MIRA INFORM REPORT

Report Date :

01.01.2015

IDENTIFICATION DETAILS

Name :	RUBY CO LTD
Registered Office :	268 Huynh Van Banh St Ward 11, Phu Nhuan, Ho Chi Minh
Country :	Vietnam
Financials (as on) :	December 2013
Date of Incorporation :	6 Feb, 1999
Legal Form :	Private Company with Limited Liability
Line of Business :	Medical Equipment & Pharmaceutical
No. of Employee :	100

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Company Details
Organization Name	:	RUBY CO LTD ^(1)
Address	:	80 Ha Huy Giap St Thanh Loc Ward, District 1, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-37123456
Facsimile	:	[+84] 8-37162100
Email	:	rubyco@hcm.vnn.vn
Primary Business Activity	:	Importer
Key Industry	:	Medical Equipment & Pharmaceutical

Key Facts

Registered Legal Address

:

268 Huynh Van Banh St Ward 11, Phu Nhuan, Ho Chi Minh

Operational Address

:

80 Ha Huy Giap St Thanh Loc Ward, District 1, Ho Chi Minh

Name History

:

Business Entity Name	Effective Date
CONG TY TNHH THUONG MAI SAN XUAT THUOC THU Y RUBY	6 Feb, 1999
RUBY CO LTD	4 Nov, 2013

Issuing Authority

:

Dept. of Planning & Investment – Ho Chi Minh

License Number

:

0301636134

License Status

:

License exists – Normal.

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

:

4 Nov, 2013

Incorporation Date

:

6 Feb, 1999

Employees

:

100

Capital

:

US$ 4,162,016

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.

Report Details

Country	:	Vietnam
Business Entity Name	:	RUBY CO LTD
Primary Business Activity	:	Importer
Primary Industry	:	Medical Equipment & Pharmaceutical
Office Contact Details
Operating Address	:	80 Ha Huy Giap St Thanh Loc Ward, District 1, Ho Chi Minh
Tel	:	[+84] 8-37123456
	:	[+84] 8-37168888
Fax	:	[+84] 8-37162100
Email	:	rubyco@hcm.vnn.vn
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	:	0301636134

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chief Executive Officer - CEO
Name	:	Mr. Cao Van Trieu
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Le Thi Hong	Vietnamese	Deputy Managing Director	-
2	Mr. Truong Pham Thuy Le	Vietnamese	Deputy Managing Director	-
3	Mr. Cao Thanh Ngoc	Vietnamese	Deputy Managing Director	-
4	Ms. Tran Kim Xuan Nha	Vietnamese	Deputy Managing Director	-
5	Mr. Cao Van Trieu	Vietnamese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI01845767
Name	:	Ms. Le Thi Hong
Date of Birth	:	1950

Management Details - 2

Personal Unique Identifier	:	MI03809952
Name	:	Mr. Truong Pham Thuy Le

Management Details - 3

Personal Unique Identifier	:	MI01845766
Name	:	Mr. Cao Thanh Ngoc
Date of Birth	:	1977

Management Details - 4

Personal Unique Identifier	:	MI03634927
Name	:	Ms. Tran Kim Xuan Nha
Date of Birth	:	1985

Management Details - 5

Personal Unique Identifier	:	MI01845760
Name	:	Mr. Cao Van Trieu
Date of Birth	:	1950

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI01845766
Name	:	Mr. Cao Thanh Ngoc
Date of Birth	:	1977
2
Personal Unique Identifier	:	MI01845760
Name	:	Mr. Cao Van Trieu
Date of Birth	:	1950

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing RUBY 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	:	₫ 88,000,000,000
Paid-up Capital	:	₫ 88,000,000,000

Date	Authorized Capital - H story
6 Feb, 1999	50,000,000,000
Sep, 2013	88,000,000,000

Date	Paid-up Capital - History
6 Feb, 1999	50,000,000,000
Sep, 2013	88,000,000,000

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. Cao Van Trieu	Vietnam	n/a	52,800,000,000	60.00
2	Mr. Cao Thanh Ngoc	Vietnam	n/a	35,200,000,000	40.00
Total			n/a	88,000,000,000	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

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD)

Purchasing

Type	Terms
Local	Cash on delivery (COD)
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

Na

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual	35,293,039	14,910,754	942,679
2012 Annual	36,508,495	12,852,119	640,203
2013 Annual	38,290,903	13,941,044	1,451,483

Sales Trend – Analysis

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

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2006 Annual	15,845,445	5,335,798	228,167
2010 Annual	34,621,344	11,136,942	1,424,269

