MIRA INFORM REPORT

Report No. :	350473
Report Date :	27.11.2015

IDENTIFICATION DETAILS

Name :	4 ORANGES CO LTD
Registered Office :	Duc Hoa Industrial Zone Lot C 02-1 Hamlet 5 Duc Hoa Dong Commune, Duc Hoa, Tan An, Long An
Country :	Vietnam
Financials (as on) :	2014
Date of Incorporation :	22.05.2008
Legal Form :	Private Company with Limited Liability
Line of Business :	Subject is manufacturer of chemicals.
No. of Employee :	550

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 – 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

Company Details

Organization Name	:	4 ORANGES CO LTD
Name in Local Language	:	CÔNG TY 4 ORANGES CO LTD
Address	:	Duc Hoa Industrial Zone Lot C 02-1 Hamlet 5 Duc Hoa Dong Commune, Duc Hoa, Tan An, Long An
Country	:	Vietnam
Phone (S)	:	[+84] 72-3779601
Facsimile	:	[+84] 72-3779619
Email	:	info@4oranges.com
Website	:	http://www.4oranges.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Chemicals

Key Facts

Registered Legal Address

:

Duc Hoa Industrial Zone Lot C 02-1 Hamlet 5 Duc Hoa Dong Commune, Duc Hoa, Tan An, Long An

Operational Address

:

Duc Hoa Industrial Zone Lot C 02-1 Hamlet 5 Duc Hoa Dong Commune, Duc Hoa, Tan An, Long An

License Status

:

License exists - Normal.

Issuing Authority

:

People's Committee - Long An

License Number

:

502023000067

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

:

22 May, 2008

Employees

:

550

Capital

:

US$ 4,500,000

PREVIOUS BUSINESS LICENSE/S

:

License Date	License No.
22 Apr, 2003	10/GP-KCN-LA

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Smit Cheancharadpong
Nationality	:	Thai

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Smit Cheancharadpong	Thai	n/a	-
2	Ms. Phuong My La	Vietnamese	Deputy Managing Director	-
3	Ms. Chi Thi Anh Nguyen	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03380651
Name	:	Mr. Smit Cheancharadpong
Date of Birth	:	1958

Management Details - 2

Personal Unique Identifier	:	MI03380656
Name	:	Ms. Phuong My La
Date of Birth	:	1973

Management Details - 3

Personal Unique Identifier	:	MI03380657
Name	:	Ms. Chi Thi Anh Nguyen
Date of Birth	:	1972

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03380651
Name	:	Mr. Smit Cheancharadpong
Date of Birth	:	1958

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing 4 ORANGES 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

:

$ 4,500,000

SHAREHOLDERS

Total number of shareholders	:	2
Total number of shares	:	n/a

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	EAST BRESTON ASSOCIATES LTD	Thailand	n/a	n/a	55.00
2	ASIA LEADER INTERNATIONAL INVESTMENT LTD	Thailand	n/a	n/a	45.00
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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	20%
Imports	80%

PAYMENT TERMS

Selling

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

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

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Corporate Parent	:	EAST BRESTON ASSOCIATES LTD
Global Identifier	:	P2648921
Legal Form Category	:	Private Company with Limited Liability
Country	:	Thailand
Primary Business Activity	:	Service

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	110,655,492	77,589,790	25,979,632
2013 Annual	131,879,559	88,439,114	32,788,223
2014 Annual	129,677,113	101,123,035	33,435,271

Sales Trend - Analysis

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

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2011 Annual	101,043,303	75,439,222	21,620,787

