MIRA INFORM REPORT

Report No. :	345737
Report Date :	23.10.2015

IDENTIFICATION DETAILS

Name :	LION VIETNAM JSC
Registered Office :	Khu Bo Tri Tai SX Cac DN Thuoc KLH CN-DV & DT Binh Duong (Binh Duong Industrial - Service and Urban Complex) Hoa Phu Ward, Thu Dau Mot, Binh Duong
Country :	Vietnam
Financials (as on) :	31.12.2013
Date of Incorporation :	19.10.2010
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Plastics & Products
No. of Employees :	150

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

COMPANY SUMMARY

Company Details

Organization Name	:	LION VIETNAM JSC ^(1)
Name in Local Language	:	CÔNG TY CỔ PHẦN LION VIỆT NAM
Address	:	Khu Bo Tri Tai SX Cac DN Thuoc KLH CN-DV & DT Binh Duong (Binh Duong Industrial - Service and Urban Complex) Hoa Phu Ward, Thu Dau Mot, Binh Duong
Country	:	Vietnam
Phone (S)	:	[+84] 650-3865011
Facsimile	:	[+84] 650-3865010
Email	:	info@lionvietnam.com.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Plastics & Products

Key Facts

Registered Legal Address	:	Khu Bo Tri Tai SX Cac DN Thuoc KLH CN-DV & DT Binh Duong (Binh Duong Industrial - Service and Urban Complex) Hoa Phu Ward, Thu Dau Mot, Binh Duong
Operational Address	:	Khu Bo Tri Tai SX Cac DN Thuoc KLH CN-DV & DT Binh Duong (Binh Duong Industrial - Service and Urban Complex) Hoa Phu Ward, Thu Dau Mot, Binh Duong
License Status	:	License exists - Normal.
Issuing Authority	:	People's Committee - Binh Duong
License Number	:	461033000679
Legal Form - Category	:	Joint Stock Company
Legal Form	:	Joint Stock Company
Legal Form - Abbreviation	:	JSC
Operational Status of Business	:	Normal
Date of Registration	:	19 Oct, 2010
Employees	:	150
Capital	:	US$ 1,000,000
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. Baljeet Singh
Nationality	:	Indian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Dang Viet Ha	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03169538
Name	:	Mr. Dang Viet Ha
Date of Birth	:	1978

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03169520
Name	:	Mr. Baljeet Singh
Date of Birth	:	1971

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing LION VIETNAM 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: USD - US Dollar)

Authorized Capital	:	$ 1,000,000
Paid-up Capital	:	$ 1,000,000

SHAREHOLDERS

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

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	LION HOLDINGS PVT LTD	India	n/a	750,000	75.00
2	RIEKE LAMONS NEDERLAND HOLDINGS BV	Netherlands	n/a	249,000	24.90
3	Mr. Ridham Bahri	Vietnam	n/a	1,000	0.10
Total			n/a	1,000,000	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

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

Year	Imports	Exports	Total
2011	n/a	775,434	775,434
2012	n/a	2,389,134	2,389,134
2013	n/a	2,581,770	2,581,770

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	10%
International Sales (Export)	90%

Annual Purchases Analysis	Percentage
Local Purchases	40%
Imports	60%

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 - Activity & Markets
Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Middle-East	Medium	Exporting
Bangladesh	Medium	Exporting
China	Medium	Importing, Exporting
India	Medium	Importing, Exporting
Indonesia	Medium	Exporting
Saudi Arabia	Medium	Exporting

GROUP STRUCTURE & AFFILIATED COMPANIES

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Corporate Parent	:	LION HOLDINGS PVT LTD
Global Identifier	:	P2184127
Legal Form Category	:	Private Company with Limited Liability
Country	:	India
Operational Address	:	C-9 UPSIDC Site IV Kasna Rd Greater Noida Uttar Pradesh 201306
Primary Business Activity	:	Manufacturer

