MIRA INFORM REPORT

 

 

Report Date :

29.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

VIET CHEMICALS TRADING AND SERVICE COMPANY LIMITED 

 

 

Registered Office :

Floor 12th, No.10, Pho Quang Street - Ward 2 - Tan Binh District - Ho Chi Minh City

 

 

Country :

Vietnam

 

 

Date of Incorporation :

19.10.2009

 

 

Com. Reg. No.:

0309467897

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading Chemical, Fertilizer

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Vietnam

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUBJECT IDENTIFICATION & LEGAL FORM

 

English Name

 

VIET CHEMICALS TRADING AND SERVICE COMPANY LIMITED

Vietnamese Name

 

CONG TY TNHH THUONG MAI VA DICH VU HOA CHAT VIET

Trade name

 

VIET CHEMICALS TRADING AND SERVICE COMPANY LIMITED

Short name

 

VIET CHEMI CO., LTD

Type of Business

 

Limited liability company

Year Established

 

2009

Business Registration No.

 

0309467897

Date of Registration

 

19 Oct 2009

Place of Registration

 

Business Registration Office of Ho Chi Minh city

Current registered capital

 

500,000,000 VND

Tax code

 

0309467897

Total Employees

 

35

 

 

 

company ADDRESSES

 

Head Office

Address

 

Floor 12th, No.10, Pho Quang Street - Ward 2 - Tan Binh District - Ho Chi Minh City - Vietnam

Telephone

 

(84-8) 3997 9615

Fax

 

(84-8) 3997 9616

Email

 

bao.nguyen@vietchemi.com

Note: The given address is not correct. The correct address is as above.

 

Branch in Ha Noi

Address

 

4 A Lang Ha Street - Ba Dinh District - Ha Noi City - Vietnam

 

SUBSIDIARIES AND RELATED COMPANIES

 

RELATED COMPANY - MKVN CHEMICAL COMPANY LIMITED

Vietnamese Name

 

CONG TY TNHH HOA CHAT M.K.V.N

Trade name

 

MKVN CHEMICALS CO., LTD

Short name

 

MKVN CO., LTD.

Business Registration

 

4102016299

Date of Registration

 

17 Jun 2003

Place of Registration

 

Business Registration Office (Planning and Investment Department of Hochiminh City)

Registered Capital

 

5,000,000,000 VND

Tax code

 

0302973502

Address

 

Room 1006, 10th Floor, Airport Business Center, No. 10 Pho Quang Street - Ward 2 - Tan Binh District - Ho Chi Minh City - Vietnam

Tel

 

(84-8) 3997 6980

Fax

 

(84-8) 3997 6981

 

 

 

DIRECTORS

 

1 . NAME

 

Mr. NGUYEN VAN BAO

Position

 

Director

Date of Birth

 

29 Jan 1955

ID Number/Passport

 

023858872

Resident

 

No. 183-B36 Street No. 26/3 - Ward 16 - Go Vap District - Ho Chi Minh City - Vietnam

Nationality

 

Vietnamese

Qualification

 

Management

Tel/Mobil phone

 

(84) 903 805 370

 

2 . NAME

 

Ms. HOANG THI TUYET

Position

 

Chief Accountant

Nationality

 

Vietnamese

Qualification

 

Bachelor

 

3 . NAME

 

Ms. BUI THI CHAU MY

Position

 

Responsible for cosmetic products

Nationality

 

Vietnamese

Qualification

 

Bachelor

 

 

 

BUSINESS NATURE AND ACTIVITIES

 

The subject is specializing in trading chemical, fertilizer.

 

 

 

IMPORT & EXPORT ACTIVITIES

 

IMPORT:

·         Types of products

 

Chemicals

·         Market

 

China, Malaysia, Singapore, Thailand, Germany, France, Australia, USA

 

EXPORT:

·         Types of products

 

Chemicals

·         Market

 

Cambodia

 

 

 

BANKERS

 

1. ASIA COMMERCIAL BANK SAI GON BRANCH

Address

 

No.30 Mac Dinh Chi Street - 1 District - Ho Chi Minh City - Vietnam

Telephone

 

(84-8) 3824 3770

Fax

 

(84-8) 3824 3946

 

2. STANDARD CHARTERED BANK - HCMC BRANCH

Address

 

Floor. 1, Saigon Trade Center Building, No. 37 Ton Duc Thang Street - Ben Nghe Ward - 1 District - Ho Chi Minh City - Vietnam

Telephone

 

(84-8) 3911 0000

 

3. JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM

Address

 

No. 53 Cong Hoa Street - Ward 4 - Tan Binh District - Ho Chi Minh City - Vietnam

Telephone

 

(84-8) 3948 5596

Fax

 

(84-8) 3948 5598

 

 

 

SHAREHOLDERS

 

1 . NAME

 

