MIRA INFORM REPORT

Report No. :	351129
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	OAI HUNG MANUFACTURING JSC
Registered Office :	Tan Binh Industrial Park Lot III-6 Group CN 3 Rd 11 Tay Thanh Ward, Tan Phu Dist, Ho Chi Minh
Country :	Vietnam
Financials (as on) :	31.12.2014
Date of Incorporation :	11.03.2010
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Plastics & Products.
No. of Employees :	200

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

Maximum Credit Limit :	USD $1,200,000
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	:	OAI HUNG MANUFACTURING JSC
Name in Local Language	:	CÔNG TY CỔ PHẦN SẢN XUẤT OAI HÙNG
Address	:	Tan Binh Industrial Park Lot III-6 Group CN 3 Rd 11 Tay Thanh Ward, Tan Phu Dist, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-38155499
Facsimile	:	[+84] 8-38155124
Email	:	info@oaihung.com
Website	:	http://www.oaihung.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Plastics & Products

Key Facts

Registered Legal Address

:

Tan Binh Industrial Park Lot III-6 Group CN 3 Rd 11 Tay Thanh Ward, Tan Phu Dist, Ho Chi Minh

Operational Address

:

Tan Binh Industrial Park Lot III-6 Group CN 3 Rd 11 Tay Thanh Ward, Tan Phu Dist, Ho Chi Minh

Trading Name / DBA

:

OAI HUNG

Name History

Business Entity Name	Effective Date
OAI HUNG CO LTD	11 Jan, 1999
OAI HUNG MANUFACTURING JSC	17 Jun, 2015

License Status

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0301584581

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

11 Mar, 2010

Employees

:

200

Capital

US$ 1,274,987

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
11 Jan, 1999	070592

CREDIT RECOMMENDATION

Current Credit Limit: USD $1,200,000  based on  90 days

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. O. Cam Tai
Nationality	:	Chinese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. O. Ai Kim	Chinese	Chief Accountant	-
2	Mr. O. Cam Tai	Chinese	n/a	-
3	Mr. Vu Minh Vinh	Vietnamese	Deputy Director	-

Management Details - 1

Personal Unique Identifier	:	MI03517062
Name	:	Ms. O. Ai Kim
Date of Birth	:	1974

Management Details - 2

Personal Unique Identifier	:	MI03517054
Name	:	Mr. O. Cam Tai
Date of Birth	:	1966

Management Details - 3

Personal Unique Identifier	:	MI03517058
Name	:	Mr. Vu Minh Vinh
Date of Birth	:	1961

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03517054
Name	:	Mr. O. Cam Tai
Date of Birth	:	1966

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing OAI HUNG MANUFACTURING 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

:

₫ 28,000,000,000

Date	Authorized Capital - History
11 Jan, 1999	27,000,000,000
2014	28,000,000,000

SHAREHOLDERS

Total number of shareholders	:	3
Total number of shares	:	n/a

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Mr. O. Cam Tai	China	n/a	n/a	94.29
2	Mr. Luu Quynh Bien	Vietnam	n/a	n/a	3.57
3	Ms. O. Ai Kim	China	n/a	n/a	2.14
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

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

Year	Imports	Exports	Total
2012	n/a	612,591	612,591
2013	n/a	795,330	795,330
2014	n/a	1,248,018	1,248,018

DOMESTIC SALES & PURCHASES
Annual Sales Analysis	Percentage
Domestic Sales	95%
International Sales (Export)	5%
Annual Purchases Analysis	Percentage
Local Purchases	20%
Imports	80%

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

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2011	n/a	581,375	581,375

GROUP STRUCTURE & AFFILIATED COMPANIES

ASSOCIATIONS

OAI HUNG MANUFACTURING JSC are members of the following associations:

Domestic Associations

Association Name

VIETNAM SAIGON PLASTICS ASSOCIATION - VSPA

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	12,251,821	13,649,106	966,354
2013 Annual	15,906,609	17,517,660	1,661,744
2014 Annual	24,960,366	26,620,821	3,174,199

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	11,627,508	13,170,763	697,600

