MIRA INFORM REPORT

Report No. :	332771
Report Date :	30.07.2015

IDENTIFICATION DETAILS

Name :	DONG LAM SILK JSC
Registered Office :	3A Loc Son Industrial Zone Loc Son Ward, Bao Loc, Lam Dong
Country :	Vietnam
Date of Incorporation :	16.08.2005
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Textiles & Raw Material
No. of Employees :	320

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 – 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. 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 18% in 2014, while industry's share increased from 36% to 38% 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 2014 growing at 5.4%, one of the slower growth rates since 1999. Exports have grown strongly in 2013-14; 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 has remained relatively stable since then. 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, 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. Vietnam is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Details
Organization Name	:	DONG LAM SILK JSC ^(1)
Address	:	3A Loc Son Industrial Zone Loc Son Ward, Bao Loc, Lam Dong
Country	:	Vietnam
Phone (S)	:	[+84] 63-3868050
Facsimile	:	[+84] 63-3868041
Email	:	donglamsilk@gmail.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Textiles & Raw Material

Key Facts
Registered Legal Address	:	3A Loc Son Industrial Zone Loc Son Ward, Bao Loc, Lam Dong
Operational Address	:	3A Loc Son Industrial Zone Loc Son Ward, Bao Loc, Lam Dong
Issuing Authority	:	Dept. of Planning & Investment - Lam Dong
License Number	:	4203000056
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	:	16 Aug, 2005
Employees	:	320
Capital	:	US$ 6,020,000,000
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	:	Chairman
Name	:	Mr. Thanh Duc Huynh
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Thanh Duc Huynh	Vietnamese	Managing Director	-
2	Mr. Tuan Quang Pham	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03882166
Name	:	Mr. Thanh Duc Huynh
Date of Birth	:	1967

Management Details - 2

Personal Unique Identifier	:	MI03882168
Name	:	Mr. Tuan Quang Pham
Date of Birth	:	1969

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03882166
Name	:	Mr. Thanh Duc Huynh
Date of Birth	:	1967

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing DONG LAM SILK 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: USD - US Dollar)

Authorized Capital

:

$ 6,020,000,000

SHAREHOLDERS

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

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	Mr. Thanh Duc Huynh	Vietnam	n/a	n/a	56.12
2	Mr. Phuong Duc Huynh	Vietnam	n/a	n/a	23.26
3	Undisclosed Shareholders	Vietnam	n/a	n/a	10.00
4	Mr. Toan Ngoc Nguyen	Vietnam	n/a	n/a	3.59
5	Mr. Hong Nguyet Thi Lam	Vietnam	n/a	n/a	3.00
6	Mr. Yen Hai Thi Hoang	Vietnam	n/a	n/a	1.66
7	Mr. Huong Thuy Cao Nguyen	Vietnam	n/a	n/a	1.36
8	Mr. Ba Thao Nguyen	Vietnam	n/a	n/a	1.01
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

DOMESTIC SALES & PURCHASES
Annual Sales Analysis	Percentage
Domestic Sales	40%
International Sales (Export)	60%

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 - Activity & Markets

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

GROUP STRUCTURE & AFFILIATED COMPANIES

N/A

FINANCIAL INFORMATION

FINANCIAL STATEMENT - DETAILED

Based on the corporate laws of Vietnam, legal entities which are a Joint Stock Company are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

FOREIGN EXCHANGE RATES

N/A

ADDITIONAL INFORMATION

Report Details

Country	:	Vietnam
Business Entity Name	:	DONG LAM SILK JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Textiles & Raw Material
Office Contact Details
Operating Address	:	3A Loc Son Industrial Zone Loc Son Ward, Bao Loc, Lam Dong
Tel	:	[+84] 63-3868050
Fax	:	[+84] 63-3868041
Email	:	donglamsilk@gmail.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	:	5800459514
Date of Issuance	:	26 Aug, 2005

Primary Products

Products / Materials / Services Description	Activity
Silk	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY
Product/Service Description	Code	Activity
Fabricated textile products, nspf	2399	Manufacturing, Exporting
Finish Man Fiber/Silk Fabric	2262	Manufacturing, Exporting
Textile goods, nspf	2299	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Product/Service Description	Code	Activity
Silk, inc. yarns & woven fabrics thereof	5000	Manufacturing, Exporting
Textile products etc. for specific tech uses	5911	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of DONG LAM SILK JSC is Manufacturing - Finished products.

Key product include :

Silk

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, DONG LAM SILK JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

OFFICE & FACILITIES

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

Name	:	DONG LAM SILK JSC - BAO LOC, LAM DONG
Primary Use	:	Office & Administration facilities
Building Size	:	1,900 Square meters
Address	:	3A Loc Son Industrial Zone Loc Son Ward, Bao Loc, Lam Dong
Country	:	Vietnam
Ownership of Property	:	Rented / Leased
Status	:	Operational

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.89
UK Pound	1	Rs.99.71
Euro	1	Rs.70.63

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.