|
Report Date : |
07.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
RIEKER VIETNAM LIMITED |
|
|
|
|
Registered Office : |
Lot 1 Dien Nam-Dien Ngoc Industrial Zone, Dien Ban District, Quang Nam
Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Establishment : |
2004 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
The subject specializes in manufacturing and
trading types of footwear |
|
|
|
|
No. of Employees : |
10,000 |
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 : |
Unknown |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Current legal status
|
||
|
English Name |
|
RIEKER VIETNAM LIMITED |
|
Other Name |
|
RIEKER VIETNAM COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY GIAY RIEKER VIET NAM |
|
Trade name |
|
RIEKER VIETNAM LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2004 |
|
Investment Certificate No |
|
04/GP-KCN-QNA |
|
Date Of Issuance |
|
27 Feb 2004 |
|
Place of Issuance |
|
Quang Nam's Industrial Zone Authority |
|
Registered Investment Capital |
|
USD 42,400,000 |
|
Chartered capital |
|
USD 12,760,000 |
|
Investment Duration |
|
42 years |
|
Status |
|
Unlisted |
|
Tax code |
|
4000395355 |
|
Total Employees |
|
10,000 |
|
Size |
|
Large |
|
Note: According to the subject, it usually
uses name RIEKER VIETNAM LIMITED. Correct name of General Director: WALTER
BAUER The given email (d.yen@rieker.net)
is email of former import-export staff of the subject, Ms. Yen. She is not
working for the subject anymore. |
||
|
|
||
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
4,000,000 USD Changed to: 12,760,000 USD |
N/A |
|
2 |
Subject has got former Registered
Investment Capital: 13,200,000 USD Changed to: 42,400,000 USD |
N/A |
|
Head Office |
||
|
Address |
|
Lot 1 Dien Nam-Dien Ngoc Industrial Zone,
Dien Ban District, Quang Nam Province, Vietnam |
|
Telephone |
|
(84-510) 3743537/ 3743534 |
|
Fax |
|
(84-510) 3743539 |
|
1.
NAME |
|
Mr.
WALTER BAUER |
|
Position |
|
General Director |
|
ID Number/Passport |
|
23/34011413 |
|
Nationality |
|
Australian |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN HOAI AN |
|
Position |
|
Deputy General Director |
|
Resident |
|
Lot 1 Dien Nam-Dien
Ngoc Industrial Zone Dien Ban District, Quang Nam Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 903501563 |
|
|
||
|
3.
NAME |
|
Mr.
NGO HOANG DAI VIET |
|
Position |
|
Chief of Import - Export Department |
|
Nationality |
|
Vietnamese |
|
The
subject specializes in manufacturing and trading types of footwear. |
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
Germany and some of Asia countries |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Footwear |
|
·
Market |
|
Germany |
|
1.
DEUTSCHE BANK AG, HO CHI MINH CITY BRANCH |
||
|
Address |
|
Floor 13, 14th - Saigon Center Building- No. 65 Le Loi Street, Ben
Nghe Ward, 1 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3822 2667 |
|
Fax |
|
(84-8) 3822 2760 |
|
|
||
|
2.
VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK DA NANG BRANCH |
||
|
Address |
|
No.48 Tran Phu Street, , Da Nang City, Vietnam |
|
Telephone |
|
(84-511) 3830 889 |
|
Fax |
|
(84-511) 3826 674 |
|
1.