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Current Assets(*)	126,206,000,000	231,335,000,000	307,564,000,000
Non Current Assets(*)	158,032,000,000	138,079,000,000	255,296,000,000
Non Current Liabilities(*)	73,200,000,000	57,291,000,000	54,904,000,000
Share Capital(*)	27,000,000,000	27,000,000,000	28,000,000,000
Other long term assets
Total Assets(*)	284,238,000,000	369,414,000,000	562,860,000,000
Total Liabilities(*)	191,292,000,000	288,121,000,000	361,641,000,000
Current Liabilities(*)	118,092,000,000	230,830,000,000	306,737,000,000
Long term liabilities
Shareholders Funds(*)	92,946,000,000	81,293,000,000	201,219,000,000
Current assets & short term investments	126,206,000,000	231,335,000,000	307,564,000,000
Cash & cash equivalents	14,659,000,000	33,456,000,000	33,360,000,000
Cash	14,659,000,000	33,456,000,000	33,360,000,000
Short term investments	799,000,000	799,000,000	799,000,000
Short term securities investments	799,000,000	799,000,000	799,000,000
Accounts receivable	35,018,000,000	57,858,000,000	66,389,000,000
Accounts receivable trade	25,281,000,000	52,989,000,000	61,813,000,000
Trade prepayment	3,270,000,000	2,322,000,000	3,326,000,000
Others receivables	6,467,000,000	2,547,000,000	1,250,000,000
i. Inventories	72,860,000,000	134,770,000,000	205,152,000,000
ii. Inventories	72,860,000,000	134,770,000,000	205,152,000,000
i. Other short term asset	2,870,000,000	4,452,000,000	1,864,000,000
Prepaid expenses	1,394,000,000	4,238,000,000	1,537,000,000
VAT deductible	1,476,000,000	214,000,000	-
ii. Other short term asset	-	-	327,000,000
Long term assets	158,032,000,000	138,079,000,000	255,296,000,000
Fixed assets	158,032,000,000	138,014,000,000	253,990,000,000
Tangible fixed assets	148,812,000,000	127,770,000,000	131,289,000,000
i. Cost	199,771,000,000	200,847,000,000	203,107,000,000
i. Accumulated depreciation	50,959,000,000	73,077,000,000	71,818,000,000
Finance lease assets	-	725,000,000	11,094,000,000
ii. Cost	-	756,000,000	11,488,000,000
ii. Accumulated depreciation	-	31,000,000	394,000,000
Intangible fixed assets	9,220,000,000	9,220,000,000	111,607,000,000
iii. Cost	9,220,000,000	9,220,000,000	111,607,000,000
Construction in progress	-	299,000,000	-
i. Other long term assets	-	65,000,000	1,306,000,000
Long term prepayments	-	65,000,000	-
ii. Other long term assets	-	-	1,306,000,000
Total assets	284,238,000,000	369,414,000,000	562,860,000,000
Liabilities	191,292,000,000	288,121,000,000	361,641,000,000
Current liabilities	118,092,000,000	230,830,000,000	306,737,000,000
Short term borrowings	112,601,000,000	208,125,000,000	272,913,000,000
Accounts payables-trade	3,011,000,000	20,503,000,000	32,581,000,000
Advances from customers	211,000,000	521,000,000	110,000,000
Taxes and payable to state budget	2,269,000,000	1,681,000,000	1,133,000,000
Long term liabilities	73,200,000,000	57,291,000,000	54,904,000,000
Long term borrowings	73,200,000,000	57,291,000,000	54,904,000,000
i. Owners equity	92,946,000,000	81,293,000,000	201,219,000,000
ii. Owners equity	92,946,000,000	81,293,000,000	201,219,000,000
Business capital	27,000,000,000	27,000,000,000	28,000,000,000
Other owners equity	45,000,000,000	45,000,000,000	45,000,000,000
Revaluation differences	-	-	102,387,000,000
Other funds from owners equity	822,000,000	1,250,000,000	1,718,000,000
Retained earnings	20,124,000,000	8,043,000,000	24,114,000,000
Total resources	284,238,000,000	369,414,000,000	562,860,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Turnover(*)	255,140,000,000	335,440,000,000	527,752,000,000
Profit (Loss) Before Tax(*)	24,392,000,000	46,724,000,000	86,043,000,000
Profit After Tax attributable to Shareholders(*)	20,124,000,000	35,043,000,000	67,114,000,000
Gross sales	255,140,000,000	335,440,000,000	527,752,000,000
Less deductions	2,122,000,000	2,917,000,000	1,669,000,000
Net income	253,018,000,000	332,523,000,000	526,083,000,000
Cost of goods sold	189,764,000,000	232,866,000,000	381,951,000,000
Gross margin	63,254,000,000	99,657,000,000	144,132,000,000
Income from financial activities	24,000,000	125,000,000	1,247,000,000
Expenses from financial activities	18,343,000,000	25,627,000,000	30,510,000,000
In which: Interest expenses	18,202,000,000	24,823,000,000	26,241,000,000
Selling expenses	4,572,000,000	6,097,000,000	4,793,000,000
General & administration expenses	16,326,000,000	21,349,000,000	26,704,000,000
Net income from operating activities	24,037,000,000	46,709,000,000	83,372,000,000
Extraordinary income	355,000,000	15,000,000	3,010,000,000
Extraordinary expenses	-	-	339,000,000
Extraordinary gains	355,000,000	15,000,000	2,671,000,000
Net profit before tax	24,392,000,000	46,724,000,000	86,043,000,000
Income tax	4,268,000,000	11,681,000,000	18,929,000,000
Net profit after tax	20,124,000,000	35,043,000,000	67,114,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Growth %
Year-on-Year Growth	5.34	31.47	57.33
Profitability
Profit Margin (%)	7.89	10.45	12.72
Return on Equity (%)	21.65	43.11	33.35
Return on Assets (%)	7.08	9.49	11.92
Leverage
Total Debt Equity (Times)	2.06	3.54	1.80
Current Debt Equity (Times)	1.27	2.84	1.52
Long Term Debt to Equity	0.79	0.70	0.27
Total Asset To Total Equity	3.06	4.54	2.80
Asset Management
Total Assets Turnover (Times)	0.90	0.91	0.94
Fixed Assets Turnover (Times)	1.61	2.43	2.07
Liquidity
Current Ratio	1.07	1.00	1.00

