MIRA INFORM REPORT

Report No. :	327301
Report Date :	16.06.2015

IDENTIFICATION DETAILS

Name :	GLOBAL DYEING CO LTD ^(1)
Registered Office :	Long Thanh Industrial Zone Rd 1, Long Thanh, Bien Hoa, Dong Nai
Country :	Vietnam
Financials (as on) :	2014
Date of Incorporation :	08.01.2008
Legal Form :	Private Company With Limited Liability
Line of Business :	Trader of Textiles & Raw Materials
No. of Employees :	900

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 :	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 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	:	GLOBAL DYEING CO LTD ^(1)
Address	:	Long Thanh Industrial Zone Rd 1, Long Thanh, Bien Hoa, Dong Nai
Country	:	Vietnam
Phone (S)	:	[+84] 61-3514050
Facsimile	:	[+84] 61-3514051
Email	:	kylee@globaldyeing.com
Primary Business Activity	:	Trader
Key Industry	:	Textiles & Raw Material

Key Facts

Registered Legal Address

:

Long Thanh Industrial Zone Rd 1, Long Thanh, Bien Hoa, Dong Nai

Operational Address

:

Long Thanh Industrial Zone Rd 1, Long Thanh, Bien Hoa, Dong Nai

Issuing Authority

:

Dept. of Planning & Investment - Bien Hoa

License Number

:

472043000369

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

:

8 Jan, 2008

Employees

:

900

Capital

:

US$ 64,500,000

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
2 Aug, 2004	309/GP-KCN-DN

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. Yong-Bo Kim
Nationality	:	Korean

COMPANY MANAGEMENT
Management Listings
	Name	Nationality	Job Description	Dept. / Division
1	Ms. Pham Thi Bich Lien	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03857391
Name	:	Ms. Pham Thi Bich Lien
Date of Birth	:	1976

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03857389
Name	:	Mr. Yong-Bo Kim

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing GLOBAL DYEING 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: USD - US Dollar)

Authorized Capital

:

$ 64,500,000

SHAREHOLDERS

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

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	HANSOLL TEXTILE CO LTD	Korea, South (Republic of Korea)	n/a	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

Sales Trend – Analysis

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

DOMESTIC SALES & PURCHASES
Annual Sales Analysis	Percentage
Domestic Sales	10%
International Sales (Export)	90%

Annual Purchases Analysis	Percentage
Local Purchases	20%
Imports	80%

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
Cambodia	Medium	Exporting
Indonesia	Medium	Exporting
Korea, South (Republic of Korea)	Medium	Importing, Exporting

GROUP STRUCTURE & AFFILIATED COMPANIES

DIRECT / INDIRECT CORPORATE PARENT DETAILS
Direct Parent	:	HANSOLL TEXTILE CO LTD
Global Identifier	:	P1093182
Legal Form Category	:	Private Company with Limited Liability
Country	:	Korea, South (Republic of Korea)
Operational Address	:	98-4 Garakbon-dong Songpa-gu Seoul 138717
Primary Business Activity	:	Trader

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	104,107,726	78,033,831	-2,577,281
2013 Annual	129,632,982	73,593,104	-7,889,287
2014 Annual	149,000,880	75,904,955	928,697

