MIRA INFORM REPORT

Report No. :	339421
Report Date :	11.09.2015

IDENTIFICATION DETAILS

Name :	NGHE AN IMPORT EXPORT JSC
Registered Office :	15 Quang Trung St, Vinh, Nghe An
Country :	Vietnam
Financials (as on) :	31.12.2013
Date of Incorporation :	13.02.2012
Legal Form :	Joint Stock Company
Line of Business :	Trader of consumer product.
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

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

COMPANY SUMMARY

Company Details
Organization Name	:	NGHE AN IMPORT EXPORT JSC ^(1)
Name in Local Language	:	CÔNG TY CỔ PHẦN XUẤT NHẬP KHẨU NGHỆ AN
Address	:	15 Quang Trung St, Vinh, Nghe An
Country	:	Vietnam
Phone (S)	:	[+84] 38-3844842
Facsimile	:	[+84] 38-2842778
Email	:	trade01@unimexna.com.vn
Website	:	http://www.unimexna.com.vn
Primary Business Activity	:	Trader
Key Industry	:	Consumer Products

Key Facts

Registered Legal Address

:

15 Quang Trung St, Vinh, Nghe An

Operational Address

:

15 Quang Trung St, Vinh, Nghe An

Trading Name / DBA

:

UNIMEX NGHEAN

License Status

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Nghe An

License Number

:

2900326093

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

:

13 Feb, 2012

Employees

:

200

Capital

US$ 1,127,666

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
1 Mar, 2005	2703000511

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.

Report Details

Country	:	Vietnam
Business Entity Name	:	NGHE AN IMPORT EXPORT JSC
Primary Business Activity	:	Trader
Primary Industry	:	Consumer Products
Office Contact Details
Operating Address	:	15 Quang Trung St, Vinh, Nghe An
Tel	:	[+84] 38-3844842
	:	[+84] 38-8603636
Mobile	:	[+84]-912574659
Fax	:	[+84] 38-2842778
	:	[+84] 38-3847032
Email	:	trade01@unimexna.com.vn trade02@unimexna.com.vn
Website Details
Website	:	http://www.unimexna.com.vn
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	:	2900326093
Date of Issuance	:	30 Sep, 1998

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Nguyen Quang Lam
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Nguyen Quang Lam	Vietnamese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03899561
Name	:	Mr. Nguyen Quang Lam

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03899561
Name	:	Mr. Nguyen Quang Lam

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing NGHE AN IMPORT EXPORT 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

:

₫ 24,999,900,000

SHAREHOLDERS

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

No.	Shareholders	Country	Shares
			Number	Amount	%
1	Undisclosed Shareholders	n/a	n/a	n/a	41.31
2	Mr. Nguyen Quang Lam	Vietnam	n/a	n/a	36.84
3	Mr. Nguyen Minh Tuan	Vietnam	n/a	n/a	12.05
4	Mr. Dang Thi Mai	Vietnam	n/a	n/a	6.10
5	Mr. Nguyen Xuan Trinh	Vietnam	n/a	n/a	2.78
6	Mr. Nguyen Thi Nhu Van	Vietnam	n/a	n/a	0.92
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	80%
International Sales (Export)	20%

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
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

GROUP STRUCTURE & AFFILIATED COMPANIES

Na

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year		Turnover	Assets	Net Income
2013 Annual (*)		26,845,959	6,294,880	317,952
	Note: (*)
	Financials listed are the most recent available for this company.

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
1991 Annual	1,446,755	n/a	n/a
1993 Annual	8,141,384	n/a	n/a
1999 Annual	2,693,286	n/a	n/a

