IRA INFORM REPORT

Report No. :	311643
Report Date :	30.03.2015

IDENTIFICATION DETAILS

Name :	NGHE AN MINERAL JSC
Registered Office :	2 Le Hong Phong St Hung Binh Ward, Vinh, Nghe An
Country :	Vietnam
Financials (as on) :	2013
Date of Incorporation :	29.04.2010
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Minerals and Mining.
No. of Employees :	210

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 – 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

Company Details
Organization Name	:	NGHE AN MINERAL JSC
Address	:	2 Le Hong Phong St Hung Binh Ward, Vinh, Nghe An
Country	:	Vietnam
Phone (S)	:	[+84] 38-3563130
Facsimile	:	[+84] 38-3845808
Email	:	hoangthuy.namco@gmail.com
Website	:	http://www.namco.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Minerals / Mining

Key Facts
Registered Legal Address	:	2 Le Hong Phong St Hung Binh Ward, Vinh, Nghe An
Operational Address	:	2 Le Hong Phong St Hung Binh Ward, Vinh, Nghe An
Trading Name	:	NAMCO
Issuing Authority	:	Dept. of Planning & Investment - Nghe An
License Number	:	2900324579
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	:	29 Apr, 2010
Employees	:	210

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Truong Sy Ba
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Ho Thi Thu Ha	Vietnamese	Managing Director	-
2	Mr. Dang Tien Thanh	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03837565
Name	:	Ms. Ho Thi Thu Ha
Date of Birth	:	1974

Management Details - 2

Personal Unique Identifier	:	MI03837589
Name	:	Mr. Dang Tien Thanh
Date of Birth	:	1982

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03837587
Name	:	Mr. Truong Sy Ba
Date of Birth	:	1967
2
Personal Unique Identifier	:	MI03837565
Name	:	Ms. Ho Thi Thu Ha
Date of Birth	:	1974

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing NGHE AN MINERAL 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

:

US$ 2,040,412

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 42,816,000,000

SHAREHOLDERS

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

No.	Shareholders	Country	Shares
			Number	Amount	%
1	TAN LONG CHEMICAL INDUSTRY JSC	Vietnam	n/a	n/a	58.00
2	AGRIMEX NGHE AN JSC	Vietnam	n/a	n/a	27.00
3	Undisclosed Shareholders	n/a	n/a	n/a	15.00
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

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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	50%
International Sales (Export)	50%

Annual Purchases Analysis	Percentage
Local Purchases	100%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Export	Letter of Credit (At-sight) Documents against Acceptance (D/A)

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Exporting
Europe	Medium	Exporting
North America	Medium	Exporting
USA	Medium	Exporting

GROUP STRUCTURE & AFFILIATED COMPANIES

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	TAN LONG CHEMICAL INDUSTRY JSC
Global Identifier	:	P1117118
Legal Form Category	:	Joint Stock Company
Country	:	Vietnam
Operational Address	:	Rm 1012 Block 01 My Phuoc Bldg Binh Tan Dist Ho Chi Minh
Primary Business Activity	:	Trader

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	19,864,622	11,994,578	130,614
2013 Annual (*)	25,756,055	13,763,693	419,289