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Current Assets(*)	246,538,000,000	195,610,000,000	226,413,000,000
Non Current Assets(*)	64,053,000,000	72,031,000,000	67,577,000,000
Non Current Liabilities(*)	11,772,000,000	0	0
Share Capital(*)	50,000,000,000	50,000,000,000	88,000,000,000
Other long term assets
Total Assets(*)	310,591,000,000	267,641,000,000	293,990,000,000
Total Liabilities(*)	226,276,000,000	175,735,000,000	173,982,000,000
Current Liabilities(*)	214,504,000,000	175,735,000,000	173,982,000,000
Long term liabilities
Shareholders Funds(*)	84,315,000,000	91,906,000,000	120,008,000,000
Assets
Current assets & short term investments	246,538,000,000	195,610,000,000	226,413,000,000
Cash & cash equivalents	13,600,000,000	10,112,000,000	9,232,000,000
Cash	13,600,000,000	10,112,000,000	9,232,000,000
Accounts receivable	128,356,000,000	82,037,000,000	120,422,000,000
Accounts receivable trade	126,995,000,000	83,069,000,000	118,634,000,000
Trade prepayment	1,361,000,000	-	2,133,000,000
Provision for bad debts	-	(1,032,000,000)	(345,000,000)
Inventories	89,607,000,000	98,830,000,000	93,673,000,000
i.Inventories	89,607,000,000	99,792,000,000	94,600,000,000
Provision for decline in inventory	-	(962,000,000)	(927,000,000)
Other short term asset	14,975,000,000	4,631,000,000	3,086,000,000
VAT deductible	-	1,800,000,000	1,219,000,000
i.Other short term asset	14,975,000,000	2,831,000,000	1,759,000,000
Long term assets	64,053,000,000	72,031,000,000	67,577,000,000
Fixed assets	55,515,000,000	64,070,000,000	59,616,000,000
Tangible fixed assets	8,767,000,000	15,710,000,000	39,696,000,000
Cost	15,149,000,000	23,875,000,000	49,373,000,000
Accumulated depreciation	6,382,000,000	8,165,000,000	9,677,000,000
Intangible fixed assets	41,707,000,000	45,147,000,000	16,399,000,000
i.Cost	44,310,000,000	46,975,000,000	20,193,000,000
i.Accumulated depreciation	2,603,000,000	1,828,000,000	3,794,000,000
Long term liabilities	11,772,000,000	-	37,000,000
Construction in progress	5,041,000,000	3,213,000,000	3,521,000,000
Long term investments	778,000,000	778,000,000	778,000,000
Other long term investments	778,000,000	778,000,000	778,000,000
Other long term assets	7,760,000,000	7,183,000,000	7,183,000,000
Long term prepayments	7,760,000,000	7,183,000,000	7,183,000,000
Total assets	310,591,000,000	267,641,000,000	293,990,000,000
LIabilities & Owner's equity
Liabilities	226,276,000,000	175,735,000,000	173,982,000,000
Current liabilities	214,504,000,000	175,735,000,000	173,982,000,000
Short term borrowings	188,635,000,000	166,553,000,000	135,420,000,000
Accounts payables-trade	17,254,000,000	2,756,000,000	18,514,000,000
Advances from customers	1,496,000,000	-	6,104,000,000
Taxes and payable to state budget	5,478,000,000	2,806,000,000	9,661,000,000
Payable to employees	1,637,000,000	3,106,000,000	4,068,000,000
Accrued expenses payable	4,000,000	8,000,000	-
Inter company payable	-	506,000,000	178,000,000
Other payables	-	-	37,000,000
Long term borrowings	11,772,000,000	-	-
Owner's equity	84,315,000,000	91,906,000,000	120,008,000,000
Business capital	50,000,000,000	50,000,000,000	88,000,000,000
Retained earnings	34,315,000,000	41,906,000,000	32,008,000,000
Total resources	310,591,000,000	267,641,000,000	293,990,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	735,154,000,000	760,277,000,000	807,482,000,000
Profit (Loss) Before Tax(*)	24,260,000,000	16,160,000,000	40,812,000,000
Profit After Tax attributable to Shareholders(*)	19,636,000,000	13,332,000,000	30,609,000,000
Gross sales	735,154,000,000	760,277,000,000	807,482,000,000
Less deductions	2,886,000,000	853,000,000	1,464,000,000
Net income	732,268,000,000	759,424,000,000	80,601,800,000
Cost of goods sold	639,182,000,000	681,448,000,000	71,370,600,000
Gross margin	93,086,000,000	77,976,000,000	92,312,000,000
Income from financial activities	3,170,000,000	55,000,000	66,000,000
Expenses from financial activities	44,027,000,000	29,753,000,000	14,677,000,000
In which: Interest expenses	33,002,000,000	29,753,000,000	14,677,000,000
Selling expenses	11,424,000,000	11,286,000,000	12,297,000,000
General & administration expenses	13,947,000,000	17,287,000,000	23,832,000,000
Net income from operating activities	26,858,000,000	19,705,000,000	41,572,000,000
Extraordinary income	1,213,000,000	48,000,000	247,000,000
Extraordinary expenses	3,811,000,000	3,593,000,000	1,007,000,000
Extraordinary gains	(2,598,000,000)	(3,545,000,000)	(760,000,000)
Net profit before tax	24,260,000,000	16,160,000,000	40,812,000,000
Income tax	4,624,000,000	2,828,000,000	10,203,000,000
Net profit after tax	19,636,000,000	13,332,000,000	30,609,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	8.95	3.42	6.21
Profitability
Profit Margin (%)	2.67	1.75	3.79
Return on Equity (%)	23.29	14.51	25.51
Return on Assets (%)	6.32	4.98	10.41
Leverage
Total Debt Equity (Times)	2.68	1.91	1.45
Current Debt Equity (Times)	2.54	1.91	1.45
Long Term Debt to Equity	0.14	-	-
Total Asset To Total Equity	3.68	2.91	2.45
Asset Management
Total Assets Turnover (Times)	2.37	2.84	2.75
Fixed Assets Turnover (Times)	11.48	10.55	11.95
Liquidity
Current Ratio	1.15	1.11	1.30

