MIRA
INFORM REPORT
|
Report Date : |
7th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
RITEK VIETNAM CO., LTD |
|
|
|
|
Registered Office : |
Plot
213, Amata roard, Amata Industrial park, Bien Hoa city, Dong Nai province |
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|
|
|
Country : |
Vietnam. |
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|
|
|
Financials (as on) : |
31.12.2005 |
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|
|
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Date of Incorporation : |
March
2005 |
|
|
|
|
Legal Form : |
Foreign
Owned Company |
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|
|
|
Line of Business : |
Engaged
in manufacturing & export CD disc
(CD-R). |
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 : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
English Name |
RITEK VIETNAM CO., LTD |
|
Vietnamese name |
CONG TY TNHH RITEK VIET NAM |
|
Type
of Business |
100%
foreign owned enterprise |
|
Founded |
2005 |
|
License number |
360/GP-KCN-DN |
|
Date of Issuance |
March
02nd 2005 |
|
Date of last adjustment |
September
22nd 2005 |
|
Place of Issuance |
Dong
Nai Planning & Investment Department |
|
Original investment capital |
38,700,000
USD |
|
New investment capital |
66,700,000
USD |
|
Original legal capital |
38,700,000
USD |
|
New legal capital |
56,700,000
USD |
|
Tax Code |
3600718951 |
|
Total Employees |
500
staffs (including 450 Vietnamese workers & 50 Taiwanese & Chinese
experts) |
|
Qualification |
Qualified |
|
Production capacity |
20
million disc/ a month |
ADDRESS
|
Head Office |
||
|
Address |
|
Plot
213, Amata roard, Amata Industrial park, Bien Hoa city, Dong Nai province |
|
Country |
|
Vietnam |
|
Tel |
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(84-4)
936111 |
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Fax |
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(84-4)
936112 |
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Email |
|
|
DIRECTORS
|
1.
NAME |
|
MR.
LIU CHIA LUNG |
|
Position |
|
General
director |
|
Current
Resident |
|
Hochiminh
city |
|
Office
Tel |
|
(84-61)
3893596 |
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Nationality |
|
Taiwanese |
|
|
||
|
2.
NAME |
|
MR.
CHEN CHAO YIU |
|
Position |
|
Financial
director |
|
Current
Resident |
|
Hochiminh
city |
|
Nationality |
|
Taiwanese |
BUSINESS NATURE AND ACTIVITIES
The subject specializes in manufacturing &
export CD disc (CD-R). In near future, the subject will manufacture VCD disc,
DVD disc.
IMPORT & EXPORT ACTIVITIES
IMPORT:
The subject mainly imports machine line and material from Taiwan (parent
company). Besides, the subject also imports from Thailand, China, and Japan.
EXPORT:
100% products of the subject are directly exported through out parent company’s
contracts. The main export market is India, other export markets: Singapore,
Indonesia, Taiwan, ext
BANKERS
|
1. VIETCOMBANK (DONG NAI
BRANCH) |
||||
|
Address |
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No
77C, Hung Dao Vuong Str, Bien Hoa Dist, Dong Nai province |
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Telephone |
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(84-61) 3822539 |
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Fax |
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(84-61) 824191 |
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Telex |
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611103 VCB DN - VT |
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|
Swift |
|
BFTVVNVX 012 |
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2.
INDOVINABANK (DONG NAI BRANCH) |
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|
Address |
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Lot 1,
C1, Long Binh Tan ward, Dong Nai province |
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|
Tel |
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(84-61)
3832955 |
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Fax |
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(84-61)
3931920 |
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|
Swift |
|
IABBVNVX |
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Account
No. |
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No.
6000097-002 |
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3.
