MIRA INFORM REPORT

Report No. :	351419
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	HOA MAI CO LTD
Registered Office :	84 Dung Si Thanh Khe St Thanh Khe Tay Ward, Thanh Khe Dist, Da Nang
Country :	Vietnam
Financials (as on) :	December 2014
Date of Incorporation :	04.10.2013
Legal Form :	Private Company with Limited Liability
Line of Business :	Trader of Beverages.
No. of Employee :	15

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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	:	HOA MAI CO LTD ^(1)
Name in Local Language	:	CÔNG TY TNHH HOA MAI
Address	:	84 Dung Si Thanh Khe St Thanh Khe Tay Ward, Thanh Khe Dist, Da Nang
Country	:	Vietnam
Phone (S)	:	[+84] 511-3714888
Facsimile	:	[+84] 511-3714890
Email	:	info@ruoungon.vn
Website	:	http://www.ruoungon.vn
Primary Business Activity	:	Trader
Key Industry	:	Beverages

Key Facts

Registered Legal Address

:

84 Dung Si Thanh Khe St Thanh Khe Tay Ward, Thanh Khe Dist, Da Nang

Operational Address

:

84 Dung Si Thanh Khe St Thanh Khe Tay Ward, Thanh Khe Dist, Da Nang

Trading Name / DBA

:

RUOU NGON

License Status

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Da Nang

License Number

:

0400476629

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

:

4 Oct, 2013

Employees

:

15

Capital

US$ 145,713

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
1 Dec, 2004	3202001947

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	:	Mr. Phan Mai Anh Khoa
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Phan Mai Anh Khoa	Vietnamese	n/a	-

Management Details - 1

Personal Unique Identifier	:	MI03875907
Name	:	Mr. Phan Mai Anh Khoa
Date of Birth	:	25 Feb, 1979

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03875907
Name	:	Mr. Phan Mai Anh Khoa
Date of Birth	:	25 Feb, 1979

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing HOA MAI 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	:	₫ 3,200,000,000
Paid-up Capital	:	₫ 3,200,000,000

SHAREHOLDERS

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

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Mr. Phan Mai Anh Khoa	Vietnam	n/a	2,600,000,000	81.25
2	Mr. Nguyen Thi Lieu	Vietnam	n/a	600,000,000	18.75
Total			n/a	3,200,000,000	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	70%
Imports	30%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 30~60 days

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

N/a

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	1,162,324	1,435,366	10,516
2013 Annual	1,847,488	2,096,729	24,232
2014 Annual	1,776,897	1,885,015	134,320

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	961,546	1,028,997	35,526

FINANCIAL STATEMENT - DETAILED

BALANCE SHEET

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Current Assets(*)	28,904,000,000	43,920,000,000	38,562,000,000
Non Current Assets(*)	987,000,000	296,000,000	1,294,000,000
Non Current Liabilities(*)	0	0	0
Share Capital(*)	3,200,000,000	3,200,000,000	3,200,000,000
Other long term assets
Total Assets(*)	29,891,000,000	44,216,000,000	39,856,000,000
Total Liabilities(*)	26,415,000,000	40,327,000,000	35,396,000,000
Current Liabilities(*)	26,415,000,000	40,327,000,000	35,396,000,000
Long term liabilities
Shareholders Funds(*)	3,476,000,000	3,889,000,000	4,460,000,000
Current assets & short term investments	28,904,000,000	43,920,000,000	38,562,000,000
Cash & cash equivalents	611,000,000	45,000,000	226,000,000
Cash	611,000,000	45,000,000	226,000,000
Accounts receivable	12,119,000,000	18,255,000,000	16,419,000,000
Accounts receivable trade	5,317,000,000	11,395,000,000	8,567,000,000
Trade prepayment	6,732,000,000	6,860,000,000	7,852,000,000
Others receivables	70,000,000	-	-
Inventories	15,894,000,000	24,750,000,000	21,653,000,000
I. Other short term asset	280,000,000	870,000,000	264,000,000
VAT deductible	176,000,000	711,000,000	262,000,000
Other tax receivables	85,000,000	105,000,000	2,000,000
II. Other short term asset	19,000,000	54,000,000	-
Long term assets	987,000,000	296,000,000	1,294,000,000
Fixed assets	427,000,000	252,000,000	1,180,000,000
Tangible fixed assets	427,000,000	252,000,000	1,180,000,000
Cost	1,729,000,000	1,438,000,000	2,514,000,000
Accumulated depreciation	1,302,000,000	1,186,000,000	1,334,000,000
Other long term assets	560,000,000	44,000,000	114,000,000
Total assets	29,891,000,000	44,216,000,000	39,856,000,000
Liabilities	26,415,000,000	40,327,000,000	35,396,000,000
Current liabilities	26,415,000,000	40,327,000,000	35,396,000,000
Short term borrowings	7,952,000,000	7,354,000,000	8,024,000,000
Accounts payables-trade	9,670,000,000	15,577,000,000	15,708,000,000
Advances from customers	8,407,000,000	12,370,000,000	8,005,000,000
Taxes and payable to state budget	-	-	982,000,000
Payable to employees	-	476,000,000	441,000,000
Other payables	386,000,000	4,550,000,000	2,236,000,000
Owner's equity	3,476,000,000	3,889,000,000	4,460,000,000
Business capital	3,200,000,000	3,200,000,000	3,200,000,000
Retained earnings	276,000,000	689,000,000	1,260,000,000
Total resources	29,891,000,000	44,216,000,000	39,856,000,000

