Exhibit 99.9

 

Entity 68

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

Audited reconciliation of financial statements to

Unites States Generally Accepted Accounting Principle (US. GAAP)

for the year ended 31 December 2020

 

   
 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

 

 

CONTENTS

 

  Page(s)
   
REPORT OF DIRECTOR 1 - 2
INDEPENDENT AUDITORS’ REPORT 3 - 4
AUDITED RECONCILIATION OF FINANCIAL STATEMENTS  
Reconciliation statement of operation 5
Statement of operation 6
Balance sheets 7 – 9
Note to the financial statements 10 - 18

 

   
 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

REPORT OF DIRECTOR

 

 

Director of Unique Logistics International (Vietnam) Co., Ltd. (“The Company”) has the pleasure in presenting this report and the Company’s audited reconciliation of financial statements to US. GAAP for the year ended 31 December 2020.

 

1.General information

 

Unique Logistics International (Vietnam) Co., Ltd. is limited liability company with two or more members incorporated in Vietnam pursuant to the Business Registration Certificate No, 0310403753 on 11 October 2010 and the next amendments with the latest amendments registered on the 4th amendment issued on 23 July 2020 issued by the Planning and Investment Department of Ho Chi Minh City regarding the changes of owners’ equity.

 

Operating duration of the Company is 20 years since 11 October 2010

 

The Company’s head office

 

- Address : No,181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City
- Telephone : 028 3822 2352
- Fax : 028 3829 5440

 

The Company has a branch in Hanoi operated according to the first Registration Certificate No, 0310403753-001 on 24 June 2011 and the next amendments with the latest amendments registered on the fifth amendment on 03 August 2020 issued by the Planning and Investment Department of Hanoi City.

 

The branch office is located at Floor 5, Han Viet Building, 203 Minh Khai Street, Minh Khai Ward, Hai Ba Trung District, Ha Noi City.

 

According to the third amendment Investment Registration Certificate dated 28 October 2020, the principal activities of the Company are to provide forwarding services

 

In 2020, the main activities of the Company are to provide forwarding services.

 

2. The member of Member Council and Director

 

Members of Member Council and Director during the financial year and at the date of this report are:

 

Member Council

 

Full name   Nationality   Position
Mr, Lee, Patrick Man Bun   Canadian   Chairman
Mr, Tran Duy Hoa   Vietnamese   Member

 

Director

 

Full name   Position
Mr, Tran Duy Hoa   Director

 

Legal representative

 

The legal representative of the Company during the financial year and at the date of this report is

 

Mr, Tran Duy Hoa   Director

 

3.Events since the balance sheet date

 

There have been no significant events occurring after the balance sheet date which would require adjustments or disclosures to be made in the financial statements.

 

1

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

REPORT OF DIRECTOR

 

 

4.Auditors

 

AFC Vietnam Auditing Company Limited has been appointed to perform the audit for the year ended 31 December 2020.

 

5.Publication of the financial statements

 

Director does hereby publish that the accompanying reconciliation of financial statements to US. GAAP which give a true and fair view of the financial position of the Company as at 31 December 2020 and the results of its operations of the Company for the year then ended in accordance with the Unites States Generally Accepted Accounting Principle (US GAAP) and the statutory requirements relevant to preparation and presentation of the financial statements.

 

   
TRAN DUY HOA  
Director  
Ho Chi Minh City, 15 August 2021  

 

2

 

 

 

INDEPENDENT AUDITORS’ REPORT

 

To: The members of Member Council and Director
  Unique Logistics International (Vietnam) Co., Ltd.

 

We have audited the accompanying reconciliation of financial statements to US GAAP of Unique Logistics International (Vietnam) Co., Ltd. prepared on 15 August 2021 and set out from pages from 5 to 21, which comprise the balance sheet as at 31 December 2020, and the statement of operations for the year then ended and Note to the financial statements thereto.

 

Director’s Responsibility for the Financial Statements

 

Director is responsible for the preparation and fair presentation of these financial statements in accordance with the Unites States Generally Accepted Accounting Principle and comply with relevant statutory requirements to preparation and presentation of the financial statements and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

Auditors’ Responsibility

 

Our responsibility is to express an opinion on these financial statements based on our audit, We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Director, as well as evaluating the overall presentation of the financial statements.

 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for audit opinion.

 

Auditor’s opinion

 

In our opinion, the accompanying financial statements give a true and fair view, in all material respects, of the reconciliation of financial statements of Unique Logistics International (Vietnam) Co., Ltd. as at 31 December 2020 included balance sheets and statement of operations for the year then ended in accordance with the Unites States Generally Accepted Accounting Principles and the statutory requirements relevant to preparation and presentation of the financial statements.

 

3

 

 

INDEPENDENT AUDITORS’ REPORT

(Cont.)

 

Limitation

 

Without qualifying our above opinion, we would like to note that the financial statements are prepared for the purpose of internal management of Unique Logistics International (Vietnam) Co., Ltd. Therefore, this report may not be appropriate for any other purpose. Our audit report is only for Unique Logistics International (Vietnam) Co., Ltd. and its partners. It is not available to any other parties than Unique Logistics International (Vietnam) Co., Ltd.

 

Other matters

 

Unique Logistics International (Vietnam) Co., Ltd, has prepared other financial statements for the purpose of its tax finalization for the financial year-ended 31 December 2020 in accordance with Vietnamese Accounting Standards and Vietnamese Accounting System relating to preparation and presentation of the financial statements. These financial statements have been audited by another Auditor.

 

Unique Logistics International (Vietnam) Co., Ltd, has prepared other financial statements for the purpose of internal management for the financial year ended 31 December 2020 in accordance with Vietnamese Accounting Standards and Vietnamese Accounting System (VAS) relating to preparation and presentation of the financial statements dated 09 March 2021.

 

/s/ DANG THI MY VAN   /s/ NGUYEN NGOC ANH TRUC
     
General Director   Auditor

Audit Practicing Registration Certificate

No, 0173-2018-009-1

  Audit Practicing Registration Certificate No, 5517-2021-009-1
AFC VIETNAM AUDITING COMPANY LIMITED    
Ho Chi Minh City, 15 August 2021

 

4

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

RECONCILIATION STATEMENT OF OPERATIONS

For the financial year ended 31 December 2020

 

 

   2020   2019 
   USD   USD 
         
Net profit/(loss) after tax, reported   1,567,733.56    410,221.10 
           
Adjustment          
Labour cost due to incentive in year   (80,230.70)   2,733.36 
Current CIT expenses   -    (546.67)
Total adjustment   (80,230.70)   2,186.69 
           
Net profit/(loss) after tax, US. GAAP   1,487,502.86    412,407.79 
           
Other comprehensive, reported          
Translation adjustment   42,444.68    4,588.93 
           
Comprehensive, US. GAAP   1,529,947.54    416,996.72 

 

         
LE THI NGOC AI   LE THI NGOC AI   TRAN DUY HOA
Preparer   Chief Accountant   Director
        Ho Chi Minh City, 15 August 2021

 

5

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

STATEMENT OF OPERATIONS

For the financial year ended 31 December 2020

 

 

   2020   2019 
   USD   USD 
         
Net service sales   30,858,740.07    8,963,487.52 
Total net sales   30,858,740.07    8,963,487.52 
           
Cost of service sales   27,688,906.80    7,750,152.13 
Total cost of sales   27,688,906.80    7,750,152.13 
           
