MIRA INFORM REPORT

Report No. :	347103
Report Date :	03.11.2015

IDENTIFICATION DETAILS

Name :	BINH DINH SUGAR JSC
Registered Office :	Km 52 National Highway 19 Tay Giang Commune, Tay Son, Binh Dinh
Country :	Vietnam
Financials (as on) :	31.12.2013
Date of Incorporation :	19.09.2012
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Food Products.
No. of Employees :	390

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 – 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. Agriculture's share of economic output has shrunk 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 now account for only about 40% of GDP.

Vietnamese authorities have reaffirmed their commitment to economic modernization and a more open economy. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam joined the 12-nation Trans-Pacific Partnership free trade agreement negotiations in 2010.

Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. 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. 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.

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 to restructure 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.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Organization Name	:	BINH DINH SUGAR JSC ^(1)
Name in Local Language	:	CÔNG TY CỔ PHẦN ĐƯỜNG BÌNH ĐỊNH
Address	:	Km 52 National Highway 19 Tay Giang Commune, Tay Son, Binh Dinh
Country	:	Vietnam
Phone (S)	:	[+84] 56-3884378
Facsimile	:	[+84] 56-3884380
Email	:	bisuco@dng.vnn.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Food Products

Key Facts

Registered Legal Address

:

Km 52 National Highway 19 Tay Giang Commune, Tay Son, Binh Dinh

Operational Address

:

Km 52 National Highway 19 Tay Giang Commune, Tay Son, Binh Dinh

Trading Name / DBA

:

BISUCO

License Status

:

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Binh Dinh

License Number

:

4100480519

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

19 Sep, 2012

Employees

:

390

Capital

:

US$ 2,298,053

PREVIOUS BUSINESS LICENSE/S

:

License Date	License No.
31 Mar, 2003	3503000027

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. Arunachalam Nandaa Kumar
Nationality	:	Indian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Phan Lam Tuong	Vietnamese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03919073
Name	:	Mr. Phan Lam Tuong

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03919044
Name	:	Mr. Arunachalam Nandaa Kumar
Date of Birth	:	1963
2
Personal Unique Identifier	:	MI03919073
Name	:	Mr. Phan Lam Tuong

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing BINH DINH SUGAR 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: VND - Vietnam Dong)

Authorized Capital

:

₫ 51,000,000,000

SHAREHOLDERS

Not available - According to the corporate statutory laws for this type of Legal Form - Category (Joint Stock Company) in Vietnam, there is no public disclosure of Shareholders.

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

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

Annual Purchases Analysis	Percentage
Local Purchases	100%
Imports	0%

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

GROUP STRUCTURE & AFFILIATED COMPANIES

N/A

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	33,833,590	32,424,395	1,603,147
2013 Annual (*)	26,932,975	50,943,637	110,157