Note: (*)

Financial Highlights

INCOME STATEMENT

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Turnover(*)	24,205,000,000	38,960,000,000	37,570,000,000
Profit (Loss) Before Tax(*)	294,000,000	681,000,000	3,550,000,000
Profit After Tax attributable to Shareholders(*)	219,000,000	511,000,000	2,840,000,000
Gross sales	24,205,000,000	38,960,000,000	37,570,000,000
Less deductions	2,137,000,000	2,312,000,000	-
Net income	22,068,000,000	36,648,000,000	37,570,000,000
Cost of goods sold	16,500,000,000	27,896,000,000	32,815,000,000
Gross margin	5,568,000,000	8,752,000,000	4,755,000,000
Income from financial activities	4,000,000	49,000,000	-
Expenses from financial activities	838,000,000	899,000,000	629,000,000
In which: Interest expenses	838,000,000	899,000,000	629,000,000
General & administration expenses	4,302,000,000	6,697,000,000	567,000,000
Net income from operating activities	432,000,000	1,205,000,000	3,559,000,000
Extraordinary income	-	45,000,000	2,000,000
Extraordinary expenses	138,000,000	569,000,000	11,000,000
Extraordinary gains	(138,000,000)	(524,000,000)	(9,000,000)
Net profit before tax	294,000,000	681,000,000	3,550,000,000
Income tax	75,000,000	170,000,000	710,000,000
Net profit after tax	219,000,000	511,000,000	2,840,000,000

Note: (*)

Financial Highlights

FINANCIAL RATIOS

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Growth %
Year-on-Year Growth	20.85	60.96	(3.57)
Profitability
Profit Margin (%)	0.90	1.31	7.56
Return on Equity (%)	6.30	13.14	63.68
Return on Assets (%)	0.73	1.16	7.13
Leverage
Total Debt Equity (Times)	7.60	10.37	7.94
Current Debt Equity (Times)	7.60	10.37	7.94
Total Asset To Total Equity	8.60	11.37	8.94
Asset Management
Total Assets Turnover (Times)	0.81	0.88	0.94
Fixed Assets Turnover (Times)	24.52	131.62	29.03
Liquidity
Current Ratio	1.09	1.09	1.09

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

Country	:	Vietnam
Business Entity Name	:	HOA MAI CO LTD
Primary Business Activity	:	Trader
Primary Industry	:	Beverages
Office Contact Details
Operating Address	:	84 Dung Si Thanh Khe St Thanh Khe Tay Ward, Thanh Khe Dist, Da Nang
Tel	:	[+84] 511-3714888
Fax	:	[+84] 511-3714890
Email	:	info@ruoungon.vn
Website Details
Website	:	http://www.ruoungon.vn
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	:	0400476629
Date of Issuance	:	9 Dec, 2004

Primary Products

Products / Materials / Services Description	Activity
Alcoholic beverages	Importing, Trading
Wines	Importing, Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Wine/Distilled Alcohol Bev	5182	Importing, Trading
Wines, brandy, and brandy spirits	2084	Importing, Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Beverages, spirits & vinegar	2200	Importing, Trading
Other spirituous beverages	2208909000	Importing, Trading
Vermouth & other wine of fresh grapes spec flavored	2205	Importing, Trading
Wine of fresh grapes; grape must	2204	Importing, Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HOA MAI CO LTD is Trading - Finished products.

Key products include :

Alcoholic beverages

Wines

Supplementary Business

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

Importing

Importing - Finished products

BANK DETAILS

Bank Name	:	MILITARY COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0387295
Branch	:	Dong Da,Hanoi
Branch Address	:	MILITARY COMMERCIAL JOINT STOCK BANK - DA NANG
SWIFT Code	:	MSCBVNVX
Bank Name	:	VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK
Global Identifier	:	32408999
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	70-72 Ba Trieu St Hang Bai Ward Hoan Kiem Dist Hanoi (Head Office)
SWIFT Code	:	VTCBVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	HOA MAI CO LTD - HAI CHAU DIST, DA NANG
Branch Address	:	100 Ham Nghi St, Hai Chau Dist, Da Nang

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Europe	Medium	Importing
France	Medium	Importing

OFFICE & FACILITIES

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

Name	:	HOA MAI CO LTD - THANH KHE DIST, DA NANG
Primary Use	:	Office & Administration facilities
Address	:	84 Dung Si Thanh Khe St Thanh Khe Tay Ward, Thanh Khe Dist, Da Nang
Country	:	Vietnam
Status	:	Operational

WAREHOUSING FACILITIES

Name	:	HOA MAI CO LTD - THU DUC, HO CHI MINH
Address	:	208 Dang Van Bi Binh Tho Ward, Thu Duc, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational
Name	:	HOA MAI CO LTD - THU DUC, HO CHI MINH
Address	:	606/38/17 National Rd 13 Hiep Binh Phuoc Ward, Thu Duc, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.75
UK Pound	1	Rs.100.68
Euro	1	Rs.70.88
VND	1	Rs.0.003

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

INFORMATION DETAILS

Analysis Done by :	HNA
Report Prepared by :	ANK

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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