Gross profit/(loss)   3,169,833.27    1,213,335.39 
           
Selling, general and administrative expenses   1,083,749.18    690,478.87 
Income from operations   2,086,084.09    522,856.52 
           
Interest and others, net   (200,637.64)   (7,346.79)
Income before income taxes   1,885,446.45    515,509.73 
           
Income tax expense   397,943.59    103,101.94 
Net income   1,487,502.86    412,407.79 

 

         
LE THI NGOC AI   LE THI NGOC AI   TRAN DUY HOA
Preparer   Chief Accountant   Director
        Ho Chi Minh City, 15 August 2021

 

6

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

BALANCE SHEET

As at 31 December 2020

 

 

   Reported   Increase/ (Decrease)   US GAAP 
   USD   USD   USD 
             
CURRENT ASSETS   8,152,603.09    12,784.57    8,165,387.66 
Cash and cash equivalents   516,501.72    -    516,501.72 
Current account receivables   7,623,365.54    -    7,623,365.54 
Other current receivables   -    1,239.87    1,239.87 
Current advances to supplies   30.35    (30.35)   - 
Other current assets   1,239.87    (1,239.87)   - 
Current prepaid expenses   11,465.61    12,814.92    24,280.53 
                
NON-CURRENT ASSETS   49,344.55    (12,784.57)   36,559.98 
Other non-current receivables   36,559.98    -    36,559.98 
Non-current prepaid expenses   12,784.57    (12,784.57)   - 
TOTAL ASSETS   8,201,947.64    -    8,201,947.64 
                
                
LIABILITIES   6,016,328.85    78,024.53    6,094,353.38 
Current liabilities   5,913,761.84    78,024.52    5,991,786.36 
Current account payables (Obligation in Operating cycles)   2,804,022.60    1,674,284.99    4,478,307.59 
Current advance from customers   3,032.95    (3,032.95)   - 
Taxes and obligation payable to the State   624,198.10    (624,198.10)   - 
Payable to employees   222,548.16    (222,548.16)   - 
Current accrued expenses   98,599.98    (98,599.98)   - 
Other current liability   1,023,630.33    (647,881.28)   375,749.05 
Current loan and finance lease   1,137,729.72    -    1,137,729.72 
                
Non-current liabilities   102,567.01    0.01    102,567.02 
Non-current obligation in Operating cycles   -    2,502.32    2,502.32 
Non-current accrued expenses   2,416.05    (2,416.05)   - 
Other non-current liabilities   86.26    (86.26)   - 
Non-current loans and finance lease   100,064.70    -    100,064.70 
                
OWNER’S EQUITY   2,185,618.79    (78,024.53)   2,107,594.26 
Owners’ invested equity   143,754.06    16,895.94    160,650.00 
Retained earnings   2,041,864.73    (94,920.47)   1,946,944.26 
TOTAL RESOURCES   8,201,947.64    0.00    8,201,947.64 

 

         
LE THI NGOC AI   LE THI NGOC AI   TRAN DUY HOA
Preparer   Chief Accountant   Director
        Ho Chi Minh City, 15 August 2021

 

7

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

BALANCE SHEET

As at 31 December 2019

 

 

   Reported   Increase/ (Decrease)   US. GAAP 
   USD   USD   USD 
             
CURRENT ASSETS   2,287,834.07    6,673.28    2,294,507.35 
Cash and cash equivalents   325,896.00    -    325,896.00 
Current trade receivables   1,106,565.38    849,497.18    1,956,062.56 
Other current receivables   849,497.18    (849,497.18)   - 
Current prepaid expenses   5,875.51    6,673.28    12,548.79 
                
NON-CURRENT ASSETS   19,276.23    (6,673.28)   12,602.95 
Other non-current receivables    12,602.95    -    12,602.95 
Non-current prepaid expenses   6,673.28    (6,673.28)   - 
TOTAL ASSETS   2,307,110.30    0.00    2,307,110.30 
                
LIABILITIES   991,745.42    (2,188.09)   989,557.33 
Current liabilities   991,659.32    (2,188.09)   989,471.23 
Current account payables (Obligation in Operating cycles)   544,757.78    344,734.97    889,492.75 
Taxes and obligation payable to the State   278,715.11    (278,715.11)   - 
Payable to employees    49,875.70    (49,875.70)   - 
Current accrued expenses   18,332.25    (18,332.25)   - 
Current loan and finance lease    99,978.48    -    99,978.48 
                
Long-term liabilities    86.10    -    86.10 
Non-current obligation in Operating cycles   -    86.10    86.10 
Other long-term liabilities    86.10    (86.10)   - 
                
OWNER’S EQUITY    1,315,364.88    2,188.09    1,317,552.97 
Owners’ invested equity    143,288.74    17,361.26    160,650.00 
Retained earnings    1,172,076.14    (15,173.17)   1,156,902.97 
TOTAL RESOURCES   2,307,110.30    0.00    2,307,110.30 

 

         
LE THI NGOC AI   LE THI NGOC AI   TRAN DUY HOA
Preparer   Chief Accountant   Director
        Ho Chi Minh City, 15 August 2021

 

8

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

BALANCE SHEET

As at 01 January 2019

 

 

   Reported   Increase/ (Decrease)   US. GAAP 
   USD   USD   USD 
             
CURRENT ASSETS   1,883,908.30    3,816.53    1,887,724.83 
Cash and cash equivalents   103,722.77    -    103,722.77 
Current trade receivables   1,041,967.53    721,598.55    1,763,566.08 
Other current receivables   721,598.55    (710,598.41)   11,000.14 
Current prepaid expenses   5,619.32    3,816.52    9,435.84 
VAT deductibles   11,000.13    (11,000.13)   - 
                
NON-CURRENT ASSETS   15,560.06    (3,816.52)   11,743.54 
Other non-current receivables   11,743.54    -    11,743.54 
Non-current prepaid expenses   3,816.52    (3,816.52)   - 
TOTAL ASSETS   1,899,468.36    0.01    1,899,468.37 
                
LIABILITIES   998,912.11    (0.01)   998,912.10 
Current liabilities   998,912.11    (0.01)   998,912.10 
Current account payables (Obligation in Operating cycles)   443,944.77    339,577.95    783,522.72 
Taxes and obligation payable to the State   234,459.01    (234,459.01)   - 
Payables to employees   95,465.12    (95,465.12)   - 
Current accrued expenses   9,653.83    (9,653.83)   - 
Other current liability   116,190.63    -    116,190.63 
Current loan and finance lease   99,198.75    -    99,198.75 
                
OWNER’S EQUITY   900,556.25    0.02    900,556.27 
Owners’ invested capital   143,134.30    17,515.70    160,650.00 
Undistributed profit after tax   757,421.95    (17,515.68)   739,906.27 
TOTAL RESOURCES   1,899,468.36    0.01    1,899,468.37 

 

         -
LE THI NGOC AI   LE THI NGOC AI   TRAN DUY HOA
Preparer   Chief accountant   Director
        Ho Chi Minh City, 15 August 2021

 

9

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTE TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

There notes form an integral part of and should be read in conjunction with the accompanying financial statements.

 

1.BUSINESS HIGHLIGHT

 

1.1Ownership structure

 

Unique Logistics International (Vietnam) Co., Ltd. is limited liability company with two or more members incorporated in Vietnam pursuant to the Business Registration Certificate No. 0310403753 on 11 October 2010 and the next amendments with the latest amendments registered on the 4th amendment issued on 23 July 2020 issued by the Planning and Investment Department of Ho Chi Minh City regarding the changes of owners’ equity.

