MIRA
INFORM REPORT
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Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
RIEKER VIETNAM COMPANY LIMITED |
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Registered Office : |
Lot 1, Dien Nam-Dien Ngoc Industrial Zone, Dien Ban District, Quang
Nam Province |
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Country : |
Vietnam |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
2004 |
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Legal Form : |
100% Foreign Owned Enterprise |
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Line of Business : |
Processing Leather Shoes |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT IDENTIFICATION &
LEGAL FORM
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English registered name
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RIEKER VIETNAM COMPANY LIMITED
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Vietnamese registered name |
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CONG TY TNHH RIEKER VIET NAM |
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Other Name |
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RIEKER VIETNAM LTD |
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Type of Business |
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100% foreign owned enterprise |
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Founded |
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2004 |
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Invested license No |
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04/GP-KCN-QNA |
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Issuance on |
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February 27th, 2004 |
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Issuance by |
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Quang Nam Industrial Zone Authority |
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Invested Capital |
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13,200,000 USD |
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Legal capital |
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4,000,000 USD |
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Tax code |
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4000395355 |
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Total Employees |
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8,000 employees |
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ADDRESSES
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Head Office |
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Address |
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Lot 1, Dien Nam-Dien Ngoc Industrial Zone, Dien Ban District, Quang
Nam Province |
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Country |
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Vietnam |
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Tel |
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(84-510) 743537/ 534 |
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Fax |
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(84-510) 743539 |
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Email |
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DIRECTORS
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1. NAME |
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Mr. WANTER BAUER |
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Position |
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Director |
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Resident |
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Quang Nam province |
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Nationality |
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Germany |
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2. NAME |
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Ms. DUONG HAI YEN |
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Position |
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Sales manager |
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Nationality |
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Vietnamese |
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BUSINESS NATURE AND ACTIVITIES
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The subject registers and operates
processing leather shoes |
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IMPORT & EXPORT ACTIVITIES
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IMPORT: The subject imports materials from Germany and
some of Asia countries |
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EXPORT: Its products are exported to Germany and America |
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BANKERS
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1. DEUTCH BANK |
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Address |
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No. 65, Le Loi Street, Ben Nghe Ward, District 1, Hochiminh City |
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Country |
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Vietnam |
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Tel |
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84-8 8222667 |
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SHAREHOLDER(S)
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The subject is a 100% foreign
owned enterprise. Following is its parent company
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1. NAME |
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RIEKER ASIA LTD |
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Registered country |
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Hong Kong |
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Share |
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100% |
FINANCIAL DATA
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Unit:
1,000,000 VND
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Description |
2006 |
2005 |
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Working assets & short-term Investment |
214,169 |
152,084 |
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Fixed assets & Long term investment |
275,159 |
223,641 |
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TOTAL ASSETS |
489,328 |
375,725 |
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Payable loans |
370,366 |
278,626 |
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Owner’s Equity |
118,962 |
97,099 |
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TOTAL LIABILITY
AND EQUITY |
489,328 |
375,725 |
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Total
revenue |
407,884 |
167,663 |
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Deductions Items |
0 |
1,289 |
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Net revenue |
407,884 |
166,374 |
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Net income from business activities |
469 |
2,665 |
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Net income from financial operation |
-12,055 |
0 |
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Irregular Profit |
618 |
1,715 |
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Total pre-tax
profit |
-10,968 |
4,380 |
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PAYMENT HISTORY AND EXPERIENCES
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Trade Morality |
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Normal |
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Liquidity |
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Average |
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Payment status |
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Above average |
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Financial Situation |
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Normal |
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Development trend |
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Average |
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Litigation data |
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No recorded |
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Bankruptcy |
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No recorded |
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Payment Methods |
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Through its bank |
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Sale Methods |
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Directly process to its parent company |
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INTERPRETATION ON THE SCORES
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Rieker Vietnam Company Limited is well supported from its parent
company as well as the advantage in being the first foreign owned enterprise
which get the invested license in recorded time within 24 hours after
submitting an application in Quang Nam Province. The subject got invested license No. 04/GP-KCN-QNA on February 27th,
2004 from Quang Nam Industrial Zone Authority with total invested capital of
13,200,000 USD. The company capacity is about 12 million pairs of leather shoes per
year. It has two workshops, one in Lot 1 and the other in Lot 11 both in
Dien Nam-Dien Ngoc Industrial Zone, Dien Ban District, Quang Nam Province on
the location of 116.200 square meters with total of 8,000 employees. The factories would utilize modern technology and its products are
distributed worldwide through established channels. With a large number of employees, the subject show its humble
management capability when the employees stroke for low income, hard working
time, suspecting food poisoning, etc since the time of establishment. Its financial situation is at normal level, not much standard. It lost
in the past and operates normally at present. The subject is needed to be improved its management capability,
improve its financial status to improve its position in the industry and get
a higher development. |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.33 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.66.75 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)