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Current Assets(*)	1,398,241,000,000	1,658,928,000,000	1,943,549,000,000
Non Current Assets(*)	217,540,000,000	206,084,000,000	194,556,000,000
Non Current Liabilities(*)	15,894,000,000	13,849,000,000	20,657,000,000
Other long term assets
Total Assets(*)	1,615,781,000,000	1,865,012,000,000	2,138,105,000,000
Total Liabilities(*)	407,407,000,000	1,103,742,000,000	1,361,342,000,000
Current Liabilities(*)	391,513,000,000	1,089,893,000,000	1,340,685,000,000
Long term liabilities
Shareholders Funds(*)	1,208,374,000,000	761,270,000,000	776,763,000,000
Current assets & short term investments	1,398,241,000,000	1,658,928,000,000	1,943,549,000,000
Cash & cash equivalents	599,696,000,000	861,063,000,000	577,229,000,000
Cash	311,896,000,000	511,236,000,000	577,229,000,000
Cash equivalents	287,800,000,000	349,827,000,000	-
Short term investments	-	14,000,000,000	465,900,000,000
Short term securities investments	-	14,000,000,000	465,900,000,000
Accounts receivable	404,887,000,000	279,178,000,000	309,218,000,000
Accounts receivable trade	198,371,000,000	268,706,000,000	205,710,000,000
Trade prepayment	56,525,000,000	11,729,000,000	104,117,000,000
Inter company receivables	-	-	28,000,000
Others receivables	149,991,000,000	6,165,000,000	6,969,000,000
Provision for bad debts	-	(7,422,000,000)	(7,606,000,000)
i. Inventories	390,809,000,000	377,546,000,000	506,744,000,000
ii. Inventories	390,809,000,000	377,546,000,000	506,744,000,000
i. Other short term asset	2,849,000,000	127,141,000,000	84,458,000,000
Prepaid expenses	1,161,000,000	125,901,000,000	84,737,000,000
VAT deductible	1,520,000,000	297,000,000	(279,000,000)
Other tax receivables	-	102,000,000	-
ii. Other short term asset	168,000,000	841,000,000	-
Long term assets	217,540,000,000	206,084,000,000	194,556,000,000
Fixed assets	125,019,000,000	114,731,000,000	102,590,000,000
Tangible fixed assets	118,671,000,000	109,938,000,000	99,165,000,000
i. Cost	269,805,000,000	270,537,000,000	271,154,000,000
i. Accumulated depreciation	151,134,000,000	160,599,000,000	171,989,000,000
Intangible fixed assets	2,911,000,000	2,422,000,000	1,846,000,000
ii. Cost	5,802,000,000	5,807,000,000	5,806,000,000
ii. Accumulated depreciation	2,891,000,000	3,385,000,000	3,960,000,000
Construction in progress	3,437,000,000	2,371,000,000	1,579,000,000
Long term investments	54,483,000,000	54,483,000,000	54,483,000,000
Other long term investments	54,483,000,000	54,483,000,000	54,483,000,000
Other long term assets	38,038,000,000	36,870,000,000	37,483,000,000
Long term prepayments	38,038,000,000	36,128,000,000	36,723,000,000
Asset of income tax delay	-	742,000,000	760,000,000
Total assets	1,615,781,000,000	1,865,012,000,000	2,138,105,000,000
Liabilities	407,407,000,000	1,103,742,000,000	1,361,342,000,000
Current liabilities	391,513,000,000	1,089,893,000,000	1,340,685,000,000
Short term borrowings	119,337,000,000	127,350,000,000	318,279,000,000
Accounts payables-trade	183,515,000,000	363,122,000,000	254,769,000,000
Advances from customers	33,138,000,000	40,211,000,000	59,771,000,000
Taxes & payable to state budget	19,893,000,000	53,064,000,000	38,047,000,000
Payable to employees	29,454,000,000	36,032,000,000	31,026,000,000
Accrued expenses payable	145,000,000	186,000,000	9,190,000,000
Other payables	6,031,000,000	469,928,000,000	629,603,000,000
Long term liabilities	15,894,000,000	13,849,000,000	20,657,000,000
Long term other payables	15,894,000,000	13,849,000,000	20,657,000,000
i. Owner's equity	1,208,374,000,000	761,270,000,000	776,763,000,000
ii. Owner's equity	1,208,374,000,000	761,270,000,000	776,763,000,000
Business capital	69,818,000,000	69,818,000,000	69,818,000,000
Foreign exchange differences	-	-	2,000,000
Retained earnings	1,138,556,000,000	691,452,000,000	706,943,000,000
Total resources	1,615,781,000,000	1,865,012,000,000	2,138,105,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Turnover(*)	2,304,363,000,000	2,781,088,000,000	2,741,841,000,000
Profit (Loss) Before Tax(*)	573,455,000,000	773,080,000,000	786,813,000,000
Profit After Tax attributable to Shareholders(*)	541,017,000,000	691,441,000,000	706,942,000,000
Gross sales	2,304,363,000,000	2,781,088,000,000	2,741,841,000,000
Less deductions	12,272,000,000	9,466,000,000	4,519,000,000
Net income	2,292,091,000,000	2,771,622,000,000	2,737,322,000,000
Cost of goods sold	1,351,320,000,000	1,515,090,000,000	1,408,288,000,000
Gross margin	940,771,000,000	1,256,532,000,000	1,329,034,000,000
Income from financial activities	7,020,000,000	4,528,000,000	11,201,000,000
Expenses from financial activities	4,500,000,000	11,595,000,000	10,425,000,000
In which: Interest expenses	-	-	7,477,000,000
Selling expenses	361,579,000,000	457,644,000,000	526,586,000,000
General & administration expenses	18,671,000,000	26,266,000,000	21,758,000,000
Net income from operating activities	563,041,000,000	765,555,000,000	781,466,000,000
Extraordinary income	144,677,000,000	9,964,000,000	7,339,000,000
Extraordinary expenses	134,263,000,000	2,439,000,000	1,992,000,000
Extraordinary gains	10,414,000,000	7,525,000,000	5,347,000,000
Net profit before tax	573,455,000,000	773,080,000,000	786,813,000,000
Income tax	32,438,000,000	82,381,000,000	79,889,000,000
Income tax delay	-	742,000,000	18,000,000
Net profit after tax	541,017,000,000	691,441,000,000	706,942,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Growth %
Year-on-Year Growth	9.48	20.69	(1.41)
Profitability
Profit Margin (%)	23.48	24.86	25.78
Return on Equity (%)	44.77	90.83	91.01
Return on Assets (%)	33.48	37.07	33.06
Leverage
Total Debt Equity (Times)	0.34	1.45	1.75
Current Debt Equity (Times)	0.32	1.43	1.73
Long Term Debt to Equity	0.01	0.02	0.03
Total Asset To Total Equity	1.34	2.45	2.75
Asset Management
Total Assets Turnover (Times)	1.43	1.49	1.28
Fixed Assets Turnover (Times)	10.59	13.49	14.09
Liquidity
Current Ratio	3.57	1.52	1.45

