MIRA INFORM REPORT

Report No. :	321275
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	THANH NAM GROUP JSC ⁽¹⁾

Registered Office :	3Fl FLC Landmark Tower Bldg My Dinh Ward, Nam Tu Liem, Hanoi

Country :	Vietnam

Financials (as on) :	2013

Date of Incorporation :	01.11.2010

Legal Form :	Joint Stock Company

Line of Business :	Trader of Metals & Metal Products.

No. of Employees :	20

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 :	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

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	:	THANH NAM GROUP JSC ⁽¹⁾
Address	:	3Fl FLC Landmark Tower Bldg My Dinh Ward, Nam Tu Liem, Hanoi
Country	:	Vietnam
Phone (S)	:	[+84] 4-37871397
Facsimile	:	[+84] 4-37871395
Email	:	thanhnamcom@vnn.vn
Website	:	http://www.thanhnamgroup.com
Primary Business Activity	:	Trader
Key Industry	:	Metals & Metal Products

Key Facts

Registered Legal Address

3Fl FLC Landmark Tower Bldg My Dinh Ward, Nam Tu Liem, Hanoi

Operational Address

3Fl FLC Landmark Tower Bldg My Dinh Ward, Nam Tu Liem, Hanoi

Trading Name

THANH NAM GROUP

Name History

Business Entity Name	Effective Date
THANH NAM IMPORT EXPORT CO LTD	14 Jul, 2004
THANH NAM IMPORT EXPORT JSC	17 Jul, 2009
THANH NAM GROUP JSC	1 Nov, 2010

Issuing Authority

Dept. of Planning & Investment - Hanoi

License Number

0101515686

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

1 Nov, 2010

Employees

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
15 Jul, 2004	0102013342
17 Jul, 2009	0103039166

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	:	Ms. Vu Thi Thu Huong
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Do Thi Thanh Huong	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI02531821
Name	:	Ms. Do Thi Thanh Huong
Date of Birth	:	1978

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03853891
Name	:	Ms. Vu Thi Thu Huong
Date of Birth	:	1981

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing THANH NAM GROUP 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$ 9,269,988

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

₫ 200,000,000,000

Date

Authorized Capital - History

15 Jul, 2004

70,000,000,000

2014

200,000,000,000

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

No.	Shareholders	Country	Shares
No.	Shareholders	Country	Number	Amount	%
1	UNDISCLOSED SHAREHOLDERS	n/a	n/a	n/a	82.50
2	Mr. Nguyen Hung Cuong	Vietnam	n/a	n/a	17.50
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
-	-	-	-	-	-	-	-

Note: (*)

Financials listed are the most recent available for this company.

DOMESTIC SALES & PURCHASES
Annual Sales Analysis		Percentage
Domestic Sales		70%
International Sales (Export)		30%
Annual Purchases Analysis	Percentage
Local Purchases	80%
Imports	20%

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 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 - Secured with Post-dated checks 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

LOCAL BRANCHES & MANAGEMENT

Branch	:	THANH NAM GROUP JSC - DISTRICT 7, HO CHI MINH
Branch Address	:	Rm J8-6 Sky Garden 1 Phu My Hung Urban, District 7, Ho Chi Minh
License Status	:	License exists - Normal.

FINANCIAL INFORMATION

Financials - Summary (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2011 Annual	66,399,616	29,779,117	272,684
2012 Annual	65,490,049	29,178,580	153,232
2013 Annual (*)	60,845,672	24,935,023	90,051

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2009 Annual	25,600,546	12,028,076	1,033,183