 

1.2Scope of business activities

 

The scope of business activities is to provide forwarding services.

 

1.3The principal activities

 

According to the third amendment Investment Registration Certificate dated 28 October 2020, the Company’s principal activities are to provide forwarding services.

 

In 2020, the main activities of the Company are to provide forwarding services.

 

1.4Normal business cycle

 

The normal business cycle of the Company is not exceeding 12 months.

 

1.5Statement of comparative presentation of information in the financial statements

 

The figures are presented in the financial statements for the financial year ended 31 December 2020 compared with the corresponding figures of previous year.

 

1.6The number of employees

 

The number of the Company’s employees as at 31 December 2020 was 53 (as at 31 December 2019 the number of employees was 37).

 

2.FINANCIAL YEAR, ACCOUNTING CURRENCY ACCOUNTING

 

2.1Financial year

 

The Company’s financial year starts from 01 January and ends at 31 December annual.

 

2.2Accounting currency

 

The Company maintains its accounting records in Viet Nam Dong (“VND”).

 

3.ACCOUNTING STANDARDS AND SYSTEM

 

As at 31 December 2020 and for the financial year ended 31 December 2020 and 2019 (audited)

 

The reconciliation of the audited financial statements to Unites Statess generally accepted accounting principles (U.S. GAAP) as at 31 December 2020 and for the financial year ended 31 December 2020 and 2019, has been prepared following the same accounting policies and methods of computation as the reconciliation of the financial statements to U.S. GAAP for the year ended 31 December 2019. The disclosures provided below are incremental to those included with the annual financial statements and the reconciliation of those financial statements to U.S. GAAP.

 

10

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTE TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

The reconciliation of the audited financial statements to U.S. GAAP should be read in conjunction with the financial statements and the reconciliation of the consolidated financial statements to U.S. GAAP for the year ended 31 December 2019.

 

The significant differences between Vietnamese Accounting Standards and Vietnamese Accounting Systems as they apply to Unique Logistics International (Vietnam) Co., Ltd. are as follows:

 

a.According to ASC 606 Revenue from Contracts with Customers, revenue is recognised when control of the promised good and service is transfers to the Company’s customers. In an amount that reflects the consideration, the Company expects to receive in exchange of service. The Company recognizes revenue upon meeting each performance obligations based on the allocated amount of the total consideration of the contract to each specific performance obligations.

 

According to VAS 14 Revenue and other income, the revenue of transaction related to the services is recorded when the result of the transaction can be measured reliably. In case that the services are to be provided in many accounting periods, the determination of sales in each period is done on the basis of the service completion rate as of the balance sheet date. Revenue is recognized upon completion of services provided when satisfy all four conditions:

 

  Revenue can be measured reliably;
  It is possible to obtain economic benefits from the service provision transaction;
  The work volume finished on the date of making the accounting balance sheet can be determined;
  The costs incurred from the service provision transaction and the costs of its completion can be determined.

 

There is no any difference relating to the revenue recognition policies between US. GAAP and VAS. Therefore, no need to make any adjustment with the Company’s revenue.

 

b.In 2021, the Company recognized an additional bonus expense for sales staff in 2020 with the amount of USD 80,230.70. The adjustment to increase expenses in 2020 does not reduce the CIT expense in 2020 because this expense is an expense that is not deductible when calculating CIT. It makes profit after tax in 2020 decrease USD 80,230.70. Under US. GAAP, any error in the financial statement statements of 2020 discovered after the financial statements are issued or available to be issued in 2021 shall be reported as an error correction by restating the financial year 2020.

 

c.Under US. GAAP, prepaid expenses include insurance, interest, rents, taxes, unused royalties, current paid advertising service not yet received, operating supplies and paid in advance. Current advances to suppliers in VAS classified as current prepaid expenses.

 

d.Under US. GAAP, other assets include: cash and claims to cash that are restricted as to withdrawal or use for other than current operations, as designated for expenditure in the acquisition or construction of noncurrent assets, or are segregated for the liquidation of long-term debts; investments in securities or advances that have been made for the purpose of control, affiliation, or other continuing business advantage; receivables arising from unusual transactions that are not expected to be collected with in 12 months; cash surrender value of life insurance policies; land and other natural resources; depreciable assets… VAT deductibles, which classified as other current assets in VAS, classified as other current receivables.

 

e.Under US. GAAP, prepaid expenses are not current assets in the sense that they will be converted into cash but in the sense that, if not paid in advance, they would require the use of current assets during operating cycle. Non-current prepaid expenses in VAS classified as current prepaid expenses.

 

11

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTE TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

f.Under US. GAAP, obligations in the operating cycle include: payables incurred in the acquisition of materials and supplies to be used in the production of good or in providing services to be offered for sales; collection received in advance of the delivery of goods or performance of service; debts that arise from operation directly related to the operating cycles, such as accrual for wage, salaries, commission, rentals, royalties, and income and other taxes. Current advance from customers, Statutory obligations, payables to employees, current/ non-current accrued expenses, payables due to paying on behalf in VAS classified as Obligation in the operating cycle.

 

g.According to Note 2.2, the Company maintains its accounting records in Viet Nam Dong. Financial statements prepared in VND are translated to USD for publishing with relating parties under bellowing principles:

 

  - For all items which is reclassifying as assets, the buying exchange at 31 December 2020 of HSBC Bank (Vietnam) Ltd. – Ho Chi Minh City branch shall be used with the mount VND 23,005/ USD;
  - For all items which is reclassifying as assets, the buying exchange at 31 December 2020 of HSBC Bank (Vietnam) Ltd. – Ho Chi Minh City branch shall be used with the mount VND 23,185/ USD;
  - For owner’s equity which is contributed by owners, the exchange rate at the investment date shall be used;
  - For all items in Statement of Operations, the approximate exchange rate in 2020 shall be used.

 

Translation adjustment result from the process of translating that entity’s financial statements into the reporting currency. Translation adjustments shall not be included in determining net income but shall be reported in other comprehensive income.

 

As at 31 December 2019 and for the financial year ended 31 December 2019

 

The reconciliation of the audited financial statements to United States generally accepted accounting principles (U.S. GAAP) as at 31 December 2019 and for the financial year ended 31 December 2019, has been prepared following the United States generally accepted accounting principles. The disclosures provided below are incremental to those included with the annual financial statements and the reconciliation of those financial statements to U.S. GAAP.

 

The significant differences between Vietnamese Accounting Standards and Vietnamese Accounting Systems as they apply to Unique Logistics International (Vietnam) Co., Ltd. are as follows:

 

a.According to ASC 606 Revenue from Contracts with Customers, revenue is recognised when control of the promised good and service is transfers to the Company’s customers. In an amount that reflects the consideration, the Company expects to receive in exchange of service. The Company recognizes revenue upon meeting each performance obligations based on the allocated amount of the total consideration of the contract to each specific performance obligations.

 

According to VAS 14 Revenue and other income, the revenue of transaction related to the services is recorded when the result of the transaction can be measured reliably. In case that the services are to be provided in many accounting periods, the determination of sales in each period is done on the basis of the service completion rate as of the balance sheet date. Revenue is recognized upon completion of services provided when satisfy all four conditions:

 

  Revenue can be measured reliably;
  It is possible to obtain economic benefits from the service provision transaction;
  The work volume finished on the date of making the accounting balance sheet can be determined;
  The costs incurred from the service provision transaction and the costs of its completion can be determined.