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	:	4 ORANGES CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Chemicals
Office Contact Details
Operating Address	:	Duc Hoa Industrial Zone Lot C 02-1 Hamlet 5 Duc Hoa Dong Commune, Duc Hoa, Tan An, Long An
Tel	:	[+84] 72-3779601
	:	[+84] 72-3779602
	:	[+84] 72-38752960
Fax	:	[+84] 72-3779619
Email	:	info@4oranges.com
Website Details
Website	:	http://www.4oranges.com
Status	:	Normal - operational
Country of Registration	:	Vietnam
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	:	1100589373
Date of Issuance	:	21 May, 2003

Primary Products

Products / Materials / Services Description	Activity
Coating paint	Manufacturing
Ink	Manufacturing
Mastics	Manufacturing
Paints	Manufacturing
Varnish	Manufacturing

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Chemicals and Allied Products	2800	Manufacturing
Paints and allied products	2851	Manufacturing
Paints, Varnishes & Supplies	5198	Manufacturing

Product/Service Description	Code	Activity
Chemical products and preparations of the chemical or allied industries	3823905050	Manufacturing
Ink,nesoi	3215905000	Manufacturing
Miscellaneous chemical products	3800	Manufacturing
Paints & varnishes nesoi; water pigments for leather	3210	Manufacturing

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of 4 ORANGES CO LTD is Manufacturing - Finished products.

Key products include :

Coating paint

Mastics

Paints

Varnish

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, 4 ORANGES CO LTD also is engaged in the following areas of business:

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	ASIA COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0075118
Branch	:	District 3,Ho Chi Minh
Branch Address	:	ASIA COMMERCIAL JOINT STOCK BANK, NGUYEN THI MINH KHAI
SWIFT Code	:	ASCBVNVX
Bank Name	:	VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK
Global Identifier	:	32408999
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	VIETNAM TECHNOLOGICAL
SWIFT Code	:	VTCBVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	4 ORANGES CO LTD - TIEN DU DIST, BAC NINH
Branch Address	:	Hoang Son Industrial Zone, Tien Du Dist, Bac Ninh
Branch Tel	:	84-241-3847084
Branch	:	4 ORANGES CO LTD - BINH TAN DIST, HO CHI MINH
Branch Address	:	18/49 Quarter 1 Binh Hung Hoa A Ward, Binh Tan Dist, Ho Chi Minh
Branch Tel	:	84-8-38752960
Branch Fax	:	84-8-38752862
Branch	:	4 ORANGES CO LTD - DA NANG
Branch Address	:	Hoa Khanh Industrial Zone Rd 2, Da Nang
Branch Tel	:	84-511-3736136
Branch	:	4 ORANGES CO LTD - TIEN DU DIST, BAC NINH
Branch Address	:	Dai Dong Industrial Zone Hoan Son Commune, Tien Du Dist, Bac Ninh
Branch Tel	:	84-241-3847083
Branch Fax	:	84-241-3847088
Branch	:	4 ORANGES CO LTD - HOA VANG, DA NANG
Branch Address	:	National Rd 1A Ho Chau Commune, Hoa Vang, Da Nang
Branch Tel	:	84-511-3685667
Branch Fax	:	84-510-3685669

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
North America	Medium	Importing
Hong Kong	Medium	Importing
Singapore	Medium	Importing
Thailand	Medium	Importing
USA	Medium	Importing

OFFICE & FACILITIES

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

Name	:	4 ORANGES CO LTD - DUC HOA, TAN AN
Primary Use	:	Office & Administration facilities
Address	:	Duc Hoa Industrial Zone Lot C 02-1 Hamlet 5 Duc Hoa Dong Commune, Duc Hoa, Tan An, Long An
Country	:	Vietnam
Ownership of Property	:	Rented / Leased
Status	:	Operational

QUALITY ACCREDITATION

Quality Accreditation Listings

#	Name	Accreditation Category
1	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9001:2000
2	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	14001
3	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9000:2008

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.55
UK Pound	1	Rs.100.64
Euro	1	Rs.70.70
VND	1	Rs. 0.0030

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	TRI
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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.