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Current Assets(*)	893,085,000,000	764,988,000,000	756,288,000,000
Non Current Assets(*)	731,943,000,000	786,950,000,000	848,616,000,000
Non Current Liabilities(*)	53,356,000,000	46,365,000,000	25,027,000,000
Share Capital(*)	813,195,000,000	911,794,000,000	974,902,000,000
Other long term assets
Total Assets(*)	1,625,028,000,000	1,551,938,000,000	1,604,904,000,000
Total Liabilities(*)	801,421,000,000	796,102,000,000	766,325,000,000
Current Liabilities(*)	748,065,000,000	749,737,000,000	741,298,000,000
Long term liabilities
Shareholders Funds(*)	823,607,000,000	755,836,000,000	838,579,000,000
Current Assets & Short Term Investments	737,014,000,000	653,252,000,000	680,086,000,000
Cash & Cash Equivalents	13,614,000,000	39,140,000,000	73,368,000,000
Cash	13,614,000,000	39,140,000,000	73,368,000,000
Accounts Receivable	74,993,000,000	109,433,000,000	118,993,000,000
Accounts Receivable Trade	51,504,000,000	58,779,000,000	80,174,000,000
Trade Prepayment	22,952,000,000	44,673,000,000	12,582,000,000
Others Receivables	537,000,000	5,981,000,000	26,237,000,000
Inventories	623,953,000,000	468,902,000,000	436,592,000,000
i. Other Short Term Asset	24,454,000,000	35,777,000,000	51,133,000,000
Prepaid Expenses	1,640,000,000	1,189,000,000	808,000,000
Vat Deductible	22,338,000,000	34,216,000,000	50,005,000,000
ii. Other Short Term Asset	476,000,000	372,000,000	320,000,000
Long Term Assets	888,014,000,000	898,686,000,000	924,818,000,000
Fixed Assets	731,943,000,000	786,950,000,000	848,616,000,000
Tangible Fixed Assets	625,104,000,000	659,224,000,000	757,021,000,000
i. Cost	794,245,000,000	869,788,000,000	1,020,197,000,000
i. Accumulated Depreciation	169,141,000,000	210,564,000,000	263,176,000,000
Finance Lease Assets	49,060,000,000	49,089,000,000	45,040,000,000
ii. Cost	52,883,000,000	56,437,000,000	56,672,000,000
ii. Accumulated Depreciation	3,823,000,000	7,348,000,000	11,632,000,000
Intangible Fixed Assets	33,358,000,000	48,786,000,000	46,555,000,000
iii. Cost	40,499,000,000	60,036,000,000	59,786,000,000
iii. Accumulated Depreciation	7,141,000,000	11,250,000,000	13,231,000,000
Construction In Progress	24,421,000,000	29,851,000,000	-
i. Other Long Term Assets	156,071,000,000	111,736,000,000	76,202,000,000
Long Term Prepayments	155,821,000,000	111,486,000,000	76,202,000,000
ii. Other Long Term Assets	250,000,000	250,000,000	-
Total Assets	1,625,028,000,000	1,551,938,000,000	1,604,904,000,000
Liabilities	801,421,000,000	796,102,000,000	766,325,000,000
Current Liabilities	748,065,000,000	749,737,000,000	741,298,000,000
Short Term Borrowings	455,035,000,000	548,575,000,000	567,022,000,000
Accounts Payables-Trade	287,249,000,000	167,064,000,000	159,092,000,000
Advances From Customers	1,502,000,000	-	164,000,000
Taxes And Payable To State Budget	3,831,000,000	1,550,000,000	2,320,000,000
Payable To Employees	-	5,201,000,000	5,468,000,000
Other Payables	448,000,000	27,347,000,000	7,232,000,000
Long Term Liabilities	53,356,000,000	46,365,000,000	25,027,000,000
Accounts Long Term Payables-Trade	107,000,000	-	-
Long Term Other Payables	-	106,000,000	107,000,000
Long Term Borrowings	53,249,000,000	46,259,000,000	24,920,000,000
Owner's Equity	823,607,000,000	755,836,000,000	838,579,000,000
Business Capital	813,195,000,000	911,794,000,000	974,902,000,000
Retained Earnings	10,412,000,000	(155,958,000,000)	(136,323,000,000)
Total Resources	1,625,028,000,000	1,551,938,000,000	1,604,904,000,000

Note: (*)