 

12

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTE TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

There is no any difference relating to the revenue recognition policies between US. GAAP and VAS. Therefore, no need to make any adjustment with the Company’s revenue.

 

b.In 2021, the Company reduced the bonus expenses for sales staff in 2019 to USD 2,733.36. The effect of this downward adjustment makes the CIT expense of 2019 decrease USD 546.67. Total effect of adjustment in 2019 is USD 2.186,69. Under US. GAAP, any error in the financial statement statements of 2019 discovered after the financial statements are issued or available to be issued in 2021 shall be reported as an error correction by restating the financial year 2019.

 

c.Under US. GAAP, receivables due to receiving on behalf is classified account receivables. Other current account receivables in VAS classified as account receivables.

 

d.Under US. GAAP, prepaid expenses are not current assets in the sense that they will be converted into cash but in the sense that, if not paid in advance, they would require the use of current assets during operating cycle. Non-current prepaid expenses in VAS classified as current prepaid expenses.

 

e.Under US. GAAP, obligations in the operating cycle include: payables incurred in the acquisition of materials and supplies to be used in the production of good or in providing services to be offered for sales; collection received in advance of the delivery of goods or performance of service; debts that arise from operation directly related to the operating cycles, such as accrual for wage, salaries, commission, rentals, royalties, and income and other taxes. Current advance from customers, Statutory obligations, payables to employees, current/ non-current accrued expenses, payables due to paying on behalf in VAS classified as Obligation in the operating cycle.

 

f.According to Note 2.2, the Company maintains its accounting records in Viet Nam Dong. Financial statements prepared in VND are translated to USD for publishing with relating parties under bellowing principles:

 

  - For all items which is reclassifying as assets, the buying exchange at 31 December 2020 of HSBC Bank (Vietnam) Ltd. – Ho Chi Minh City branch shall be used with the mount VND 23,110/ USD;
  - For all items which is reclassifying as assets, the buying exchange at 31 December 2020 of HSBC Bank (Vietnam) Ltd. – Ho Chi Minh City branch shall be used with the mount VND 23,230/ USD;
  - For owner’s equity which is contributed by owners, the exchange rate at the investment date shall be used;
  - For all items in Statement of Operations, the approximate exchange rate in 2020 shall be used.

 

Translation adjustment result from the process of translating that entity’s financial statements into the reporting currency. Translation adjustments shall not be included in determining net income but shall be reported in other comprehensive income.

 

As at 01 January 2019

 

The significant differences between Vietnamese Accounting Standards and Vietnamese Accounting Systems as they apply to Unique Logistics International (Vietnam) Co., Ltd. are as follows:

 

a.In 2020, the Company recognized an additional bonus expense for sales staff in 2018 with the amount of USD 82,811.17. The adjustment to increase expenses in 2020 does not reduce the CIT expense in 2018 because this expense is an expense that is not deductible when calculating CIT. Under US. GAAP, any error in the financial statement statements of 2018 discovered after the financial statements were issued in 2019 shall be restating the opening balance. The effect of restating the opening balance is as follows:

 

13

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTE TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

  

31/12/2018

Reported

   Increase/ (Decrease)  

01/01/2019

Restated

 
   USD   USD   USD 
             
Balance sheet               
Payables to employees   12,653.95    82,811.17    95,465.12 
Undistributed profit after tax   840,233.12    (82,811.17)   757.421,95 

 

b.Under US. GAAP, receivables due to receiving on behalf is classified account receivables. Other current account receivables in VAS classified as account receivables.

 

c.Under US. GAAP, prepaid expenses are not current assets in the sense that they will be converted into cash but in the sense that, if not paid in advance, they would require the use of current assets during operating cycle. Non-current prepaid expenses in VAS classified as current prepaid expenses.

 

d.Under US. GAAP, other assets include: cash and claims to cash that are restricted as to withdrawal or use for other than current operations, as designated for expenditure in the acquisition or construction of noncurrent assets, or are segregated for the liquidation of long-term debts; investments in securities or advances that have been made for the purpose of control, affiliation, or other continuing business advantage; receivables arising from unusual transactions that are not expected to be collected with-in 12 months; cash surrender value of life insurance policies; land and other natural resources; depreciable assets… VAT deductibles, which classified as other current assets in VAS, classified as other current receivables.

 

e.Under US. GAAP, obligations in the operating cycle include: payables incurred in the acquisition of materials and supplies to be used in the production of good or in providing services to be offered for sales; collection received in advance of the delivery of goods or performance of service; debts that arise from operation directly related to the operating cycles, such as accrual for wage, salaries, commission, rentals, royalties, and income and other taxes. Current advance from customers, Statutory obligations, payables to employees, current/ non-current accrued expenses, payables due to paying on behalf in VAS classified as Obligation in the operating cycle.

 

4.OTHER INFORMATION

 

4.1Transactions and balances with key management members, the individuals involved with key management members

 

The key management members include members of the Management Board and Director. Individuals associated with key management members are close members in the family of key management members.

 

Transactions with key management members, the individuals involved with key management members

 

The Company had no incurred sales and services rendered transactions as well as other transactions with key management member and individuals related to key management members.

 

14

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTE TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

Liabilities to key management members and individuals related to key management members

 

Liabilities to key management members and individuals related to key management members are as following:

 

   31/12/2020   31/12/2019   01/01/2019 
   USD   USD   USD 
             
Mr. Tran Duy Hoa               
Other payable – Dividend   76,569.46    -    - 
Current loans   -    31,993.11    24,198.75 
Non-current loans   32,020.70    -    - 

 

The remuneration of the Board of Management and Director

 

   Year 2020   Year 2019 
   USD   USD 
         
Income   62,269.53    57,946.14 
    62,269.53    57,946.14 

 

4.2Significant transactions with related parties during the year

 

The transactions with related parties are as follows:

 

Related parties  Transaction  Year 2020   Year 2019 
      USD   USD 
            
Green Trident Logistics (Hangzhou) Ltd,  Providing services   57.34    153,058.08 
Paying on behalf      -    441.23 
              
PT. Unique Logistics International Indonesia  Providing services   -    111,874.52 
Purchasing services      73.59    176.04 
              
Shenzhen Unique Logistics International Company Limited  Purchasing services   11,795.48    13,696.88 
Providing services      1,353.32    1,739.00 
              
TGF Unique Limited  Providing services   -    1,739.00 
Purchasing services      2,646.58    2,192.94 
              
ULI (North & East China) Co., Ltd.  Providing services   5,565.88    7,881.71 
Purchasing services      17,475.91    2,331.33 
              
ULI International Company Limited  Providing services   994.59    11,865.07 
Purchasing services      55.94    104.37 
   Paying on behalf   106,074.93    - 
              
Unique Freight Solutions (Thailand) Co., Ltd.  Purchasing services   1,539.53    607.66 
Providing services      -    0.96 
              
Unique International Logistics (M) Sdn. Bhd.  Providing services   6,783.82    16,061.94 
Purchasing services      3,319.12    4,564.14 
   Paying on behalf   180.45    - 
              
Unique Logistics (Korea) Co., Ltd.  Providing services   44,427.33    48,112.35 
   Purchasing services   3,423.46    6,642.49 
              
Unique Logistics Holdings Limited  Purchasing services   83,441.35    19,528.69 
Providing services      -    18.10 
   Other paying   47,086.50    61,528.45 
   Dividend   232,901.93    48,141.07 
              
