MIRA INFORM REPORT

Report No. :	320998
Report Date :	22.05.2015

IDENTIFICATION DETAILS

Name :	DAKLAK RUBBER ONE MEMBER CO LTD

Registered Office :	30 Nguyen Chi Thanh St Tan An Ward, Buon Me Thuot, Dak Lak

Country :	Vietnam

Financials (as on) :	31.12.2013

Date of Incorporation :	28.11.2011

Legal Form :	Company Limited

Line of Business :	Manufacturer of Rubber & Products

No. of Employees :	3,500

RATING & COMMENTS

MIRA’s Rating :

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

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	:	DAKLAK RUBBER ONE MEMBER CO LTD ⁽¹⁾
Address	:	30 Nguyen Chi Thanh St Tan An Ward, Buon Me Thuot, Dak Lak
Country	:	Vietnam
Phone (S)	:	[+84] 500-3865303
Facsimile	:	[+84] 500-3865041
Email	:	caosu@dakruco.com
Website	:	http://www.dakruco.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Rubber & Products

Key Facts

Registered Legal Address

30 Nguyen Chi Thanh St Tan An Ward, Buon Me Thuot, Dak Lak

Operational Address

30 Nguyen Chi Thanh St Tan An Ward, Buon Me Thuot, Dak Lak

Trading Name

DAKLAK RUBBER CO LTD

Issuing Authority

Dept. of Planning & Investment - Dak Lak

License Number

6000175829

License Status

License exists - Normal.

Legal Form - Category

Government-owned Enterprise

Legal Form

Company Limited

Legal Form - Abbreviation

CO LTD

Operational Status of Business

Normal

Date of Registration

28 Nov, 2011

Employees

3,500

Capital

US$ 31,286,211

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
4 Oct, 1994	101165
6 Mar, 2009	4006000030

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

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Nguyen Huy Hung	Vietnamese	Chief Accountant	-
2	Mr. Van Duc Lu	Vietnamese	Director General	-
3	Mr. Bui Quang Ninh	Vietnamese	Vice Director	-

Management Details - 1

Personal Unique Identifier	:	MI03854622
Name	:	Mr. Nguyen Huy Hung
Date of Birth	:	1977

Management Details - 2

Personal Unique Identifier	:	MI03854619
Name	:	Mr. Van Duc Lu
Date of Birth	:	1955

Management Details - 3

Personal Unique Identifier	:	MI03854621
Name	:	Mr. Bui Quang Ninh
Date of Birth	:	1968

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03854619
Name	:	Mr. Van Duc Lu
Date of Birth	:	1955

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing DAKLAK RUBBER ONE MEMBER 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	:	₫ 675,000,000,000
Paid-up Capital	:	₫ 675,000,000,000

SHAREHOLDERS

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

Currency: VND - Vietnam Dong

No.	Shareholders	Country	Shares
No.	Shareholders	Country	Number	Amount (VND)	%
1	GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIETNAM	Vietnam	n/a	675,000,000,000	100.00
Total			n/a	675,000,000,000	100.00

PAYMENT INFORMATION

International Trade - Statistics (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2013	n/a	21,152,437	21,152,437

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	30%
International Sales (Export)	70%

Annual Purchases Analysis	Percentage
Local Purchases	90%
Imports	10%

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

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

Financials - Summary (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2013 Annual (*)	30,217,767	114,672,642	4,026,633

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(*)	204,047,000,000
Non Current Assets(*)	2,214,180,000,000
Non Current Liabilities(*)	734,788,000,000
Share Capital(*)	675,083,000,000
Other long term assets
Total Assets(*)	2,418,227,000,000
Total Liabilities(*)	1,295,071,000,000
Current Liabilities(*)	560,283,000,000
Long term liabilities
Shareholders Funds(*)	1,123,156,000,000

Current assets & short term investments	204,047,000,000
Cash & cash equivalents	32,956,000,000
Cash	32,956,000,000
Short term investments	952,000,000
Short term securities investments	952,000,000
Accounts receivable	57,775,000,000
Accounts receivable trade	42,622,000,000
Trade prepayment	12,882,000,000
Others receivables	2,271,000,000
I. Inventories	110,704,000,000
II. Inventories	111,540,000,000
Provision for decline in inventory	(836,000,000)
I. Other short term asset	1,660,000,000
Prepaid expenses	54,000,000
Other tax receivables	481,000,000
II. Other short term asset	1,125,000,000
Long term assets	2,214,180,000,000
Accounts of long term receivable	570,217,000,000
Accounts long term receivable trade	570,217,000,000
Fixed assets	633,756,000,000
Tangible fixed assets	336,543,000,000
I. Cost	636,052,000,000
I. Accumulated depreciation	299,509,000,000
Intangible fixed assets	12,160,000,000
II. Cost	12,953,000,000
II. Accumulated depreciation	793,000,000
Construction in progress	285,053,000,000
Investment immovable property	20,214,000,000
III. Cost	20,214,000,000
Long term investments	930,177,000,000
Invest to subsidiary company	719,246,000,000
Invest to joint venture company	105,791,000,000
Other long term investments	161,238,000,000
Provision for long term investments	(56,098,000,000)
Other long term assets	59,816,000,000
Long term prepayments	58,931,000,000
Asset of income tax delay	885,000,000
Total assets	2,418,227,000,000
Liabilities	1,295,071,000,000
Current liabilities	560,283,000,000
Short term borrowings	317,187,000,000
Accounts payables-trade	24,153,000,000
Advances from customers	12,045,000,000
Taxes and payable to state budget	29,914,000,000
Payable to employees	84,004,000,000
Accrued expenses payable	7,096,000,000
Other payables	25,778,000,000
Bonus and welfare funds	60,106,000,000
Long term liabilities	734,788,000,000
Long term other payables	403,000,000
Long term borrowings	734,385,000,000
I. Owner's equity	1,123,156,000,000
II. Owner's equity	1,123,156,000,000
Business capital	675,083,000,000
Business development funds	399,368,000,000
Capital investment sources	31,019,000,000
Restructure funds	17,686,000,000
Total resources	2,418,227,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2013 Annual
Turnover(*)	637,235,000,000
Profit (Loss) Before Tax(*)	100,141,000,000
Profit After Tax attributable to Shareholders(*)	84,914,000,000