Financial Highlights

INCOME STATEMENT

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Turnover(*)	2,168,008,000,000	2,733,712,000,000	3,150,415,000,000
Profit (Loss) Before Tax(*)	(53,671,000,000)	(166,370,000,000)	19,636,000,000
Profit After Tax attributable to Shareholders(*)	(53,671,000,000)	(166,370,000,000)	19,636,000,000
Gross Sales	2,168,008,000,000	2,733,712,000,000	3,150,415,000,000
Net Income	2,168,008,000,000	2,733,712,000,000	3,150,415,000,000
Cost Of Goods Sold	2,045,999,000,000	2,753,563,000,000	2,970,566,000,000
Gross Margin	122,009,000,000	(19,851,000,000)	179,849,000,000
Income From Financial Activities	2,152,000,000	5,849,000,000	6,427,000,000
Expenses From Financial Activities	13,451,000,000	30,167,000,000	32,171,000,000
In Which: Interest Expenses	12,504,000,000	22,199,000,000	22,934,000,000
Selling Expenses	61,669,000,000	45,972,000,000	52,095,000,000
General & Administration Expenses	82,696,000,000	80,263,000,000	89,987,000,000
Net Income From Operating Activities	(33,655,000,000)	(170,404,000,000)	12,023,000,000
Extraordinary Income	2,665,000,000	21,072,000,000	25,792,000,000
Extraordinary Expenses	22,681,000,000	17,038,000,000	18,179,000,000
Extraordinary Gains	(20,016,000,000)	4,033,000,000	7,613,000,000
Net Profit Before Tax	(53,671,000,000)	(166,370,000,000)	19,636,000,000
Net Profit After Tax	(53,671,000,000)	(166,370,000,000)	19,636,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Growth %
Year-on-Year Growth	-	26.09	15.24
Profitability
Profit Margin (%)	(2.48)	(6.09)	0.62
Return on Equity (%)	(6.52)	(22.01)	2.34
Return on Assets (%)	(3.30)	(10.72)	1.22
Leverage
Total Debt Equity (Times)	0.97	1.05	0.91
Current Debt Equity (Times)	0.91	0.99	0.88
Long Term Debt to Equity	0.06	0.06	0.03
Total Asset To Total Equity	1.97	2.05	1.91
Asset Management
Total Assets Turnover (Times)	1.33	1.76	1.96
Fixed Assets Turnover (Times)	2.96	3.47	3.71
Liquidity
Current Ratio	1.19	1.02	1.02

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	:	GLOBAL DYEING CO LTD
Primary Business Activity	:	Trader
Primary Industry	:	Textiles & Raw Material
Office Contact Details
Operating Address	:	Long Thanh Industrial Zone Rd 1, Long Thanh, Bien Hoa, Dong Nai
Tel	:	[+84] 61-3514050
Fax	:	[+84] 61-3514051
Email	:	kylee@globaldyeing.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	:	3600690618
Date of Issuance	:	8 Sep, 2004

Primary Products

Products / Materials / Services Description	Activity
Cotton fabrics	Trading
Fibers	Trading
Wool	Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY
Product/Service Description	Code	Activity
Business Services	7300	Service
Fabricated textile products, nspf	2399	Trading
Textile goods, nspf	2299	Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Product/Service Description	Code	Activity
Business services, health, financial/insur. legal/real estate, hotels, and misc repairs	9900	Service
Cotton, inc. yarns & woven fabrics thereof	5200	Trading
Textile products etc. for specific tech uses	5911	Trading
Wool or other animal hair or other textile material	6703006000	Trading
Wool, not carded or combed	5101	Trading

	DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Products / Materials / Services Description		Ranking	Activity
Dyeing		Secondary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of GLOBAL DYEING CO LTD is Trading - Finished products.

Key products include :

Cotton fabrics

Fibers

Wool

Supplementary Business

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

Exporting

Exporting - Finished products

Importing

Importing - Finished products

Service

Specialized professional services

BANK DETAILS
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	:	SHINHAN VIETNAM BANK LTD
Global Identifier	:	P1885646
SWIFT Code	:	This bank does not have a SWIFT Code

OFFICE & FACILITIES
The following information relates to the Business Entity's office as listed above:
Name	:	GLOBAL DYEING CO LTD - LONG THANH, BIEN HOA
Primary Use	:	Office & Administration facilities
Address	:	Long Thanh Industrial Zone Rd 1, Long Thanh, Bien Hoa, Dong Nai
Country	:	Vietnam
Status	:	Operational

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.09
UK Pound	1	Rs.99.57
Euro	1	Rs.71.84

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ASH

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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