Mr. NGUYEN VAN BAO

Position

 

Director

Date of Birth

 

29 Jan 1955

ID Number/Passport

 

023858872

Resident

 

No. 183-B36 Street No. 26/3 - Ward 16 - Go Vap District - Ho Chi Minh City - Vietnam

Nationality

 

Vietnamese

Value of shares

 

250,000,000 VND

Percentage

 

50%

 

2 . NAME

 

Ms. LE THI NGOC MINH

Resident

 

102/16H5T6 Au Duong Lan Street- Ward 3 - 8 District - Ho Chi Minh City - Vietnam

Nationality

 

Vietnamese

Value of shares

 

250,000,000 VND

Percentage

 

50%

 

 

 

FINANCIAL DATA

 

The financial statement of the subject is not available.

 

 

 

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

 

Trade Morality

 

Normal

Liquidity

 

N/A

Payment status

 

N/A

Financial Situation

 

Below Average

Development trend

 

Stable

Litigation data

 

No Record

Bankruptcy

 

No Record

Payment Methods

 

T/T, L/C

Sale Methods

 

Retailer and Wholesaler

Public opinion

 

Normal

 

 

CREDIT INQUIRY: 125,000 USD Against da in terms.

Please caution needed for this transaction.

 

 

 

INTERPRETATION ON THE SCORES

 

The subject - Viet Chemi Co., Ltd was established in 2009. Currently, the subject is operating under business registration No.0309467897 issued by Business Registration office of Ho Chi Minh City.
Besides head office located at No.10 Pho Quang Street, Ward 2, Tan Binh District, Ho Chi Minh City, the subject also has transactions office in Ha Noi city.
The subject is specializing in trading chemical, fertilizer, additives, chemicals used to process metal. Related company of the subject is MKVN Chemical Company Limited. MKVN Chemical is operating under Business Registration No 4102016299 with registered VND 5,000,000,000.
Formerly, MKVN was the official distributor of COGNIS and HENKEL CORPORATION of Germany. But COGNIS and HENKEL are competitors. So MKVN has some difficult to finding customers. So Viet Chemicals Trading and Service Company Limited were established. And staff and board director of the subject are also of MKVN Co., Ltd.
Currently, the subject is distributor of EMERY and HENKEL and MKVN is distributor of COGNIS. Besides, the subject mainly imports chemicals from Malaysia, Thailand, Singapore, France, Germany, Australia, USA.
Main customers of the subject are: Unilever, Ford Vietnam, Unza, Mercedes and some customers in Ha Noi and Western.
Viet Chemicals Trading and Service Company limited is a new company. But the subject has stable customer base on flat form of MKVN. The financial statement of the subject is not available. According to subject’s director – Nguyen Van Bao, its turnover in 2010 was 5 million USD and profit was 600,000 USD. Following are the turnover some years of MKVN for reference:
- 2001: USD 5,167,424 – 5,842 MT
- 2002: USD 5,634,685 – 6,313 MT
- 2003: USD 7,422,655 – 7,422 MT
- 2004: USD 12,040,658 – 8,988 MT
- 2005: USD 14,597,381 – 9,561 MT
- 2006: USD 14,991,545 – 10,876 MT
- 2007: USD 19,338,545 – 12,432 MT
- 2008: USD 23,215,165 – 13,199 MT
- 2009: USD 23,747,615 – 16,856 MT
Facilities of the subject are normal. Management and competition capability are acceptable. Mr. Nguyen Van Bao- Director of the subject who has a lot experiences in this field. He has started business since 1995. The subject only has capacity to meet small transactions. Caution needed with medium – big financial commitments.

 

 

APPENDIXES

 

INDUSTRY DATA

 

Industry code

Growth speed (%)

Total employees 2009 (Thousand)

Total enterprises

Annual average capital of enterprises

Predict 2010

2009

Agriculture, Forestry and Fishing

2.8

3.0

24,788.5

2,399

50,530

Trade and Services

7.5

11

10,517.9

79,181

1,754,973

Construction

7

11.3

2,692.8

17,783

248,268

Manufacturing

12

7.6

7,591.2

30,786

967,068

 

ECONOMIC INDICATORS

 

 

2009 

2008 

2007 

Population (Million person)

87

86.1

85.1

Gross Domestic Products (US$ billion)

91

84.9

71.2

GDP Growth (%)

5.32

6.2

8.5

GDP Per Capita (US$)

1,080

1,040

814

Inflation (% Change in Composite CPI)

6.88

24.4

8.3

 

SERVICE TRADE PERFORMANCE

 

Billion USD 

2009 

2008 

2007 

Exports

56.6

62.9

48.6

Imports

68.8

76.6

58.9

Trade Balance

-12.2

-14.6

-10.3

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.74

UK Pound

1

Rs.72.73

Euro

1

Rs.62.73

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.