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Current Assets(*)	547,378,000,000	498,533,000,000	460,329,000,000
Non Current Assets(*)	72,921,000,000	109,101,000,000	65,503,000,000
Non Current Liabilities(*)	5,420,000,000	1,217,000,000	600,000,000
Share Capital(*)	70,000,000,000	100,000,000,000	100,000,000,000
Other long term assets
Total Assets(*)	620,299,000,000	607,634,000,000	525,832,000,000
Total Liabilities(*)	542,953,000,000	492,168,000,000	421,213,000,000
Current Liabilities(*)	537,533,000,000	490,951,000,000	420,613,000,000
Long term liabilities
Shareholders Funds(*)	77,346,000,000	115,466,000,000	104,619,000,000
Current Assets & Short Term Investments	547,378,000,000	498,533,000,000	460,329,000,000
Cash & Cash Equivalents	49,966,000,000	37,962,000,000	29,720,000,000
Cash	1,957,000,000	4,604,000,000	1,235,000,000
Cash Equivalents	48,009,000,000	33,358,000,000	28,485,000,000
Short Term Investments	3,970,000,000	-	-
Short Term Securities Investments	3,970,000,000	-	-
Accounts Receivable	277,764,000,000	273,822,000,000	267,383,000,000
Accounts Receivable Trade	109,170,000,000	135,456,000,000	44,864,000,000
Trade Prepayment	4,653,000,000	7,259,000,000	30,823,000,000
Others Receivables	163,941,000,000	131,107,000,000	191,696,000,000
Inventories	171,583,000,000	166,528,000,000	159,822,000,000
i. Other Short Term Asset	44,095,000,000	20,221,000,000	3,404,000,000
Prepaid Expenses	159,000,000	73,000,000	28,000,000
Vat Deductible	2,806,000,000	2,393,000,000	45,000,000
Other Tax Receivables	1,461,000,000	1,461,000,000	460,000,000
ii. Other Short Term Asset	39,669,000,000	16,294,000,000	2,871,000,000
Long Term Assets	72,921,000,000	109,101,000,000	65,503,000,000
Fixed Assets	16,381,000,000	53,485,000,000	9,772,000,000
Tangible Fixed Assets	12,057,000,000	51,556,000,000	8,771,000,000
i. Cost	15,494,000,000	56,319,000,000	14,882,000,000
i. Accumulated Depreciation	3,437,000,000	4,763,000,000	6,111,000,000
Intangible Fixed Assets	205,000,000	166,000,000	127,000,000
ii. Cost	240,000,000	240,000,000	240,000,000
ii. Accumulated Depreciation	35,000,000	74,000,000	113,000,000
Construction In Progress	4,119,000,000	1,763,000,000	874,000,000
Long Term Investments	55,517,000,000	55,010,000,000	55,310,000,000
Invest To Subsidiary Company	55,010,000,000	55,010,000,000	49,310,000,000
Invest To Joint Venture Company	504,000,000	-	6,000,000,000
Other Long Term Investments	3,000,000	-	-
i. Other Long Term Assets	1,023,000,000	606,000,000	421,000,000
Long Term Prepayments	534,000,000	606,000,000	353,000,000
ii. Other Long Term Assets	489,000,000	-	68,000,000
Total Assets	620,299,000,000	607,634,000,000	525,832,000,000
Liabilities	542,953,000,000	492,168,000,000	421,213,000,000
Current Liabilities	537,533,000,000	490,951,000,000	420,613,000,000
Short Term Borrowings	194,925,000,000	237,944,000,000	255,505,000,000
Accounts Payables-Trade	329,159,000,000	231,080,000,000	144,982,000,000
Advances From Customers	11,204,000,000	19,905,000,000	7,001,000,000
Taxes And Payable To State Budget	404,000,000	223,000,000	992,000,000
Payable To Employees	422,000,000	410,000,000	568,000,000
Accrued Expenses Payable	52,000,000	-	-
Other Payables	1,367,000,000	1,389,000,000	12,446,000,000
i. Bonus And Welfare Funds	-	-	(881,000,000)
Long Term Liabilities	5,420,000,000	1,217,000,000	600,000,000
Long Term Borrowings	5,420,000,000	1,217,000,000	600,000,000
i. Owner's Equity	77,346,000,000	115,466,000,000	104,619,000,000
ii. Owner's Equity	78,226,000,000	116,346,000,000	104,619,000,000
Business Capital	70,000,000,000	100,000,000,000	100,000,000,000
Share Capital's Surplus	4,000,000,000	4,000,000,000	4,000,000,000
Foreign Exchange Differences	(5,444,000,000)	(515,000,000)	(706,000,000)
Retained Earnings	9,670,000,000	12,861,000,000	1,325,000,000
Budget Sources	(880,000,000)	(880,000,000)	-
ii. Bonus And Welfare Funds	(880,000,000)	(880,000,000)	-
Total Resources	620,299,000,000	607,634,000,000	525,832,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	1,383,104,000,000	1,363,808,000,000	1,283,119,000,000
Profit (Loss) Before Tax(*)	5,680,000,000	3,191,000,000	2,558,000,000
Profit After Tax attributable to Shareholders(*)	5,680,000,000	3,191,000,000	1,899,000,000
Gross Sales	1,383,104,000,000	1,363,808,000,000	1,283,119,000,000
Less Deductions	39,000,000	-	29,000,000
Net Income	1,383,065,000,000	1,363,808,000,000	1,283,090,000,000
Cost Of Goods Sold	1,317,352,000,000	1,320,050,000,000	1,252,836,000,000
Gross Margin	65,713,000,000	43,758,000,000	30,254,000,000
Income From Financial Activities	25,801,000,000	8,899,000,000	11,453,000,000
Expenses From Financial Activities	49,787,000,000	25,713,000,000	34,534,000,000
In Which: Interest Expenses	31,253,000,000	20,878,000,000	24,822,000,000
Selling Expenses	9,042,000,000	7,631,000,000	3,801,000,000
General & Administration Expenses	26,575,000,000	16,547,000,000	10,558,000,000
Net Income From Operating Activities	6,110,000,000	2,766,000,000	(7,186,000,000)
Extraordinary Income	16,467,000,000	8,544,000,000	11,329,000,000
Extraordinary Expenses	16,897,000,000	8,119,000,000	1,585,000,000
Extraordinary Gains	(430,000,000)	425,000,000	9,744,000,000
Net Profit Before Tax	5,680,000,000	3,191,000,000	2,558,000,000
Income Tax	-	-	659,000,000
Net Profit After Tax	5,680,000,000	3,191,000,000	1,899,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	(1.40)	(5.92)
Profitability
Profit Margin (%)	0.41	0.23	0.15
Return on Equity (%)	7.34	2.76	1.82
Return on Assets (%)	0.92	0.53	0.36
Leverage
Total Debt Equity (Times)	7.02	4.26	4.03
Current Debt Equity (Times)	6.95	4.25	4.02
Long Term Debt to Equity	0.07	0.01	0.01
Total Asset To Total Equity	8.02	5.26	5.03
Asset Management
Total Assets Turnover (Times)	2.23	2.24	2.44
Fixed Assets Turnover (Times)	18.97	12.50	19.59
Liquidity
Current Ratio	1.02	1.02	1.09