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

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000046 USD United States Dollars

ADDITIONAL INFORMATION

Report Details
Country	:	Vietnam
Business Entity Name	:	OAI HUNG MANUFACTURING JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Plastics & Products
Office Contact Details
Operating Address	:	Tan Binh Industrial Park Lot III-6 Group CN 3 Rd 11 Tay Thanh Ward, Tan Phu Dist, Ho Chi Minh
Tel	:	[+84] 8-38155499
	:	[+84] 8-38155498
	:	[+84] 8-38155613
	:	[+84] 8-38155614
Fax	:	[+84] 8-38155124
Email	:	info@oaihung.com
Website Details
Website	:	http://www.oaihung.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	:	0301584581

Primary Products

Products / Materials / Services Description	Activity
Aluminium films	Manufacturing, Exporting
Blister foils	Manufacturing, Exporting
Lid foil	Manufacturing, Exporting
PET films	Manufacturing, Exporting
PVC films	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Aluminum sheet, plate, and foil, rolled or drawn	3353	Manufacturing, Exporting
Plastics film, strips, and sheets, unsupported	3081	Manufacturing, Exporting
Plastics materials and resins	2821	Manufacturing, Exporting
Plastics products, nspf	3089	Manufacturing, Exporting
Plastics, foil, and coated paper bags	2673	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Aluminum foil (back or not) n/ov 2mm th (ex back)	7607	Manufacturing, Exporting
Articles of plastics (inc polymers & resins)	3926	Manufacturing, Exporting
Other articles of plastic,nesoi	3926909050	Manufacturing, Exporting
Plastics & articles thereof	3900	Manufacturing, Exporting
Plates, sheets, film, foil & strip nesoi, plastics	3921	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of OAI HUNG MANUFACTURING JSC is Manufacturing - Finished products.

Key products include :

Blister foils

Lid foil

Aluminium films

PET films

PVC films

Supplementary Business

In addition to the core business, OAI HUNG MANUFACTURING JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	SAIGON BANK FOR INDUSTRY & TRADE (SAIGON INCOMBANK)
Global Identifier	:	32406443
Branch	:	District 1,Ho Chi Minh
Branch Address	:	SAIGON BANK FOR INDUSTRY
SWIFT Code	:	SBITVNVX
Bank Name	:	VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK
Global Identifier	:	32408823
Branch	:	District 1,Ho Chi Minh
Branch Address	:	VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK CO, TRANSACTION OFFICE 1
SWIFT Code	:	EBVIVNVX
Bank Name	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE
Global Identifier	:	32404058
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	108 Tran Hung Dao St Hoan Kiem Dist Hanoi (Head Office)
SWIFT Code	:	ICBVVNVX

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

OFFICE & FACILITIES

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

Name	:	OAI HUNG MANUFACTURING JSC - TAN PHU DIST, HO CHI MINH
Primary Use	:	Office & Administration facilities
Building Size	:	16,700 Square meters
Address	:	Tan Binh Industrial Park Lot III-6 Group CN 3 Rd 11 Tay Thanh Ward, Tan Phu Dist, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

QUALITY ACCREDITATION

Quality Accreditation Listings

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

LOCAL BRANCHES & MANAGEMENT

Branch	:	OAI HUNG MANUFACTURING JSC - CAU GIAY DIST, HANOI
Branch Address	:	4Fl Vimeco Bldg Lot E9 Pham Hung St Trung Hoa Ward, Cau Giay Dist, Hanoi

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.0.0030

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

INFORMATION DETAILS

Analysis Done by :	KAR
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%)

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.