FINANCIAL INFORMATION

 Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2011 Annual	861,594	1,858,281	-94,191
2012 Annual	2,654,593	2,005,315	336,476
2013 Annual (*)	2,868,633	2,109,247	439,348

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	2011 Annual	2012 Annual	2013 Annual
Current Assets(*)	20,670,000,000	20,993,000,000	28,289,000,000
Non Current Assets(*)	18,038,000,000	20,767,000,000	16,191,000,000
Non Current Liabilities(*)	416,000,000	12,727,000,000	8,927,000,000
Other long term assets
Total Assets(*)	38,708,000,000	41,760,000,000	44,480,000,000
Total Liabilities(*)	21,391,000,000	20,565,000,000	16,869,000,000
Current Liabilities(*)	20,975,000,000	7,838,000,000	7,942,000,000
Long term liabilities
Shareholders Funds(*)	17,317,000,000	21,195,000,000	27,611,000,000
Current assets & short term investments	20,670,000,000	20,993,000,000	28,289,000,000
Cash & cash equivalents	10,739,000,000	8,030,000,000	7,964,000,000
Cash	10,739,000,000	8,030,000,000	7,964,000,000
Accounts receivable	3,673,000,000	6,590,000,000	7,137,000,000
Accounts receivable trade	2,722,000,000	5,508,000,000	5,710,000,000
Trade prepayment	951,000,000	1,031,000,000	1,400,000,000
Others receivables	-	51,000,000	27,000,000
Inventories	5,409,000,000	5,177,000,000	11,343,000,000
Inventories (I)	5,409,000,000	5,177,000,000	11,343,000,000
Other short term asset	-	1,196,000,000	1,845,000,000
Prepaid expenses	222,000,000	238,000,000	72,000,000
VAT deductible	580,000,000	872,000,000	1,715,000,000
Other tax receivables	-	1,000,000	-
Other short term asset (I)	47,000,000	85,000,000	58,000,000
Long term assets	18,038,000,000	20,767,000,000	16,191,000,000
Accounts of long term receivable	1,145,000,000	1,146,000,000	-
Other long term receivables	1,145,000,000	1,146,000,000	-
Fixed assets	16,893,000,000	19,621,000,000	14,798,000,000
Tangible fixed assets	16,893,000,000	19,621,000,000	14,798,000,000
Cost	19,220,000,000	26,395,000,000	26,958,000,000
Accumulated depreciation	2,327,000,000	6,774,000,000	12,160,000,000
Other long term assets	-	-	1,393,000,000
Long term prepayments	-	-	233,000,000
Other long term assets (I)	-	-	1,160,000,000
Total assets	38,708,000,000	41,760,000,000	44,480,000,000
Liabilities	21,391,000,000	20,565,000,000	16,869,000,000
Current liabilities	20,975,000,000	7,838,000,000	7,942,000,000
Short term borrowings	156,000,000	156,000,000	156,000,000
Accounts payables-trade	19,614,000,000	1,735,000,000	2,155,000,000
Taxes and payable to state budget	4,000,000	1,560,000,000	1,214,000,000
Payable to employees	517,000,000	534,000,000	529,000,000
Accrued expenses payable	99,000,000	457,000,000	527,000,000
Other payables	585,000,000	3,396,000,000	3,361,000,000
Long term liabilities	416,000,000	12,727,000,000	8,927,000,000
Long term borrowings	416,000,000	12,727,000,000	8,927,000,000
Owner's equity	17,317,000,000	21,195,000,000	27,611,000,000
Owner's equity (I)	17,317,000,000	21,195,000,000	27,611,000,000
Business capital	19,000,000,000	19,000,000,000	19,000,000,000
Business development funds	280,000,000	-	-
Retained earnings	(1,963,000,000)	2,195,000,000	8,611,000,000
Total resources	38,708,000,000	41,760,000,000	44,480,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	17,947,000,000	55,281,000,000	60,494,000,000
Profit (Loss) Before Tax(*)	(1,962,000,000)	8,190,000,000	12,388,000,000
Profit After Tax attributable to Shareholders(*)	(1,962,000,000)	7,007,000,000	9,265,000,000
Gross sales	17,947,000,000	55,281,000,000	60,494,000,000
Net income	17,947,000,000	55,281,000,000	60,494,000,000
Cost of goods sold	15,080,000,000	34,282,000,000	38,443,000,000
Gross margin	2,867,000,000	20,999,000,000	22,051,000,000
Income from financial activities	792,000,000	348,000,000	391,000,000
Expenses from financial activities	625,000,000	954,000,000	1,107,000,000
In which: Interest expenses	-	922,000,000	917,000,000
Selling expenses	1,638,000,000	6,507,000,000	5,664,000,000
General & administration expenses	3,368,000,000	6,163,000,000	4,043,000,000
Net income from operating activities	(1,972,000,000)	7,723,000,000	11,628,000,000
Extraordinary income	10,000,000	467,000,000	760,000,000
Extraordinary gains	10,000,000	467,000,000	760,000,000
Net profit before tax	(1,962,000,000)	8,190,000,000	12,388,000,000
Income tax	-	1,183,000,000	3,123,000,000
Net profit after tax	(1,962,000,000)	7,007,000,000	9,265,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	208.02	9.43
Profitability
Profit Margin (%)	(10.93)	12.68	15.32
Return on Equity (%)	(11.33)	33.06	33.56
Return on Assets (%)	(5.07)	16.78	20.83
Leverage
Total Debt Equity (Times)	1.24	0.97	0.61
Current Debt Equity (Times)	1.21	0.37	0.29
Long Term Debt to Equity	0.02	0.60	0.32
Total Asset To Total Equity	2.24	1.97	1.61
Asset Management
Total Assets Turnover (Times)	0.46	1.32	1.36
Fixed Assets Turnover (Times)	0.99	2.66	3.74
Liquidity
Current Ratio	0.99	2.68	3.56