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	:	THANH NAM GROUP JSC
Primary Business Activity	:	Trader
Primary Industry	:	Metals & Metal Products
Office Contact Details
Operating Address	:	3Fl FLC Landmark Tower Bldg My Dinh Ward, Nam Tu Liem, Hanoi
Tel	:	[+84] 4-37871397
	:	[+84] 4-37871396
Fax	:	[+84] 4-37871395
Email	:	thanhnamcom@vnn.vn thanhnamcom@gmail.com
Website Details
Website	:	http://www.thanhnamgroup.com
Status	:	Normal - operational
Country of Registration	:	Vietnam
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	:	0101515686
Date of Issuance	:	10 Aug, 2004

Primary Products

Products / Materials / Services Description	Activity
Stainless steels	Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fabricated metal products, nspf	3499	Trading
Steel Foundries, NEC	3325	Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Articles of iron or steel	7300	Trading
Cast articles nesoi, of iron or steel	7325	Trading
Stainless steel in ingots etc & semifin products	7218	Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of THANH NAM GROUP JSC is Trading - Finished products.

Key product include :

Stainless steels

Supplementary Business

In addition to the core business, THANH NAM GROUP JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

BANK DETAILS
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 - THANH XUAN, HANOI
SWIFT Code	:	BIDVVNVX

Bank Name	:	VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK
Global Identifier	:	32408999
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	VIETNAM TECHNOLOGICAL
SWIFT Code	:	VTCBVNVX

INTERNATIONAL TRADE - Activity & Markets
Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Bangladesh	Medium	Exporting
China	Medium	Importing
India	Medium	Exporting
Japan	Medium	Importing
Korea, South (Republic of Korea)	Medium	Importing
Malaysia	Medium	Exporting
Pakistan	Medium	Exporting
Taiwan	Medium	Importing

OFFICE & FACILITIES

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

Name	:	THANH NAM GROUP JSC - NAM TU LIEM, HANOI
Primary Use	:	Office & Administration facilities
Address	:	3Fl FLC Landmark Tower Bldg My Dinh Ward, Nam Tu Liem, Hanoi
Country	:	Vietnam
Status	:	Operational

COMPANY HISTORY

Date	Details
2009 - Jul	Changed formation from Liability Company Limited.

PREVIOUS CONTACT DETAILS

Company Address	:	6-BT1A Lane B My Dinh, Tu Liem, Hanoi
Website	:	http://www.stailess.com.vn

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.85
UK Pound	1	Rs.98.38
Euro	1	Rs.69.64

INFORMATION DETAILS

Analysis Done by :	RAS

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%)

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.

MIRA INFORM REPORT

REGISTERED NAME & COMPANY SUMMARY

DIRECTORS/MANAGEMENT

NEGATIVE INFORMATION

SHARE & SHARE CAPITAL INFORMATION

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

FINANCIAL INFORMATION

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

NOTES & COMMENTS

Unit