Unique Logistics International (ATL), LLC  Providing services   14,303.56    54,613.15 

 

15

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTE TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

Related parties  Transaction  Year 2020   Year 2019 
      USD   USD 
              
Unique Logistics International (BOS), Inc.  Providing services   24,003.09    129,560.40 
   Purchasing services   1,054.35    8,943.96 
              
Unique Logistics International (H.K) Limited  Providing services   4,101.53    2,519.26 
Purchasing services      24,053.66    1,500.49 
   Receiving on behalf   13,888,938.09    4,832,957.77 
   Paying on behalf   15,375,733.49    4,657,546.06 
              
Unique Logistics International (India) Private Limited  Providing services   7,889.03    30,173.78 
Purchasing services      15,377.46    20.01 
              
Unique Logistics International (LAX) Inc.  Providing services   9,517.58    30,794.73 
   Purchasing services   5,463.01    6,367.56 
              
Unique Logistics International (NYC), LLC  Providing services   21,404,823.36    3,407,958.97 
   Purchasing services   2,071,677.27    252,326.91 
              
Unique Logistics International (Shanghai), Co., Ltd.  Purchasing services   -    833.07 
Providing services      64.89    49.96 
              
Unique Logistics International (SIN) Pte. Ltd.  Purchasing services   23,806.99    5,109.03 
Providing services      1,136.22    - 
              
Unique Logistics International (South China), Limited  Purchasing services   45.19    1,287.02 
Providing services      81.97    74.94 
              
Unique Logistics International Philippines Inc.  Providing services   -    326.95 
              
ULI (South China) Limited  Providing services   -    53.31 
   Purchasing services   3,465.07    16.90 
              
Uniquorn International Logistics Co., Ltd.  Purchasing services   3,802.52    - 

 

Liability balances with related parties

 

The balances of receivable/ (payable) with the related parties are as follows:

 

Related parties     31/12/2020   31/12/2019   01/01/2019 
      USD   USD   USD 
                
Green Trident Logistics (Hangzhou) Ltd,  Account receivables   8.99    -    - 
                   
PT, Unique Logistics International Indonesia  Account payables   (78.53)   (4.95)   (5.00)
                   
Shenzhen Unique Logistics International Company Limited  Account payables   (977.10)   (2,800.83)   (50.40)
                   
                   
TGF Unique Limited  Account payables   (2,646.12)   (916.65)   - 
   Account receivables   -    -    25,863.88 
                   
ULI (North & East China) Company Limited  Account payables   (8,855.20)   (359.97)   - 
Account receivables      2,608.14    572.89    3.26 

 

16

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTE TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

Related parties     31/12/2020   31/12/2019   01/01/2019 
      USD   USD   USD 
                
ULI (South China) Limited  Account payables   (360.70)   -    (21.50)
                   
ULI International Company Limited  Account receivables   6.23    2,226.32    4.08 
Account payables      (5.01)   -    - 
                   
Unique International Logistics (M) Sdn. Bhd.  Account payables   (626.79)   (125.96)   (289.33)
Account receivables      113.57    1,979.83    379.82 
                   
Unique Logistics (Korea) Co., Ltd.  Account receivables   7,391.92    4,730.72    3,141.36 
Account payables      (118.99)   -    (140.00)
                   
Unique Logistics Holdings Limited  Account receivables   -    1,515.97    - 
Account payables      (34,881.16)   (1,431.13)   (1,357.13)
   Other short-term payables   (273,127.89)   -    (88,520.19)
   Short-term loans   -    (67,985.36)   (75,000.00)
   Long-term loans   (68,043.99)   -    - 
                   
Unique Logistics International (ATL), LLC  Account receivables   -    6,284.63    3,054.82 
                   
                   
Unique Logistics International (BOS), Inc.  Account receivables   -    36,584.95    8,787.85 
       -    -    (452.07)
                   
Unique Logistics International (H.K) Limited  Other short-term payables   (647,881.28)   -    - 
Account receivables      408.18    176.27    584.83 
   Other receivables   -    849,007.78    721,598.55 
   Account payables   (22,781.27)   (1,850.25)   - 
                   
Unique Logistics International (India) Private Limited  Account receivables   1,324.82    1,644.66    3,116.20 
Account payables      (44.06)   -    - 
                   
Unique Logistics International (LAX) Inc.  Account receivables   -    1,351.73    70,988.34 
Account payables      -    -    (15,102.50)
                   
Unique Logistics International (NYC), LLC  Account receivables   7,051,675.12    860,729.46    747,136.40 
Account payables      (2,336.03)   -    (6,864.55)
                   
Unique Logistics International (SIN) Pte. Ltd.  Account receivables   258.68    -    - 
Account payables      (7,627.24)   (1,089.20)   - 
                   
Unique Logistics International (South China) Limited  Account payables   (5.02)   (29.99)   - 
                   
Unique Logistics Intl (Shanghai) Co., Ltd.  Account receivables   -    50.25    - 
                   
Uniquorn International Logistics Co., Ltd.  Account payables   (1,148.65)   -    - 
                   
Unique Freight Solutions (Thailand) Co., Ltd.  Account payables   -    -    (33.00)

 

 

17

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTE TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

4.3 Other information

 

Unique Logistics International (Vietnam) Co., Ltd. has prepared other financial statements for the purpose of its tax finalization for the year ended 31 December 2020 in accordance with Vietnamese Accounting Standards, Vietnamese Accounting System and statutory requirement relevant to preparation and presentation of the financial statements.

 

Unique Logistics International (Vietnam) Co., Ltd, has prepared other financial statements for the purpose of internal management for the financial year ended 31 December 2020 in accordance with Vietnamese Accounting Standards and Vietnamese Accounting System relating to preparation and presentation of the financial statements dated 09 March 2021

 

/s/ LE THI NGOC AI   /s/ LE THI NGOC AI   /s/ TRAN DUY HOA
         
Preparer   Chief Accountant   Director
        Ho Chi Minh City, 15 August 2021

 

18

 

 

UNIQUE LOGISTICS INTERNATIONAL

(VIETNAM) CO., LTD.

 

Audited financial statements

for the year ended 31 December 2020

 

 

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

 

 

 

CONTENTS

 

  Page(s)
   
REPORT OF DIRECTOR 1
   
INDEPENDENT AUDITORS’ REPORT 3
   
AUDITED FINANCIAL STATEMENTS  
 
Balance sheet 5
   
Income statement 8
   
Cash flow statements 9
   
Notes to the financial statements 10

 

 

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No. 181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

REPORT OF DIRECTOR

 

 

Director of Unique Logistics International (Vietnam) Co., Ltd. (“The Company”) has the pleasure in presenting this report and the Company’s audited financial statements for the year ended 31 December 2020.

 

1. General information

 

Unique Logistics International (Vietnam) Co., Ltd. is limited liability company with two or more members incorporated in Vietnam pursuant to the Business Registration Certificate No, 0310403753 on 11 October 2010 and the next amendments with the latest amendments registered on the 4th amendment issued on 23 July 2020 issued by the Planning and investment Department of Ho Chi Minh City regarding the changes of owners’ equity.

 

Operating duration of the Company is 10 years since 11 October 2010

 

The Company’s head office

 

  - Address : No,181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City
  - Telephone : 028 3822 2352
  - Fax : 028 3829 5440

 

The Company has a branch in Hanoi operated according to the first Registration Certificate No, 0310403753-001 on 24 June 2011 and the next amendments with the latest amendments registered on the fifth amendment on 03 August 2020 issued by the Planning and investment Department of Hanoi City.