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

=

0.000047 USD United States Dollars

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Animal feed	Importing, Trading
Animal medicines	Importing, Trading
Veterinary medicine	Importing, Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Medical/Dental Equip/Supplies	5047	Importing, Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Medicaments containing other antibiotics not elsewhere specified or included, for veterinary use	3004200010	Importing, Trading
Medicaments nesoi, mixed or not, in dosage etc form	3004	Importing, Trading
Other vaccines for vetrinary medicine	3002390000	Importing, Trading
Preparations used in animal feeding	2309	Importing, Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of RUBY CO LTD is Importing - Finished products.

Key products include :

· Animal medicines

· Animal feed

· Veterinary medicine

An integral part of the core business includes:

· Distribution

Supplementary Business

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

1. Trading

· Trading - Finished products

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	40%
Imports	60%

BANK DETAILS

Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	P1072025
Branch	:	Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM - HO CHI MINH
SWIFT Code	:	BFTVVNVX
Bank Name	:	SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0388625
Branch	:	District 3,Ho Chi Minh
Branch Address	:	SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK - HOA VIET
SWIFT Code	:	SGTTVNVX
Bank Name	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE
Global Identifier	:	32404058
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	Hoan Kiem DistHanoi
SWIFT Code	:	ICBVVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	RUBY CO LTD - DISTRICT 12, HO CHI MINH
Branch Address	:	35 Quarter 3 Thanh Loc Ward, District 12, Ho Chi Minh
License Status	:	License exists - Normal.
Branch	:	RUBY CO LTD - GO VAP, HO CHI MINH
Branch Address	:	41/1K Quang Trung St Ward 12, Go Vap, Ho Chi Minh
License Status	:	License exists - Normal.
Branch	:	RUBY CO LTD - TAN UYEN, BINH DUONG
Branch Address	:	Ong Dong Hamlet Tan Hiep Commune, Tan Uyen, Binh Duong
License Status	:	License exists - Normal.
Branch	:	RUBY CO LTD - DISTRICT 12, HO CHI MINH
Branch Address	:	35 Ha Huy Giap St Thanh Loc Ward, District 12, Ho Chi Minh
Branch Tel	:	84-8-7162097
Branch Fax	:	84-8-7162100
License Status	:	License exists - Normal.

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
Europe	Medium	Importing
China	Medium	Importing
Indonesia	Medium	Importing

COMPETITORS

The following is a representative list of local competitors:

Business Entity Name	Global Identifier
CANTHO VETERINARY MEDICINE IMPORT EXPORT CO	32401014
DOMESCO MEDICAL IMPORT EXPORT JSC	32402053
TIEN THANH VETERINARY CO LTD	P0116309

OFFICE & FACILITIES

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

Name	:	RUBY CO LTD - DISTRICT 1, HO CHI MINH
Primary Use	:	Office & Administration facilities
Address	:	80 Ha Huy Giap St Thanh Loc Ward, District 1, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

WAREHOUSING FACILITIES

Name	:	RUBY CO LTD - DI AN DIST, BINH DUONG
Address	:	Chieu Lieu Hamlet Tan Dong Hiep Ward, Di An Dist, Binh Duong
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
6 Feb, 1999	070859

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.33
UK Pound	1	Rs.98.58
Euro	1	Rs.77.00

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	DPT

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.