MIRA INFORM REPORT

Report No. :	345351
Report Date :	23.10.2015

IDENTIFICATION DETAILS

Name :	OCI VIET NAM CO LTD
Registered Office :	Km 24 DT 743 St Binh Thang Ward, Di An Dist, Binh Duong
Country :	Vietnam
Financials (as on) :	2014
Date of Incorporation :	14.04.2011
Legal Form :	Private Company With Limited Liability
Line of Business :	Manufacturer of Chemicals.
No. of Employees :	70

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

Organization Name	:	OCI VIET NAM CO LTD
Name in Local Language	:	CÔNG TY TNHH OCI VIỆT NAM
Address	:	Km 24 DT 743 St Binh Thang Ward, Di An Dist, Binh Duong
Country	:	Vietnam
Phone (S)	:	[+84] 650-3751650
Facsimile	:	[+84] 650-3751644
Primary Business Activity	:	Manufacturer
Key Industry	:	Chemicals

Registered Legal Address

:

Km 24 DT 743 St Binh Thang Ward, Di An Dist, Binh Duong

Operational Address

:

Km 24 DT 743 St Binh Thang Ward, Di An Dist, Binh Duong

License Status

:

License exists - Normal.

Issuing Authority

:

People's Committee - Binh Duong

License Number

:

461022000447

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

:

14 Apr, 2011

Employees

:

70

Capital

:

US$ 3,530,000

PREVIOUS BUSINESS LICENSE/S

:

License Date	License No.
6 Oct, 1993	689/GP

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Jong-Hee Park
Nationality	:	Korean

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Thu Nhi Le	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03915577
Name	:	Ms. Thu Nhi Le
Date of Birth	:	1975

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03915533
Name	:	Mr. Jong-Hee Park
Date of Birth	:	1967

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing OCI VIET NAM 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

:

$ 3,530,000

SHAREHOLDERS

Total number of shareholders	:	1
Total number of shares	:	n/a

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	OCI CO LTD	Korea, South (Republic of Korea)	n/a	n/a	100.00
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	10%
International Sales (Export)	90%

Annual Purchases Analysis	Percentage
Local Purchases	10%
Imports	90%

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
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	:	OCI CO LTD
Global Identifier	:	31322156
Legal Form Category	:	Public Listed Company
Country	:	Korea, South (Republic of Korea)
Operational Address	:	Oriental Chemical Industries Bldg 94 Sogong-ro Chung-gu Seoul 100070
Primary Business Activity	:	Manufacturer

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2014 Annual	35,017,310	12,944,153	298,057

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2014 Annual
Current Assets(*)	234,656,000,000
Non Current Assets(*)	39,030,000,000
Non Current Liabilities(*)	0
Share Capital(*)	44,099,000,000
Other long term assets
Total Assets(*)	273,686,000,000
Total Liabilities(*)	206,730,000,000
Current Liabilities(*)	206,730,000,000
Long term liabilities
Shareholders Funds(*)	66,956,000,000
Current assets & short term investments	234,656,000,000
Cash & cash equivalents	19,626,000,000
Cash	19,626,000,000
Accounts receivable	30,565,000,000
Accounts receivable trade	30,565,000,000
Inventories	165,591,000,000
Other short term asset	18,874,000,000
Long term assets	39,030,000,000
Fixed assets	36,961,000,000
Tangible fixed assets	36,961,000,000
Cost	181,251,000,000
Accumulated depreciation	144,290,000,000
Long term investments	340,000,000
Other long term investments	340,000,000
Other long term assets	1,729,000,000
Total assets	273,686,000,000
Liabilities	206,730,000,000
Current liabilities	206,730,000,000
Accounts payables-trade	191,399,000,000
Other payables	15,331,000,000
Owner's equity	66,956,000,000
Business capital	44,099,000,000
Other funds from owner's equity	1,759,000,000
Retained earnings	21,098,000,000
Total resources	273,686,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2014 Annual
Turnover(*)	740,392,000,000
Profit (Loss) Before Tax(*)	8,437,000,000
Profit After Tax attributable to Shareholders(*)	6,302,000,000
Gross sales	740,392,000,000
Net income	740,392,000,000
Cost of goods sold	721,689,000,000
Gross margin	18,703,000,000
Income from financial activities	43,000,000
Expenses from financial activities	2,839,000,000
Selling expenses	9,132,000,000
General & administration expenses	0
Net income from operating activities	6,775,000,000
Extraordinary income	3,181,000,000
Extraordinary expenses	1,519,000,000
Extraordinary gains	1,662,000,000
Net profit before tax	8,437,000,000
Income tax	2,135,000,000
Net profit after tax	6,302,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2014 Annual
Profitability
Profit Margin (%)	0.85
Return on Equity (%)	9.41
Return on Assets (%)	2.30
Leverage
Total Debt Equity (Times)	3.09
Current Debt Equity (Times)	3.09
Total Asset To Total Equity	4.09
Asset Management
Total Assets Turnover (Times)	2.71
Fixed Assets Turnover (Times)	18.97
Liquidity
Current Ratio	1.14

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	:	OCI VIET NAM CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Chemicals
Office Contact Details
Operating Address	:	Km 24 DT 743 St Binh Thang Ward, Di An Dist, Binh Duong
Tel	:	[+84] 650-3751650
	:	[+84] 650-3751648
Fax	:	[+84] 650-3751644
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	:	3700229986
Date of Issuance	:	23 Sep, 1998

Primary Products

Products / Materials / Services Description	Activity
Agricultural chemicals	Manufacturing, Exporting
Inorganic chemicals	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Agricultural pesticides and other agricultural chemicals, nspf	2879	Manufacturing, Exporting
Chemical preparations, nspf	2899	Manufacturing, Exporting
Chemicals and Allied Products	2800	Manufacturing, Exporting
Industrial inorganic chemicals, nspf	2819	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Chemical products and preparations of the chemical or allied industries	3823909050	Manufacturing, Exporting
Inorganic chem, org/inorg compounds of precious metals, isotopes	2800	Manufacturing, Exporting
Miscellaneous chemical products	3800	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of OCI VIET NAM CO LTD is Manufacturing - Finished products.

Key products include :

Agricultural chemicals

Inorganic chemicals

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, OCI VIET NAM CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Korea, South (Republic of Korea)	Medium	Importing, Exporting

OFFICE & FACILITIES

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

Name	:	OCI VIET NAM CO LTD - DI AN DIST, BINH DUONG
Primary Use	:	Office & Administration facilities
Address	:	Km 24 DT 743 St Binh Thang Ward, Di An Dist, Binh Duong
Country	:	Vietnam
Status	:	Operational

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 :	TPT

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.