FIRST COMMERCIAL BANK (HOCHIMINH TRANSACTIONS) |
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|
Address |
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No
715, Tran Hung Dao Str, Ward 01, Dist 5, Hochiminh city |
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|
Tel |
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(84-8)
8383192 |
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|
Fax |
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(84-8)
8354314 |
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|
Note: The subject often uses this bank in import –
export activities. Besides, the subject has account in CHINFON bank (Taiwan)
& ICBC bank (Taiwan) in Hochiminh city |
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SHAREHOLDERS
|
The subject is a 100% foreign owned capital, following is its
investor: |
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1. Name |
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SCORE HIGH GROUP LIMITED |
|
Address
|
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5F, No 67, Sec 1, Chung Shan Str, Hsin
Chuang, Taipei/Hsin, Taiwan |
|
Share |
|
100% |
|
Value |
|
66,700,000
USD |
|
Note: Ritek Score High Group Limited is one of
Ritek’s subsidiary. |
||
PAYMENT HISTORY AND EXPERIENCES
|
Trade Morality |
Fair
good |
|
Liquidity |
Normal |
|
Previous Payments |
Fair |
|
Payment status |
Fair |
|
Past Financial Situation |
Fair |
|
Current Financial Situation |
Developed |
|
Litigation Data |
No
recorded |
|
Bankruptcy |
No
recorded |
|
Sale methods |
Directly
export 100 % its products to foreign markets |
|
Payment Methods |
Payment
through out bank by TT (80%), L/C (20%). |
FINANCIAL DATA
BALANCE SHEET
Unit: 1,000,000 VND
|
Balance sheet date |
31/12/2005 |
|
Number of weeks |
52 |
|
ASSETS |
|
|
A.
Working assets & short-term Investment |
18,104 |
|
I. Cash and cash equivalents |
16,326 |
|
II. Short-term investment |
0 |
|
1. Short-term securities investment |
0 |
|
2. Other short-term investment |
0 |
|
3. Provision for short-term investment |
0 |
|
III. Receivables |
1,729 |
|
1.
Receivables from customers |
0 |
|
2. Prepayment for providers |
1,666 |
|
3. Value-added tax deducted |
0 |
|
4. Internal receivables |
0 |
|
5. Other receivables |
63 |
|
6. Provision for bad receivables |
0 |
|
IV. Inventory |
0 |
|
1. Purchased goods in transit |
0 |
|
2. Raw materials |
0 |
|
3. Instrument, tools |
0 |
|
4. Cost for production and business in
process |
0 |
|
5. End products |
0 |
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6. Goods |
0 |
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7. Goods on consignment |
0 |
|
8. Provision for devaluation of stocks |
0 |
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V. Other current assets |
49 |
|
1. Advances |
0 |
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2. Prepaid
expenses |
49 |
|
3. Pending expenses for transfer |
0 |
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4. Pending assets |
0 |
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5. Mortgage, collateral and short run
collateral |
0 |
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VI. Administrative |
0 |
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1. Administrative expenses for previous
year |
0 |
|
2. Administrative expenses for current year |
0 |
|
B.
Fixed assets & Long term investment |
486,826 |
|
I. Fixed assets |
102 |
|
1.
Tangible fixed assets |
102 |
|
+ Original cost |
102 |
|
+ Accumulated depreciation value |
0 |
|
2. Financial leasing fixed assets |
0 |
|
+ Original cost |
0 |
|
+ Accumulated depreciation value |
0 |
|
3.
Intangible fixed assets |
0 |
|
+ Original cost |
0 |
|
+ Accumulated depreciation value |
0 |
|
II. Long term investment |
0 |
|
1.
Long-term securities investment |
0 |
|
2.
Joint-venture capital contribution |
0 |
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3.
Other long-term investment |
0 |
|
4.
Provision for long-term investment devaluation |
0 |
|
III. Capital construction in process |
471,001 |
|
IV. Other |
15,723 |
|
TOTAL
ASSETS |
504,930 |
|
LIABILITIES |
|
|
A.
Payable loans |
1,889 |
|
I. Short term payables |
1,889 |
|
1.
Short-term borrowings |
779 |
|
2. Due
long-term liabilities |
0 |
|
3.
Payables to supplier |
1,000 |
|
4.
Prepayment of buyer |
3 |
|
5.
Taxes and accounts dutiable |
0 |
|
6.
Employee payments |
106 |
|
7. Internal
payables |
0 |
|
8.
Other payables |
1 |
|
II. Long term loans |
0 |
|
1.
Long-term borrowings |
0 |
|
2.
Long-term payables |
0 |
|
III. Other payables |
0 |
|
1.
Payable expenses |
0 |
|
2.
Pending assets |
0 |
|
3.
Receipts long-term collateral and deposit |
0 |
|
B.
Owner’s Equity |
503,041 |
|
I.
Capital and Funds |
503,041 |
|
1.
Working capital |
504,994 |
|
2.
