MIRA INFORM REPORT

Report No. :	304200
Report Date :	30.01.2015

IDENTIFICATION DETAILS

Name :	THUAN LOI PRIVATE ENTERPRISE
Registered Office :	Thuan Hoa Commune, Dong Phu Dist, Binh Phuoc
Country :	Vietnam
Financials (as on) :	December, 2013
Date of Incorporation :	19.09.2014
Legal Form :	Sole-Proprietorship
Line of Business :	Trader of Rubber & Products.
No. of Employees :	160

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
Payment Behaviour :	Unknown
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	:	THUAN LOI PRIVATE ENTERPRISE
Address	:	Thuan Hoa Commune, Dong Phu Dist, Binh Phuoc
Country	:	Vietnam
Phone (S)	:	[+84] 651-3820065
Facsimile	:	[+84] 651-3820170
Email	:	info@thuanloirubber.com
Website	:	http://www.thuanloirubber.vn
Primary Business Activity	:	Trader
Key Industry	:	Rubber & Products

Key Facts
Registered Legal Address	:	Thuan Hoa Commune, Dong Phu Dist, Binh Phuoc
Operational Address	:	Thuan Hoa Commune, Dong Phu Dist, Binh Phuoc
Issuing Authority	:	Dept. of Planning & Investment - Binh Phuoc
License Number	:	3800239811
License Status	:	License exists - Normal.
Legal Form - Category	:	Sole-proprietorship
Legal Form	:	Not Applicable
Legal Form - Abbreviation	:	Not Applicable
Operational Status of Business	:	Normal
Date of Registration	:	19 Sep, 2014
Employees	:	160

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Proprietor / Owner
Name	:	Ms. Truong Thi Dung
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Truong Thi Dung	Vietnamese	Executive Director	-

Management Details - 1

Personal Unique Identifier	:	MI03788695
Name	:	Ms. Truong Thi Dung
Date of Birth	:	1971
Identification Number(s)
National ID No	:	285095735

NEGATIVE INFORMATION

REPUTATION

Due to the fact THUAN LOI PRIVATE ENTERPRISE is a sole-proprietorship, it has not been possible to identify any form of existing reputation within the respective industry sector.

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

:

US$ 429,627

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 9,000,000,000

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	10%
International Sales (Export)	90%

Annual Purchases Analysis	Percentage
Local Purchases	100%

PAYMENT TERMS

Selling

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

Purchasing

Type	Terms
Local	Cash on delivery (COD)

INTERNATIONAL TRADE - Activity & Markets
Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Exporting
China	Medium	Exporting
India	Medium	Exporting
Indonesia	Medium	Exporting
Malaysia	Medium	Exporting
Thailand	Medium	Exporting

GROUP STRUCTURE & AFFILIATED COMPANIES

N/A

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2013 Annual (*)	12,812,872	12,144,296	1,091,090

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	2013 Annual
Current Assets(*)	213,306,000,000
Non Current Assets(*)	42,794,000,000
Non Current Liabilities(*)	9,000,000,000
Share Capital(*)	9,000,000,000
Other long term assets
Total Assets(*)	256,100,000,000
Total Liabilities(*)	186,305,000,000
Current Liabilities(*)	177,305,000,000
Long term liabilities
Shareholders Funds(*)	69,795,000,000
Current Assets & Short Term Investments	213,306,000,000
Cash & Cash Equivalents	15,985,000,000
Cash	15,985,000,000
Accounts Receivable	83,113,000,000
Accounts Receivable Trade	83,113,000,000
Inventories	113,850,000,000
Other Short Term Asset	358,000,000
Long Term Assets	42,794,000,000
Fixed Assets	42,790,000,000
Tangible Fixed Assets	31,745,000,000
Cost	38,749,000,000
Accumulated Depreciation	7,004,000,000
Construction In Progress	11,045,000,000
Other Long Term Assets	4,000,000
Total Assets	256,100,000,000
Liabilities	186,305,000,000
Current Liabilities	177,305,000,000
Short Term Borrowings	177,305,000,000
Long Term Liabilities	9,000,000,000
Long Term Borrowings	9,000,000,000
Owners Equity	69,795,000,000
Business Capital	9,000,000,000
Other Owners Equity	51,116,000,000
Business Development Funds	31,000,000
Retained Earnings	9,648,000,000
Total Resources	256,100,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2013 Annual
Turnover(*)	270,199,000,000
Profit (Loss) Before Tax(*)	23,009,000,000
Profit After Tax attributable to Shareholders(*)	23,009,000,000
Gross Sales	270,199,000,000
Net Income	270,199,000,000
Cost Of Goods Sold	244,169,000,000
Gross Margin	26,030,000,000
Expenses From Financial Activities	210,000,000
In Which: Interest Expenses	210,000,000
Selling Expenses	1,429,000,000
General & Administration Expenses	1,382,000,000
Net Income From Operating Activities	23,009,000,000
Net Profit Before Tax	23,009,000,000
Net Profit After Tax	23,009,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2013 Annual
Profitability
Profit Margin (%)	8.52
Return on Equity (%)	32.97
Return on Assets (%)	8.98
Leverage
Total Debt Equity (Times)	2.67
Current Debt Equity (Times)	2.54
Long Term Debt to Equity	0.13
Total Asset To Total Equity	3.67
Asset Management
Total Assets Turnover (Times)	1.06
Fixed Assets Turnover (Times)	6.31
Liquidity
Current Ratio	1.20

Based on the corporate laws of Vietnam, legal entities which are Sole-proprietorship 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	:	THUAN LOI PRIVATE ENTERPRISE
Primary Business Activity	:	Trader
Primary Industry	:	Rubber & Products
Office Contact Details
Operating Address	:	Thuan Hoa Commune, Dong Phu Dist, Binh Phuoc
Tel	:	[+84] 651-3820065
Fax	:	[+84] 651-3820170
Email	:	info@thuanloirubber.com
Website Details
Website	:	http://www.thuanloirubber.vn
Status	:	Normal - operational
Country of Registration	:	Vietnam
Ownership Type	:	Registered ownership by Subject Business Entity
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	:	3800239811

Primary Products

Products / Materials / Services Description	Activity
Rubber products	Trading, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fabricated rubber products, nspf	3069	Trading, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Rubbers & articles thereof	4000	Trading, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of THUAN LOI PRIVATE ENTERPRISE is Trading - Finished products.
Key product include :

Rubber products

Supplementary Business

In addition to the core business, THUAN LOI PRIVATE ENTERPRISE also is engaged in the following areas of business:

Exporting

Exporting - Finished products

BANK DETAILS

Bank Name	:	ASIA COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0075118
Branch	:	District 3,Ho Chi Minh
Branch Address	:	ASIA COMMERCIAL JOINT STOCK BANK - BINH PHUOC
SWIFT Code	:	ASCBVNVX
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM
Global Identifier	:	32400483
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - BINH PHUOC
SWIFT Code	:	BIDVVNVX
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 - BINH PHUOC
SWIFT Code	:	SGTTVNVX

OFFICE & FACILITIES

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

Name	:	THUAN LOI PRIVATE ENTERPRISE - DONG PHU DIST, BINH PHUOC
Primary Use	:	Office & Administration facilities
Address	:	Thuan Hoa Commune, Dong Phu Dist, Binh Phuoc
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
1 Jul, 2004	4401000510

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.50
UK Pound	1	Rs.93.12
Euro	1	Rs.69.32

INFORMATION DETAILS

Analysis Done by :	RAS
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.