Sales Trend – Analysis

2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
-	-	-	-	-	-	-	-	-
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(*)	417,150,000,000	354,740,000,000
Non Current Assets(*)	258,077,000,000	719,564,000,000
Non Current Liabilities(*)	3,514,000,000	242,282,000,000
Share Capital(*)	51,000,000,000	51,000,000,000
Other long term assets
Total Assets(*)	675,227,000,000	1,074,304,000,000
Total Liabilities(*)	374,957,000,000	781,824,000,000
Current Liabilities(*)	371,443,000,000	539,542,000,000
Long term liabilities
Shareholders Funds(*)	300,270,000,000	292,480,000,000
Current assets & short term investments	417,150,000,000	354,740,000,000
Cash & cash equivalents	11,096,000,000	4,705,000,000
Cash	11,096,000,000	4,705,000,000
Short term investments	71,922,000,000	55,697,000,000
Short term securities investments	71,922,000,000	57,384,000,000
Provision for short term investments	-	(1,687,000,000)
Accounts receivable	283,590,000,000	167,003,000,000
Accounts receivable trade	69,386,000,000	6,397,000,000
Trade prepayment	115,220,000,000	142,908,000,000
Others receivables	101,196,000,000	17,698,000,000
Provision for bad debts	(2,212,000,000)	-
Inventories	41,165,000,000	103,265,000,000
i.Other short term asset	9,377,000,000	24,070,000,000
Prepaid expenses	588,000,000	498,000,000
Other tax receivables	4,078,000,000	22,100,000,000
ii.Other short term asset	4,711,000,000	1,472,000,000
Long term assets	258,077,000,000	719,564,000,000
Accounts of long term receivable	-	1,000,000
Other long term receivables	-	1,000,000
Fixed assets	189,546,000,000	475,491,000,000
Tangible fixed assets	105,163,000,000	94,831,000,000
i.Cost	245,751,000,000	254,168,000,000
i.Accumulated depreciation	140,588,000,000	159,337,000,000
Intangible fixed assets	82,414,000,000	-
ii.Cost	82,466,000,000	-
ii.Accumulated depreciation	52,000,000	-
Construction in progress	1,969,000,000	380,660,000,000
Investment immovable property	-	156,932,000,000
iii.Cost	-	156,984,000,000
iii.Accumulated depreciation	-	52,000,000
Long term investments	68,531,000,000	83,268,000,000
Invest to joint venture company	11,945,000,000	2,170,000,000
Other long term investments	68,048,000,000	81,098,000,000
Provision for long term investments	(11,462,000,000)	-
i.Other long term assets	-	3,872,000,000
ii.Other long term assets	-	3,872,000,000
Total assets	675,227,000,000	1,074,304,000,000
Liabilities	374,957,000,000	781,824,000,000
Current liabilities	371,443,000,000	539,542,000,000
Short term borrowings	330,550,000,000	244,741,000,000
Accounts payables-trade	14,288,000,000	85,148,000,000
Advances from customers	11,133,000,000	189,492,000,000
Taxes and payable to state budget	6,976,000,000	7,736,000,000
Payable to employees	3,282,000,000	241,000,000
Accrued expenses payable	1,947,000,000	1,352,000,000
Other payables	3,267,000,000	10,832,000,000
Long term liabilities	3,514,000,000	242,282,000,000
Long term other payables	373,000,000	471,000,000
Long term borrowings	3,141,000,000	241,811,000,000
i.Owner's equity	300,270,000,000	292,480,000,000
ii.Owner's equity	300,270,000,000	292,480,000,000
Business capital	51,000,000,000	51,000,000,000
Foreign exchange differences	7,000,000	-
Business development funds	5,855,000,000	5,855,000,000
Financial reserved funds	980,000,000	980,000,000
Retained earnings	242,428,000,000	234,645,000,000
Total resources	675,227,000,000	1,074,304,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual
Turnover(*)	704,573,000,000	567,965,000,000
Profit (Loss) Before Tax(*)	42,152,000,000	2,323,000,000
Profit After Tax attributable to Shareholders(*)	33,385,000,000	2,323,000,000
Gross sales	704,573,000,000	567,965,000,000
Net income	704,573,000,000	567,965,000,000
Cost of goods sold	612,046,000,000	515,204,000,000
Gross margin	92,527,000,000	52,761,000,000
Income from financial activities	576,000,000	-
Expenses from financial activities	29,654,000,000	21,115,000,000
In which: Interest expenses	29,371,000,000	1,000,000
Selling expenses	1,695,000,000	602,000,000
General & administration expenses	21,438,000,000	5,206,000,000
Net income from operating activities	40,316,000,000	25,838,000,000
Extraordinary income	5,624,000,000	617,000,000
Extraordinary expenses	3,787,000,000	24,132,000,000
Extraordinary gains	1,836,000,000	(23,515,000,000)
Net profit before tax	42,152,000,000	2,323,000,000
Income tax	8,767,000,000	-
Net profit after tax	33,385,000,000	2,323,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	(19.39)
Profitability
Profit Margin (%)	4.74	0.41
Return on Equity (%)	11.12	0.79
Return on Assets (%)	4.94	0.22
Leverage
Total Debt Equity (Times)	1.25	2.67
Current Debt Equity (Times)	1.24	1.84
Long Term Debt to Equity	0.01	0.83
Total Asset To Total Equity	2.25	3.67
Asset Management
Total Assets Turnover (Times)	1.04	0.53
Fixed Assets Turnover (Times)	2.73	0.79
Liquidity
Current Ratio	1.12	0.66

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

Country	:	Vietnam
Business Entity Name	:	BINH DINH SUGAR JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Food Products
Office Contact Details
Operating Address	:	Km 52 National Highway 19 Tay Giang Commune, Tay Son, Binh Dinh
Tel	:	[+84] 56-3884378
	:	[+84] 56-3884375
Fax	:	[+84] 56-3884380
Email	:	bisuco@dng.vnn.vn
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	:	4100480519

Primary Products

Products / Materials / Services Description	Activity
Sugar	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Beet Sugar	2063	Manufacturing, Exporting
Beet and cane sugar, molasses, and byproducts	2062	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Sugars & sugar confectionery	1700	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of BINH DINH SUGAR JSC is Manufacturing - Finished products.

Key product include :

Sugar

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, BINH DINH SUGAR JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

BANK DETAILS

Bank Name	:	VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P2461558
Branch	:	Ninh Kieu Dist,Can Tho
Branch Address	:	VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK - QUY NHON, BINH DINH
SWIFT Code	:	VNIBVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Exporting
India	Medium	Exporting

OFFICE & FACILITIES

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

Name	:	BINH DINH SUGAR JSC - TAY SON, BINH DINH
Primary Use	:	Office & Administration facilities
Address	:	Km 52 National Highway 19 Tay Giang Commune, Tay Son, Binh Dinh
Country	:	Vietnam
Status	:	Operational

ASSOCIATIONS

BINH DINH SUGAR JSC are members of the following associations:

Domestic Associations

Association Name

RMIT VIETNAM BUSINESS CLUB - RMITBC

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.45
UK Pound	1	Rs.101.06
Euro	1	Rs.72.22

INFORMATION DETAILS

Analysis Done by :	DIV
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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