 

The branch office is located at Floor 5, Han Viet Building, 203 Minh Khai Street, Minh Khai Ward, Hai Ba Trung District, Ha Noi City.

 

According to the first Business Registration Certificate dated 11 October 2010, the principal activities of the Company are to provide forwarding services

 

In 2020, the main activities of the Company are to provide forwarding services.

 

2. The member of Member Council and Director

 

Members of Member Council and Director during the financial year and at the date of this report are:

 

Member Council

 

  Full name   Nationality   Position
  Mr, Lee, Patrick Man Bun  

Canadian

 

Chairman

  Mr, Tran Duy Hoa  

Vietnamese

 

Member

 

  Director    
       
  Full name   Position
  Mr, Tran Duy Hoa   Director

 

Legal representative

 

The legal representative of the Company during the financial year and at the date of this report is

 

  Mr, Tran Duy Hoa Director

 

3. The Company’s financial position and operating results

 

The Company’s financial position as at 31 December 2020 and its operating results for the year then ended are reflected in accompanying financial statements.

 

1

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

REPORT OF DIRECTOR

 

 

4. Events since the balance sheet date

 

There have been no significant events occurring after the balance sheet date which would require adjustments or disclosures to be made in the financial statements.

 

5. Auditors

 

AFC Vietnam Auditing Company Limited has been appointed to perform the audit for the year ended 31 December 2020.

 

6. Director’s statement of responsibility in respect of the financial statements

 

Director is responsible for the financial statements for the year ended 31 December 2020 which give a true and fair view of the state of affair of the Company and of its results and cash flows for the year then ended. In preparing these financial statements, Director is required to:

 

  - Select suitable accounting policies and then apply them consistently;
  - Make judgments and estimates that are reasonable and prudent;
  - State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
  - Prepare the financial statements on the going concern basic unless it is inappropriate to presume that the Company will continue in business; and
  - Design, implement and maintain the Company’s internal control for prevention and detection of fraud and error,

 

Director is responsible for ensuring that the proper accounting records are kept, which disclose, with reasonable accuracy at any time, the financial position of the Company and to ensure that the accounting records comply with the applied accounting system. It is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Director confirmed that the Company has complied with the above requirements in preparing the financial statements.

 

7. Publication of the financial statements

 

Director does hereby publish that the accompanying financial statements which give a true and fair view of the financial position of the Company as at 31 December 2020 and the results of its operations and cash flows of the Company for the year then ended in accordance with the Vietnamese Accounting Standards, Vietnamese Accounting System and the statutory requirement relevant to preparation and presentation of the financial statements.

 

/s/ TRAN DUY HOA  
TRAN DUY HOA  
Director  
Ho Chi Minh City, 09 March 2021  

 

2

 

 

 

INDEPENDENT AUDITORS’ REPORT

 

To: The members of Member Council and Director
  Unique Logistics International (Vietnam) Co., Ltd.

 

We have audited the accompanying financial statements of Unique Logistics International (Vietnam) Co., Ltd. prepared on 09 March 2021 and set out from pages from 5 to 27, which comprise the balance sheet as at 31 December 2020, and the income statement, cash flow statement for the year then ended and notes to the financial statements thereto.

 

Director’s Responsibility for the Financial Statements

 

Director is responsible for the preparation and fair presentation of these financial statements in accordance with the Vietnamese Accounting Standards and Vietnamese Accounting System and comply with relevant statutory requirements to preparation and presentation of the financial statements and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

Auditors’ Responsibility

 

Our responsibility is to express an opinion on these financial statements based on our audit, We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Director, as well as evaluating the overall presentation of the financial statements.

 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for audit opinion.

 

Auditor’s opinion

 

In our opinion, the accompanying financial statements give a true and fair view, in all material respects, of the financial position of Unique Logistics International (Vietnam) Co., Ltd. as at 31 December 2020 and of the results of its operations and its cash flows for the year then ended in accordance with the Vietnamese Accounting Standards and Vietnamese Enterprise Accounting System and the statutory requirements relevant to preparation and presentation of the financial statements.

 

Ho Chi Minh City Head Office ● Tel: +84 28 2220 0237 ● Fax: +84 28 2220 0265 ● Email: pkf.afchcm@pkf.afcvietnam.vn

2/F Indochina Park Tower ● No. 4 Nguyen Dinh Chieu Street ● Dakao Ward ● District 1 ● Ho Chi Minh City ● Vietnam ● Website: www.pkf.afcvietnam.vn

 

PKF - AFC Vietnam Auditing Co., Ltd. is a member firm of the PKF International Limited family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms. 

 

3

 

 

INDEPENDENT AUDITORS’ REPORT

(Cont.)

 

Limitation

 

Without qualifying our above opinion, we would like to note that the financial statements are prepared for the purpose of internal management of Unique Logistics International (Vietnam) Co., Ltd. Therefore, this report may not be appropriate for any other purpose. Our audit report is only for Unique Logistics International (Vietnam) Co., Ltd. and its partners. It is not available to any other parties than Unique Logistics International (Vietnam) Co., Ltd.

 

Other matters

 

Unique Logistics International (Vietnam) Co., Ltd, has prepared other financial statements for the purpose of its tax finalization for the fiscal year-ended 31 December 2020 in accordance with Vietnamese Accounting Standards and Vietnamese Accounting System relating to preparation and presentation of the financial statements. These financial statements have been audited by another Auditor

 

/s/ DANG THI MY VAN   /s/ NGUYEN NGOC ANH TRUC
DANG THI MY VAN   NGUYEN NGOC ANH TRUC
General Director   Auditor
Audit Practicing Registration Certificate   Audit Practicing Registration Certificate
No, 0173-2018-009-1   No, 5517-2021-009-1
AFC VIETNAM AUDITING COMPANY LIMITED    
Ho Chi Minh City, 09 March 2021    

 

4

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

181 Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

BALANCE SHEET

As at 31 December 2020

 

   Code   Note   31/12/2020
VND
   01/01/2020
VND
 
ASSETS                   
CURRENT ASSETS  100         187,550,634,267    52,871,845,398 
Cash and cash equivalents  110    5.1    11,882,122,081    7,531,456,662 
Cash  111         11,882,122,081    7,531,456,662 
Cash equivalents  112         -    - 
Short-term investments  120         -    - 
Short-term receivables  130         175,376,222,424    45,204,605,683 
Short-term trade receivables  131    5.2    175,375,524,324    25,572,725,939 
Short-term advances to supplies  132         698,100     - 
Short-term borrowings receivables  135         -    - 
Other short-term receivables  136    5.3.1     -    19,631,879,744 
Inventories  140         -    - 
Other current assets  150         292,289,762    135,783,053 
Short-term prepaid expenses  151    5.4.1    263,766,461    135,783,053 
Value added tax deductibles  152         28,523,301     - 
Taxes and other receivable from State  153         -    - 
Other current assets  155         -    - 
                    
