)	0.02	0.01	0.00
Liquidity
Current Ratio	1.59	1.73	3.64

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company 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

=

0.000047 USD United States Dollars

ADDITIONAL INFORMATION

Report Details

Country	:	Vietnam
Business Entity Name	:	HATHAO CONSTRUCTION INVESTMENT AND TRADING JSC
Primary Business Activity	:	Service
Primary Industry	:	Construction & Construction Materials
Office Contact Details
Operating Address	:	4th, 234 Lane 8 Chu Van Thinh St Group 11 Chieng Le Ward, Son La, Son La
Tel	:	[+84] 22-3856160
	:	[+84] 22-3856184
Mobile	:	[+84]-906217989
Fax	:	[+84] 22-3858320
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	:	5500281037

Key Person

Legal Title	:	Chairman
Name	:	Mr. Dinh Lam Truong
Nationality	:	Vietnamese

Primary Products

Products / Materials / Services Description	Activity
Construction	Service

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Heavy Construction, NEC	1629	Service

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Heavy construction	9818	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HATHAO CONSTRUCTION INVESTMENT AND TRADING JSC is Specialized professional services, including:

Construction

Key service include :

Construction

BANK DETAILS

Bank Name	:	AN BINH COMMERCIAL JOINT STOCK BANK JSC
Global Identifier	:	P1155469
Branch	:	District 1,Ho Chi Minh
Branch Address	:	SON LA
SWIFT Code	:	ABBKVNVX
Bank Name	:	VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT
Global Identifier	:	32408794
Branch	:	Tu Liem,Hanoi
Branch Address	:	SON LA
SWIFT Code	:	VBAAVNVX

OFFICE & FACILITIES

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

Name	:	HATHAO CONSTRUCTION INVESTMENT AND TRADING JSC - SON LA, SON LA
Primary Use	:	Office & Administration facilities
Address	:	4th, 234 Lane 8 Chu Van Thinh St Group 11 Chieng Le Ward, Son La, Son La
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
8 Jan, 2007	2403000122

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.68
UK Pound	1	Rs.93.53
Euro	1	Rs.70.75

INFORMATION DETAILS

Analysis Done by :	KAR
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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