Aroma Bay Candles Company Limited (Vietnam)

Founded in 2004 in Hai Phong City, the subject is engaged in manufacturing candles for export. 100% of finished products are exported to USA, EU (mainly England). As shared, the subject's current capacity is about 300 containers per month, which is approximately 6,000 tons of products.Please note that in Jul 2019, the subject acquired 95% shares of HAI DUONG INVESTMENT DEVELOPMENT AND TRADING COMPANY LIMITED and this company became a wholly subsidiary of the subject in 2021. However, the subject recorded the investment in this company in to "Investments in equity of other entities" item. In 2022, this company was merged into the subject so the item "Investments in equity of other entities" became zero at the end of the year. This merger is also believed to be the main reason for the significant increase of Historical costs of Tangible assets at the end of 2022.Based on the reported data, the subject's operation was considered effective. Default Risk is assessed at low.