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2013 Annual
Current Assets(*)	123,878,000,000
Non Current Assets(*)	8,869,000,000
Non Current Liabilities(*)	15,101,000,000
Other long term assets
Total Assets(*)	132,747,000,000
Total Liabilities(*)	91,350,000,000
Current Liabilities(*)	76,249,000,000
Long term liabilities
Shareholders Funds(*)	41,397,000,000
Current assets & short term investments	123,878,000,000
Cash & cash equivalents	1,366,000,000
Cash	1,366,000,000
Short term investments	10,050,000,000
Short term securities investments	10,050,000,000
Accounts receivable	54,607,000,000
Accounts receivable trade	21,813,000,000
Trade prepayment	31,216,000,000
Others receivables	13,204,000,000
Provision for bad debts	(11,626,000,000)
i. Inventories	46,108,000,000
ii. Inventories	46,277,000,000
Provision for decline in inventory	(169,000,000)
Other short term asset	11,747,000,000
VAT deductible	11,747,000,000
Long term assets	8,869,000,000
Fixed assets	8,869,000,000
Tangible fixed assets	7,367,000,000
Cost	14,174,000,000
Accumulated depreciation	6,807,000,000
Construction in progress	1,502,000,000
Total assets	132,747,000,000
Liabilities	91,350,000,000
Current liabilities	76,249,000,000
Short term borrowings	36,809,000,000
Accounts payables-trade	18,642,000,000
Advances from customers	1,996,000,000
Taxes and payable to state budget	1,860,000,000
Payable to employees	3,179,000,000
Accrued expenses payable	277,000,000
Other payables	9,784,000,000
Bonus and welfare funds	3,702,000,000
Long term liabilities	15,101,000,000
Long term other payables	2,071,000,000
Long term borrowings	1,793,000,000
Scientific and technological development funds	11,237,000,000
i. Owner's equity	41,397,000,000
ii. Owner's equity	41,397,000,000
Business capital	20,000,000,000
Share capital's surplus	5,000,000,000
Business development funds	3,080,000,000
Financial reserved funds	6,966,000,000
Retained earnings	6,351,000,000
Total resources	132,747,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2013 Annual
Turnover(*)	566,130,000,000
Profit (Loss) Before Tax(*)	8,940,000,000
Profit After Tax attributable to Shareholders(*)	6,705,000,000
Gross sales	566,130,000,000
Less deductions	360,000,000
Net income	565,770,000,000
Cost of goods sold	538,293,000,000
Gross margin	27,477,000,000
Income from financial activities	4,576,000,000
Expenses from financial activities	3,515,000,000
In which: Interest expenses	3,209,000,000
Selling expenses	6,414,000,000
General & administration expenses	13,081,000,000
Net income from operating activities	9,043,000,000
Extraordinary income	7,046,000,000
Extraordinary expenses	7,149,000,000
Extraordinary gains	(103,000,000)
Net profit before tax	8,940,000,000
Income tax	2,235,000,000
Net profit after tax	6,705,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2013 Annual
Profitability
Profit Margin (%)	1.18
Return on Equity (%)	16.20
Return on Assets (%)	5.05
Leverage
Total Debt Equity (Times)	2.21
Current Debt Equity (Times)	1.84
Long Term Debt to Equity	0.36
Total Asset To Total Equity	3.21
Asset Management
Total Assets Turnover (Times)	4.26
Fixed Assets Turnover (Times)	63.83
Liquidity
Current Ratio	1.62

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

Na

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Alcohol	Trading
Consumer goods	Trading
Cosmetic products	Trading
Electrical products	Trading
Furniture	Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Electrical equipment and supplies, nspf, and parts, nspf	3699	Trading
Fresh/Frozen Fish/Seafoods, NEC	2092	Trading
Furniture	5021	Trading
Tires & Tubes	5014	Trading
Toilet preparations	2844	Trading
Wine/Distilled Alcohol Bev	5182	Trading
Wines, brandy, and brandy spirits	2084	Trading
Wood products, nspf	2499	Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Articles of wood	4421	Trading
Depilatories and other perfumery, cosmetic or toilet preparations	3307900000	Trading
Electrical machinery & equip. & parts; telecommunications equip., sound recorders, television recorders	8500	Trading
Food preparations	2106	Trading
Furniture nesoi and parts thereof	9403	Trading
New pneumatic tires, of rubber	4011	Trading
Oils & resinoids, perfumery, cosmetic or toilet preparations	3300	Trading
Vermouth & other wine of fresh grapes spec flavored	2205	Trading
Wine of fresh grapes; grape must	2204	Trading
Wood & articles of wood; wood charcoal	4400	Trading

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Seafood	Primary	Trading
Tyres	Primary	Trading
Wines	Primary	Trading
Wooden products	Primary	Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of NGHE AN IMPORT EXPORT JSC is Trading - Finished products.

Key products include :

Alcohol

Consumer goods

Cosmetic products

Electrical products

Furniture

Seafood

Tyres

Wines

BANK DETAILS

Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	32400479
Branch	:	Hoan Kiem,Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM - VINH, NGHE AN
SWIFT Code	:	BFTVVNVX
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

LOCAL BRANCHES & MANAGEMENT

Branch	:	NGHE AN IMPORT EXPORT JSC - DISTRICT 10, HO CHI MINH
Branch Address	:	294 Hoa Hao St Ward 01, District 10, Ho Chi Minh
Branch	:	NGHE AN IMPORT EXPORT JSC - VINH, NGHE AN
Branch Address	:	8 Truong Chinh St, Vinh, Nghe An
Branch	:	NGHE AN IMPORT EXPORT JSC - VINH, NGHE AN
Branch Address	:	Quan Bau Nguyen Trai St, Vinh, Nghe An
Branch	:	NGHE AN IMPORT EXPORT JSC - VINH, NGHE AN
Branch Address	:	40 Le Loi St, Vinh, Nghe An
Branch	:	NGHE AN IMPORT EXPORT JSC - DIENCHAU DIST, NGHE AN
Branch Address	:	Dien Thinh, Dienchau Dist, Nghe An
Branch	:	NGHE AN IMPORT EXPORT JSC - VINH, NGHE AN
Branch Address	:	116 Phan Dinh Phung St, Vinh, Nghe An

INTERNATIONAL TRADE - Activity & Markets

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

OFFICE & FACILITIES

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

Name	:	NGHE AN IMPORT EXPORT JSC - VINH, NGHE AN
Primary Use	:	Office & Administration facilities
Address	:	15 Quang Trung St, Vinh, Nghe An
Country	:	Vietnam
Status	:	Operational

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.58
UK Pound	1	Rs.102.29
Euro	1	Rs.74.71

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%)

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.