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	2012 Annual	2013 Annual
Current Assets(*)	167,205,000,000	199,340,000,000
Non Current Assets(*)	82,578,000,000	90,910,000,000
Non Current Liabilities(*)	31,929,000,000	21,368,000,000
Share Capital(*)	42,816,000,000	42,816,000,000
Other long term assets
Total Assets(*)	249,783,000,000	290,250,000,000
Total Liabilities(*)	197,022,000,000	231,367,000,000
Current Liabilities(*)	165,093,000,000	209,999,000,000
Long term liabilities
Shareholders Funds(*)	52,761,000,000	58,883,000,000
Current assets & short term investments	167,205,000,000	199,340,000,000
Cash & cash equivalents	5,987,000,000	2,853,000,000
Cash	5,987,000,000	2,853,000,000
Short term investments	5,700,000,000	500,000,000
Short term securities investments	5,700,000,000	500,000,000
Accounts receivable	62,487,000,000	105,131,000,000
Accounts receivable trade	20,818,000,000	54,342,000,000
Trade prepayment	14,693,000,000	35,005,000,000
Others receivables	27,385,000,000	17,150,000,000
Provision for bad debts	(409,000,000)	(1,366,000,000)
Inventories	88,406,000,000	86,723,000,000
I. Other short term asset	4,625,000,000	4,133,000,000
Prepaid expenses	236,000,000	133,000,000
VAT deductible	3,189,000,000	2,649,000,000
Other tax receivables	-	63,000,000
II. Other short term asset	1,200,000,000	1,288,000,000
Long term assets	82,578,000,000	90,910,000,000
Fixed assets	66,786,000,000	58,946,000,000
Tangible fixed assets	63,807,000,000	56,637,000,000
Cost	2,488,000,000	2,488,000,000
I. Accumulated depreciation	27,479,000,000	29,967,000,000
Intangible fixed assets	2,209,000,000	2,104,000,000
II. Accumulated depreciation	279,000,000	384,000,000
Construction in progress	770,000,000	205,000,000
Long term investments	12,021,000,000	26,806,000,000
Invest to subsidiary company	4,201,000,000	18,986,000,000
Other long term investments	7,820,000,000	7,820,000,000
I. Other long term assets	3,771,000,000	5,158,000,000
Long term prepayments	3,376,000,000	4,757,000,000
II. Other long term assets	395,000,000	401,000,000
Total assets	249,783,000,000	290,250,000,000
Liabilities	197,022,000,000	231,367,000,000
Current liabilities	165,093,000,000	209,999,000,000
Short term borrowings	77,817,000,000	117,240,000,000
Accounts payables-trade	35,505,000,000	37,461,000,000
Advances from customers	38,053,000,000	38,446,000,000
Taxes and payable to state budget	6,525,000,000	6,560,000,000
Payable to employees	817,000,000	1,040,000,000
Accrued expenses payable	927,000,000	634,000,000
Other payables	5,407,000,000	8,588,000,000
Bonus and welfare funds	42,000,000	30,000,000
Long term liabilities	31,929,000,000	21,368,000,000
Long term other payables	310,000,000	290,000,000
Long term borrowings	31,619,000,000	21,078,000,000
Owner's equity	52,761,000,000	58,883,000,000
Business capital	42,816,000,000	42,816,000,000
Other owner's equity	1,000,000	1,000,000
Business development funds	6,391,000,000	6,391,000,000
Financial reserved funds	833,000,000	833,000,000
Retained earnings	2,720,000,000	8,842,000,000
Total resources	249,783,000,000	290,250,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual
Turnover(*)	413,674,000,000	543,146,000,000
Profit (Loss) Before Tax(*)	3,401,000,000	11,789,000,000
Profit After Tax attributable to Shareholders(*)	2,720,000,000	8,842,000,000
Gross sales	413,674,000,000	543,146,000,000
Less deductions	13,447,000,000	10,528,000,000
Net income	400,227,000,000	532,618,000,000
Cost of goods sold	367,318,000,000	488,918,000,000
Gross margin	32,909,000,000	43,700,000,000
Income from financial activities	1,147,000,000	513,000,000
Expenses from financial activities	15,420,000,000	16,485,000,000
In which: Interest expenses	15,156,000,000	16,336,000,000
Selling expenses	32,647,000,000	29,313,000,000
General & administration expenses	5,791,000,000	7,883,000,000
Net income from operating activities	(19,802,000,000)	(9,468,000,000)
Extraordinary income	23,241,000,000	26,411,000,000
Extraordinary expenses	38,000,000	5,154,000,000
Extraordinary gains	23,203,000,000	21,257,000,000
Net profit before tax	3,401,000,000	11,789,000,000
Income tax	681,000,000	2,947,000,000
Net profit after tax	2,720,000,000	8,842,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	31.30
Profitability
Profit Margin (%)	0.66	1.63
Return on Equity (%)	5.16	15.02
Return on Assets (%)	1.09	3.05
Leverage
Total Debt Equity (Times)	3.73	3.93
Current Debt Equity (Times)	3.13	3.57
Long Term Debt to Equity	0.61	0.36
Total Asset To Total Equity	4.73	4.93
Asset Management
Total Assets Turnover (Times)	1.66	1.87
Fixed Assets Turnover (Times)	5.01	5.97
Liquidity
Current Ratio	1.01	0.95

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. Although basic financials were obtained for reference.

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Report Details

Country	:	Vietnam
Business Entity Name	:	NGHE AN MINERAL JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Minerals / Mining
Office Contact Details
Operating Address	:	2 Le Hong Phong St Hung Binh Ward, Vinh, Nghe An
Tel	:	[+84] 38-3563130
	:	[+84] 38-3599684
Fax	:	[+84] 38-3845808
Email	:	hoangthuy.namco@gmail.com
Website Details
Website	:	http://www.namco.vn
Status	:	Registered but not operational
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	:	2900324579

Primary Products

Products / Materials / Services Description	Activity
Crushed limestone	Manufacturing, Exporting
Limestone	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Crushed, broken limestone	1422	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Limestone, crushed or broken	2517100010	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of NGHE AN MINERAL JSC is Manufacturing - Finished products.

Key products include :

Crushed limestone

Limestone

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, NGHE AN MINERAL JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

OFFICE & FACILITIES

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

Name	:	NGHE AN MINERAL JSC - VINH, NGHE AN
Primary Use	:	Office & Administration facilities
Address	:	2 Le Hong Phong St Hung Binh Ward, Vinh, Nghe An
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
1 May, 1993	1141/QD - UB
4 Nov, 1994	1548/QD - UB
31 Jan, 2005	441/QD

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.61
UK Pound	1	Rs.92.95
Euro	1	Rs.68.15

INFORMATION DETAILS

Analysis Done by :	DIV
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%)