Differences from asset revaluation |
-1,953 |
|
3.
Exchange rate differences |
0 |
|
4.
Development investment funds |
0 |
|
5.
Reserved funds |
0 |
|
6.
Retained profit |
0 |
|
7.
Construction capital sources |
0 |
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II. Other administrative and fund sources |
0 |
|
1.
Provident funds for unemployment |
0 |
|
2.
Reward and welfare funds |
0 |
|
3.
Management funds of higher level |
0 |
|
4.
Functional operation funds |
0 |
|
5.
Fund sources formed by fixed assets |
0 |
|
TOTAL
LIABILITY AND EQUITY |
504,930 |
|
|
|
PROFIT & LOSE ACCOUNT (INCOME
STATEMENT)
|
Description |
FY 2005 |
|
Total
revenue |
0 |
|
Deductions
Items |
0 |
|
-
Discount |
0 |
|
-
Devaluation |
0 |
|
-
Return of sold goods |
0 |
|
-
Turnover tax, Luxury tax & Export tax |
0 |
|
1. Net
revenue |
0 |
|
2.
Cost of goods sold |
0 |
|
3.
Gross Profit |
0 |
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4.
Sales expenses |
0 |
|
5.
Enterprise administrative expenses |
1,914 |
|
6. Net income from business activities |
-1,914 |
|
Income
from financial activities |
6 |
|
Expenditure
from financial activities |
45 |
|
7. Net
income from financial operation |
-39 |
|
Irregular
income |
0 |
|
Irregular
expenditure |
0 |
|
8.
Irregular Profit |
0 |
|
9. Total pre-tax profit |
-1953 |
|
10. Income tax |
0 |
|
11. After tax profit |
-1953 |
FINANCIAL FACTORS
|
Description |
FY 2005 |
|
Current
Liquidity Ratio |
9.58 |
|
Quick
Liquidity Ratio |
9.58 |
|
Inventory
Circle |
N/A |
|
Average
Receive Period |
N/A |
|
Utilizing
Asset Performance |
0.00 |
|
Liability
/ Total Asset (%) |
0.37 |
|
Liability
/ Owner's Equity (%) |
0.38 |
|
Income
Before Tax / Total Asset (%) ROA |
-0.39 |
|
Income
Before Tax / Owner's Equity (%) ROE |
-0.39 |
|
Income
Before Tax / Total Revenue (%) NPM |
N/A |
|
Gross
Profit / Total Revenue (%) GPM |
N/A |
|
|
|
|
Note: The full financial
data of the subject is not available. According to Mrs Lien (accountant of
the subject), total revenue of the subject in 2006 was 14,208,000 USD
(228,771,000,000 VND). |
|
INTERPRETATION ON THE SCORES
RITEK
Vietnam is 100% foreign owned company. It has just established in March 2005 in
Bien Hoa, Dong Nai province, Vietnam. The subject’s investor is Score High
Group Limited, one of RITEK’s subsidiary in Taiwan. RITEK in Taiwan has known
as one of the largest manufacture group of optical storage media in the word.
Currently,
Ritek Vietnam specializes in manufacturing CD-R disc. Its products are 100%
exported to foreign markets. The subject often directly exports to foreign
partners through out parent company’s contracts, mainly India market & some
clients in Singapore, Indonesia, Taiwan …So payment methods mainly use in
export activities about TT. About material for production, the subject has to
import 100% plastic material from parent company in Taiwan & other markets
(Thailand, China, Japan).
The
premise & facilities of the subject is quite good. Only in short time since
establishment, Ritek has started operating & developed fairly fast &
strongly. Its total investment capital is 66,700,000 USD & legal capital is
56,700,000 USD. The subject has head-office & its factory in plot 213,
Amata industrial zone, Bien Hoa, Dong nai. Its factory is very large &
equipped with modern machine lines. Currently the subject has over 500
employees, in which about 40 experts are Taiwanese & Chinese. The
management capacity of the subject is fairly good.
Because
the subject has just founded in 2005, so in 2005 the subject hasn’t had
business revenue. Up to 2006, the subject has gained total revenue of over 14
million USD. According to our view, its financial status is fairly ensured.
In
general, the subject is operating fairly busy. The production capacity is about
2 million disc/ a month. With good trade name in storage media & support
from parent company, the future prospect of the subject is fairly bright.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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