ASSETS                   
NON-CURRENT ASSETS  200         1,135,171,349    445,473,681 
Long-term receivables  210         841,062,250    291,254,250 
Long-term trade receivables  211         -     - 
Long-term advances to supplies  212          -    - 
Other long-term receivables  216    5.3.2    841,062,250    291,254,250 
Provision for doubtful LT receivables  219         -    - 
Fixed assets  220          -    - 
Tangible fixed assets  221         -    - 
Finance leasehold assets  224         -    - 
Intangible fixed assets  227         -    - 
Cost  228    5.5    136,500,000    136,500,000 
Accumulated amortisation  229         (136,500,000)   (136,500,000)
Investment Property  230         -    - 
Long-term assets in progress  240         -    - 
Long-term financial investments  250         -    - 
Other long-term assets  260         294,109,099    154,219,431 
Long-term prepaid expenses  261    5.4.2    294,109,099    154,219,431 
Long-term tools, supplies and spare parts  263         -    - 
Other long-term assets  268         -     - 
TOTAL ASSETS  270         188,685,805,616    53,317,319,079 

 

5

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

181 Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

BALANCE SHEET

As at 31 December 2020

 

   Code   Note   31/12/2020
VND
   01/01/2020
VND
 
RESOURCES                   

LIABILITIES

  300         139,488,584,515    23,038,245,825 
Current liabilities  310         137,110,568,338    23,036,245,825 
Short-term trade payables  311    5.6    65,011,263,868    12,654,723,019 
Short-term advance from customers  312         70,318,986    - 
Statutory obligations  313    5.7    14,472,032,927    6,474,552,089 
Payable to employees  314    5.8    5,159,779,101    1,158,612,435 
Short-term accrued expenses  315    5.9.1    2,286,040,604    425,858,282 
Short-term unrealised revenues  318         -    - 
Other short-term payables  319    5.10    23,732,869,307     - 
Short-term loan and finance lease  320    5.11.1    26,378,263,545    2,322,500,000 
Short-term provision  321         -    - 
Government bonds trading  324         -    - 
Long-term liabilities  330         2,378,016,177    2,000,000 
Long-term trade payables  331         -    - 
Long-term advance from customers  332         -    - 
Long-term accrued expenses  333    5.9.2    56,016,177     - 
Long-term internal payables in relation to  334         -    - 
Long-term internal payables  335         -    - 
Long-term unearned revenues  336         -     - 
Other long-term liabilities  337         2,000,000    2,000,000 
Long-term loans and finance lease  338    5.11.2    2,320,000,000    - 
Convertible bonds  339         -    - 
Preferred shares  340         -    - 
Deferred tax liabilities  341         -    - 
Long-term provisions  342         -    - 
Scientific and technological development  343         -    - 

 

6

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

181 Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

BALANCE SHEET

As at 31 December 2020

 

   Code  Note  

31/12 /2020

VND

  

01/01/2020

VND

 
RESOURCES                 
OWNER’S EQUITY  400       49,197,221,101    30,279,073,254 
Capital  410  5.12    49,197,221,101    30,279,073,254 
Owners’ invested equity  411       3,320,000,000    3,320,000,000 
Shares with voting rights  411a       3,320,000,000    3,320,000,000 
Preference shares  411b       -    - 
Surplus of stock capital  412       -    - 
Convertible bonds option  413       -    - 
Other owners’ capital  414       -    - 
Treasury shares 

415

       -    - 
Asset revaluation reserve  416       -    - 
Foreign exchange differences reserve  417       -    - 
Investment and development fund  418       -    - 
Enterprise re-organisation support fund  419       -    - 
Other funds belonging to owners’ equity  420       -    - 
Retained earnings  421       45,877,221,101    26,959,073,254 
Accumulated retained earnings of previous year  421a       9,535,589,533    17,423,483,720 
Retained earnings of this year  421b       36,341,631,568    9,535,589,534 
Fund for capital expenditure  422       -    - 
Other capital, funds  430       -    - 
Subsidized funds  431       -    - 
Fund for fixed assets in use  432       -    - 
TOTAL RESOURCES  440       188,685,805,616    53,317,319,079 

 

/s/ LE THI NGOC AI   /s/ LE THI NGOC AI   /s/ TRAN DUY HOA
LE THI NGOC AI   LE THI NGOC AI   TRAN DUY HOA
Preparer   Chief Accountant   Director
        Ho Chi Minh City, 09 March 2021

 

7

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

181 Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

INCOME STATEMENT

For the year ended 31 December 2020

 

   Code   Note  

2020

VND

  

2019

VND

 

Gross sales of merchandise and service 

  01        715,336,453,476    208,356,267,493 
Less deduction
  02        -    - 
Net sales  10   6.1    715,336,453,476    208,356,267,493 
Cost of sales  11   6.2    641,856,548,634    180,152,286,155 
Gross profit/(loss)  20        73,479,904,842    28,203,981,338 
Financial income  21   6.3    431,539,419    232,293,764 
Financial expenses  22   6.4    5,177,932,322    1,057,974,409 
In which : Interest expenses  23        700,477,594    - 
Selling expenses  24   6.5    6,875,148,195    3,045,302,650 
General and administrative expenses  25   6.6    16,387,413,621    13,068,415,617 
Operating profit/(loss)  30        45,470,950,123    11,264,582,426 
Other income  31   6.7    149,726,799    700,598,827 
Other expenses  32        54,315,015    45,694,335 
Other profit/(loss)  40        95,411,784    654,904,492 
Profit/(loss) before tax  50        45,566,361,907    11,919,486,918 
Current corporate income tax expense  51   6.8    9,224,730,339    2,383,897,384 
Deferred corporate income tax expense  52        -    - 
Net profit/(loss) after tax  60        36,341,631,568    9,535,589,534 

 

/s/ LE THI NGOC AI   /s/ LE THI NGOC AI   /s/ TRAN DUY HOA
LE THI NGOC AI   LE THI NGOC AI   TRAN DUY HOA
Preparer   Chief Accountant   Director
        Ho Chi Minh City, 09 March 2021

 

8

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

181 Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

CASH FLOW STATEMENT

(Indirect method)

For the year ended 31 December 2020

 

   Code  

2020

VND

  

2019

VND

 
CASH FLOW FROM OPERATING ACTIVITIES              
Net profit before tax  01    45,566,361,907    11,919,486,918 
Adjustments for:              
Depreciation and amortisation  02    -    - 
Provisions  03    -    - 
(Gains)/losses from foreign exchange difference              
on revaluation of monetary items  04    681,623,602    469,809,837 
(Profits)/losses from investing activities  05    (7,294,907)   (4,467,676)
Interest expense  06    700,477,594    - 
Operating income before changes in working capital  08    46,941,168,196    12,384,829,079 
(lncrease)/decrease in receivables  09    (132,444,974,353)   (4,536,499,607)
(lncrease)/decrease in inventories  10    -    - 
lncrease/(decrease) in payables  11    75,307,933,751    (1,085,707,906)
(lncrease)/decrease in prepaid expenses  12    (267,873,076)   (71,609,794)
Interest paid  14    (595,863,733)   (221,235,171)
Corporate income tax paid  15    (1,041,312,544)   (1,496,280,404)
Other cash inflow from operating activities  16    -    - 
Other cash outflow from operating activities  17    -    - 
Net cash flow from operating activities  20    (12,100,921,759)   4,973,496,197 
CASH FLOW FROM INVESTING ACTIVITIES              
Purchase of fixed assets and other long term assets  21    -    - 
Interest and dividends received  27    7,294,907    4,467,676 
Net cash flow from investing activities  30    7,294,907    4,467,676 
CASH FLOW FROM FINANCIAL ACTIVITIES              
Proceeds from capital contribution  31    -    - 
Payment of capital to owners  32    -    - 
Proceeds from borrowings  33    42,908,623,023    23,135,701,378 
Repayments of borrowings  34    (16,530,359,478)   (23,137,031,378)
Dividends paid  36    (11,091,013,631)   - 
Net cash flow from financing activities  40    15,287,249,914    (1,330,000)
Net increase/decrease in cash  50    3,193,623,062    4,976,633,873 
Cash and cash equivalents at beginning of year  60    7,531,456,662    2,400,663,567 
Impact of exchange rate fluctuation  61    1,157,042,357    154,159,222 
Cash and cash equivalents at the end of year  70    11,882,122,081    7,531,456,662 