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	:	LION VIETNAM JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Plastics & Products
Office Contact Details
Operating Address	:	Khu Bo Tri Tai SX Cac DN Thuoc KLH CN-DV & DT Binh Duong (Binh Duong Industrial - Service and Urban Complex) Hoa Phu Ward, Thu Dau Mot, Binh Duong
Tel	:	[+84] 650-3865011
	:	[+84] 650-3865012
Fax	:	[+84] 650-3865010
Email	:	info@lionvietnam.com.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	:	3701799403
Date of Issuance	:	5 Nov, 2010

Primary Products

Products / Materials / Services Description	Activity
Plastic caps	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Plastics products, nspf	3089	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Plastics & articles thereof	3900	Manufacturing, Exporting
Stoppers,lids,caps,& other closures,of plastic	3923500000	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of LION VIETNAM JSC is Manufacturing - Finished products.

Key product include:

Plastic caps

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, LION VIETNAM JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	PETROLIMEX GROUP COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P1067566
Branch	:	Dong Da,Hanoi
Branch Address	:	PETROLIMEX GROUP COMMERCIAL JOINT STOCK BANK
SWIFT Code	:	PGBLVNVX

OFFICE & FACILITIES

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

Name	:	LION VIETNAM JSC - THU DAU MOT, BINH DUONG
Primary Use	:	Office & Administration facilities
Address	:	Khu Bo Tri Tai SX Cac DN Thuoc KLH CN-DV & DT Binh Duong (Binh Duong Industrial - Service and Urban Complex) Hoa Phu Ward, Thu Dau Mot, Binh Duong
Country	:	Vietnam
Status	:	Operational

PREVIOUS CONTACT DETAILS

Company Address

:

Vietnam Singapore Industrial Zone 2 Rd 9, Thu Dau Mot Town, Binh Duong

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.15
UK Pound	1	Rs.100.54
Euro	1	Rs.73.97

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	TRU

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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