NAME |
|
RIEKER
ASIA LTD |
|
Address |
|
Hong Kong |
|
Percentage |
|
100% |
|
BALANCE
SHEET |
|||
Unit: Million VND
|
|||
|
Balance sheet
date |
31/12/2009 |
31/12/2008 |
31/12/2007 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A. Current Asset
|
247,617 |
553,746 |
446,261 |
|
Receivables |
143,321 |
494,021 |
225,319 |
|
Inventory |
41,032 |
32,814 |
220,942 |
|
Cash and other current assets |
63,264 |
26,911 |
0 |
|
B. Long term
Asset |
601,563 |
633,471 |
474,322 |
|
1. Long term
account receivable |
2,668 |
2,340 |
2,995 |
|
2. Fixed assets |
598,895 |
631,131 |
471,327 |
|
Tangible fixed assets |
595,248 |
627,235 |
379,288 |
|
+ Original cost |
879,308 |
797,472 |
467,450 |
|
+ Accumulated depreciation value |
284,060 |
170,237 |
88,162 |
|
Financial leasehold assets |
0 |
|
|
|
Intangible fixed assets |
465 |
32 |
223 |
|
Construction in progress and other long term asset |
3,182 |
3,864 |
91,816 |
|
TOTAL ASSETS |
849,180 |
1,187,217 |
920,583 |
|
|
|||
|
LIABILITIES |
|||
|
Payable loans |
667,505 |
1,054,412 |
771,852 |
|
Owner’s Equity |
181,675 |
132,805 |
148,731 |
|
TOTAL LIABILITY
AND EQUITY |
849,180 |
1,187,217 |
920,583 |
|
|
|||
|
PROFIT & LOSS STATEMENT 2009 |
|||
|
1. Total Sales |
544,801 |
||
|
2. Deduction item |
0 |
||
|
3. Net sale |
544,801 |
||
|
4. Costs of goods sold |
438,068 |
||
|
5. Gross profit |
106,733 |
||
|
6. Financial income |
22,739 |
||
|
7. Financial expenses |
43,046 |
||
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8. Selling expenses and Administrative overheads |
47,604 |
||
|
9. Net operating profit |
38,822 |
||
|
10. Other income |
3,352 |
||
|
11. Other expenses |
457 |
||
|
12. Other profit /(loss) |
2,895 |
||
|
13. Total accounting profit before tax |
41,717 |
||
|
14. Current corporate income tax |
0 |
||
|
15. Deferred corporate income tax |
|
||
|
16. Interest from subsidiaries/related companies |
|
||
|
17. Profit after tax |
41,717 |
||
|
|
|||
|
PROFIT & LOSS STATEMENT 2008 AND
2007 |
|||
|
Total sale |
1,415,741 |
799,626 |
|
|
Deductions Items |
|
0 |
|
|
1. Net sale |
1,415,741 |
799,626 |
|
|
2. Cost of goods sold and operation expense |
1,420,982 |
797,984 |
|
|
3. Net income from business activities |
-5,241 |
1,642 |
|
|
Income from financial activities |
9,248 |
487 |
|
|
Expenditure from financial activities |
77,313 |
487 |
|
|
4. Net income from financial operation |
-68,065 |
0 |
|
|
Irregular income |
3,152 |
978 |
|
|
Irregular expenditure |
115 |
124 |
|
|
5. Irregular Profit |
3,037 |
854 |
|
|
6. Total pre-tax profit |
-70,269 |
2,496 |
|
|
Trade Morality |
|
Normal |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through its bank |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Well-known |
|
RIEKER VIETNAM LIMITED was invested into Vietnam
by RIEKER ASIA LTD from Hong Kong in 2004. Subject was granted investment
license No. 04/GP-KCN-QNA by Quang Nam Industrial Zone Authority on 27 Feb
2004. It got registered investment capital of USD 42,400,000 and chartered
capital of USD 12,760,000. RIEKER is a well-recognized Germany shoes maker,
which presented in over 62 countries over the world. It is considered one of
the biggest shoes makers in Europe. Head office of subject is located at Lot 1 Dien
Nam, Dien Ngoc Industrial Zone, Dien Ban Dist., Quang Nam Province, Vietnam
and it has a workshop at Lot 11 at this industrial zone. It has production
capacity about 15 million pairs of leather shoes/per year. The factories
would utilize modern technology and its products are distributed worldwide
through established channels. Subject has a fairly large number of workers.
The employees have struck many times for: low income, hard working time,
suspecting food poisoning, etc. RIEKER has expanded its operation in Vietnam
by investing 14 million USD constructing the second factory in Tinh Phong IP,
Quang Ngai Vietnam in 2011. Economic worldwide crisis, especially, European
debt crisis has affected many countries in the world, including Vietnam.
According to Vietnam Leather & Footwear Association, export turnover of
footwear of Vietnam increased by 26% in 2011. Forecast for 2012, Vietnam
footwear industry will be more challenging because of the import market
instability, particularly in Europe. Traders said the contract for the
leather shoes in the first quarter 2012 compared to 10-20% less than the
period of 2011. The main reason made export market of Vietnam’s footwear
declined is mainly EU market consumption tightening. The latest financial statement of subject is not
available. According to the former financial highlight, in 2009, total sales
of subject fell by 62% in comparison with 2008. However, costs of goods sold
only occupied 80% total sales, instead of over 100% in 2008. Therefore, the
profit improved. In general, the subject is operating
normally. It is a fairly big manufacturing company, which employs more than
10,000 staffs. Caution needed with the normal and big business transaction
with the subject. |
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2009 |
Total employees
2010 (Thous.pers.) |
Annual average
capital of enterprises 2009 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
5.53 |
7.70 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
6.69 |
7.52 |
154,978 |
14,522 |
4,939,069 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population (Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic Products (USD
billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita
(USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (% Change in
Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
|
SERVICE TRADE
PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.47 |
|
UK Pound |
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.