 

/s/ LE THI NGOC AI   /s/ LE THI NGOC AI   /s/ TRAN DUY HOA
LE THI NGOC AI   LE THI NGOC AI   TRAN DUY HOA
Preparer   Chief Accountant   Director
        Ho Chi Minh City, 09 March 2021

 

9

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No. 181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

There notes form an integral part of and should be read in conjunction with the accompanying financial statements,

 

1. BUSINESS HIGHLIGHT

 

1.1 Ownership structure

 

Unique Logistics International (Vietnam) Co., Ltd, is limited liability company with two or more members incorporated in Vietnam pursuant to the Business Registration Certificate No. 0310403753 on 11 October 2010 and the next amendments with the latest amendments registered on the 4th amendment issued on 23 July 2020 issued by the Planning and Investment Department of Ho Chi Minh City regarding the changes of owners’ equity.

 

1.2 Scope of business activities

 

The scope of business activities is to provide forwarding services.

 

1.3 The principal activities

 

According to the first Business Registration Certificate dated 11 October 2010, the Company’s principal activities are to provide forwarding services.

 

In 2020, the main activities of the Company are to provide forwarding services.

 

1.4 Normal business cycle

 

The normal business cycle of the Company is not exceeding 12 months.

 

1.5 Statement of comparative presentation of information in the financial statements

 

The figures are presented in the financial statements for the financial year ended 31 December 2020 compared with the corresponding figures of previous year.

 

1.6 The number of employees

 

The number of the Company’s employees as at 31 December 2020 was 53 (as at 31 December 2019 the number of employees was 37).

 

2. FINANCIAL YEAR, ACCOUNTING CURRENCY ACCOUNTING

 

2.1 Financial year

 

The Company’s financial year starts from 01 January and ends at 31 December annual.

 

2.2 Accounting currency

 

The Company maintains its accounting records in Viet Nam Dong (“VND”).

 

3. ACCOUNTING STANDARDS AND SYSTEM

 

3.1 Applicable Accounting Standards and System

 

The Company’s financial statements comply with Vietnamese Accounting Standards, Vietnamese Accounting System for enterprises in accordance with Circular 200/2014/TT-BTC on 22 December 2014 issued by the Ministry of Finance regarding the accounting system and the Circulars giving the guidance on preparation and presentation of financial statements.

 

10

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No. 181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

3.2Statement of compliance with the Vietnamese Accounting Standards and Vietnamese Accounting System

 

Director ensures that the Company complied with the Vietnamese Accounting Standards and Vietnamese Accounting System for enterprise in accordance with Circular 200/2014-BTC and the Circulars giving the guidance on the preparation and presentation of financial statements.

 

4.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

4.1Basis of preparation

 

The financial statements are prepared on the accrual basis (except for information relating to cash flows).

 

4.2Foreign currency transactions

 

Transactions in currencies other than VND during the year have been translated into VND at exchange rates ruling at the date of the transaction.

 

Exchange differences arising from transactions in foreign currencies are recognized in the financial income or financial expense. Exchange differences arising from revaluation of monetary items denominated in foreign currencies at the balance sheet date after offsetting the differences is recognized in the financial income or financial expense.

 

Monetary assets and liabilities denominated in currencies other than VND are translated into VND at actual rates of exchange ruling at the balance sheet date. The actual rates of exchange applied to retranslate monetary items denominated in foreign currency at reporting date are determined as follows:

 

For foreign currency accounts in banks: purchasing foreign exchange rate of the bank where the Company opened the foreign currency account as at 31 December 2020.
For cash and monetary assets: the foreign currency buying rate at the reporting date quoted by HSBC Bank as at 31 December 2020.
For monetary liabilities: the foreign currency selling rate at reporting date quoted by HSBC Bank as at 31 December 2020.

 

4.3Cash and cash equivalents

 

Cash comprises cash on hand and cash in banks. Cash equivalents are short-term highly liquid investments with an original maturity of (less than three months since the investment date that are readily convertible into known amounts of cash and that are subject to an insignificant risk of change in value at reporting date.

 

4.4 Receivables

 

Trade and other receivables are presented at cost less provision for doubtful debts.

 

The classification of receivables is trade receivables and other receivables, which is complied with the following principles:

 

  Trade receivables reflect the nature of the receivables arising from commercial transactions with purchase - sale between the Company and an independent purchaser.
  Other receivables reflect the nature of the receivables arising from non-commercial transactions, and to be related to the purchase - sale transactions.

 

11

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No. 181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

The provision for doubtful debts presents the estimated loss due to non-payment arising on receivables that were outstanding at the balance sheet date, Increases and decreases to the provision balance are recognised as general and administration expense in the income statement.

 

4.5 Long-term prepaid expenses

 

Prepaid expenses are used to record expenses actually incurred but they are related to operation of many accounting periods, Prepaid expenses mainly include office equipment and other expenses. They are amortised to the income statement over the period for which the amount are paid or the period in which economic benefit are generated in relation to these expenses less than 3 years.

 

4.6 Intangible fixed assets

 

Intangible fixed assets determined at the initial costs less amortization.

 

The initial cost of an intangible fixed asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Costs relating to intangible assets incurred after initial recognition are recognized to the income statement, except for costs which are related to the specific intangible assets and increase benefits economic from these assets.

 

When assets are sold or liquidated, their cost and accumulated amortisation are removed from the balance sheet and any gain or loss resulting from their disposal is included in the income statement.

 

Intangible assets are depreciated on a straight-line over the estimated useful life of these assets as follows:

 

Software 3 years

 

4.7 Payables and accruals

 

Accounts payable and accrued expenses are recognized for amounts to be paid in the future, which related to receive the goods and services. Accrued expenses are recorded based on reasonable estimates payment.

 

The classification of liabilities is payable to suppliers, accrued expenses, internal payables and other payables, which complied with the following principles:

 

Trade payables reflect the nature of the payables arising from commercial transactions with purchase of goods, services, property between the Company and an independent seller.
Accrued expenses reflect the payables for goods and services received from the seller or provided with the purchaser but have not been paid until having invoices or having insufficient billing records, accounting records, and payables to employees including salary, production costs, and sales must accruals. Any difference between accrued account and actual expenses shall be recognised.
Other payables reflect the nature of the payables of non-commercial, not related to the purchase, sale, rendering of service transactions.

 

12

 

 

UNIQUE LOGISTICS INTERNATIONAL (VIETNAM) CO., LTD.

No.181, Dien Bien Phu Street, Da Kao Ward, District 1, Ho Chi Minh City

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2020

 

 

4.8 Revenue and income

 

Revenue from rendering of services

 

The revenue of transaction related to the services is recorded when the result of the transaction can be measured reliably. In case that the services are to be provided in many accounting periods, the determination of sales in each period is done on the basis of the service completion rate as of the balance sheet date. Revenue is recognized upon completion of services provided when satisfy all four conditions:

 

  Revenue can be measured reliably;
<