Gross sales	637,235,000,000
Less deductions	535,000,000
Net income	636,700,000,000
Cost of goods sold	531,588,000,000
Gross margin	105,112,000,000
Income from financial activities	57,297,000,000
Expenses from financial activities	57,080,000,000
In which: Interest expenses	47,424,000,000
Selling expenses	15,621,000,000
General & administration expenses	27,225,000,000
Net income from operating activities	62,483,000,000
Extraordinary income	42,849,000,000
Extraordinary expenses	5,191,000,000
Extraordinary gains	37,658,000,000
Net profit before tax	100,141,000,000
Income tax	15,227,000,000
Net profit after tax	84,914,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2013 Annual
Profitability
Profit Margin (%)	13.33
Return on Equity (%)	7.56
Return on Assets (%)	3.51
Leverage
Total Debt Equity (Times)	1.15
Current Debt Equity (Times)	0.50
Long Term Debt to Equity	0.65
Total Asset To Total Equity	2.15
Asset Management
Total Assets Turnover (Times)	0.26
Fixed Assets Turnover (Times)	0.29
Liquidity
Current Ratio	0.36

Based on the corporate laws of Vietnam, legal entities which are a Government-owned Enterprise 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

0.000046 USD
United States Dollars

ADDITIONAL INFORMATION

Report Details

Country	:	Vietnam
Business Entity Name	:	DAKLAK RUBBER ONE MEMBER CO LTD
Acronym	:	DAKRUCO
Primary Business Activity	:	Manufacturer
Primary Industry	:	Rubber & Products
Office Contact Details
Operating Address	:	30 Nguyen Chi Thanh St Tan An Ward, Buon Me Thuot, Dak Lak
Tel	:	[+84] 500-3865303
	:	[+84] 500-3865015
Fax	:	[+84] 500-3865041
Email	:	caosu@dakruco.com
Website Details
Website	:	http://www.dakruco.com
Status	:	Normal - operational
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	:	6000175829
Date of Issuance	:	10 Oct, 1998

Primary Products

Products / Materials / Services Description	Activity
Synthetic rubber	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fabricated rubber products, nspf	3069	Manufacturing, Exporting
Rubber & Misc. Plastics	3000	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

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

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of DAKLAK RUBBER ONE MEMBER CO LTD is Manufacturing - Finished products.

Key product include :

Synthetic rubber

A
An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, DAKLAK RUBBER ONE MEMBER CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	ASIA COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0075118
Branch	:	District 3,Ho Chi Minh
Branch Address	:	DAC LAC
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 - BUON ME THUOT, DAC LAC
SWIFT Code	:	BIDVVNVX

Bank Name	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE
Global Identifier	:	32404058
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	DAC LAC
SWIFT Code	:	ICBVVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Exporting
North America	Medium	Exporting
China	Medium	Importing
France	Medium	Exporting
Japan	Medium	Importing
Malaysia	Medium	Exporting
USA	Medium	Exporting
United Kingdom	Medium	Exporting

COMPETITORS

The following is a representative list of local competitors:

Business Entity Name	Global Identifier
BA RIA RUBBER CO	P0072352
DONG NAI RUBBER CORP	32402025
PHU RIENG RUBBER CO LTD	32405719
THONG NHAT RUBBER CO	32407831

OFFICE & FACILITIES

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

Name	:	DAKLAK RUBBER ONE MEMBER CO LTD - BUON ME THUOT, DAK LAK
Primary Use	:	Office & Administration facilities
Address	:	30 Nguyen Chi Thanh St Tan An Ward, Buon Me Thuot, Dak Lak
Country	:	Vietnam
Status	:	Operational

QUALITY ACCREDITATION

Quality Accreditation Listings

#	Name	Accreditation Category
1	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9001:2008

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.70
UK Pound	1	Rs.98.92
Euro	1	Rs.70.67

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	VNT

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.