MIRA INFORM REPORT

 

 

Report Date :

06.12.2012

 

IDENTIFICATION DETAILS

 

Name :

VI NA DAI VIET IMPORT EXPORT COMPANY LIMITED

 

 

Registered Office :

No.64, Highway 51 Phuoc Tan Commune, Bien Hoa City, Dong Nai Province

 

 

Country :

Vietnam

 

 

Date of Incorporation :

25.08.2011

 

 

Reg. No.:

3602576702

 

 

Legal Form :

Limited liability company

 

 

Line of Business :

The subject is specialized in trading materials used in manufacture of animal feed.

 

 

No. of Employees :

20

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Vietnam

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

vietnam - ECONOMIC OVERVIEW

 

Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.

 

Source : CIA

 

SUBJECT IDENTIFICATION & LEGAL FORM

 

English Name

 

VI NA DAI VIET IMPORT EXPORT COMPANY LIMITED

Vietnamese Name

 

CONG TY TNHH XUAT NHAP KHAU VI NA DAI VIET

Short name

 

VINIMEX CO.,LTD

Type of Business

 

Limited liability company

Year Established

 

2011

Business Registration No.

 

3602576702

Date of Registration

 

25 Aug 2011

Place of Registration

 

Dong Nai Department of Planning and Investment

Chartered capital

 

N/A

Status

 

Unlisted

Tax code

 

3602576702

Total Employees

 

20

 

 

Historical Identification & Legal form

 

List

Changed Items

Date of changes

1

Subject has got former Address: No.14, Lot A6, An Binh Ward, Bien Hoa City, Dong Nai Province, Vietnam

Changed to: No.64, Highway 51, Phuoc Tan Commune, Bien Hoa City, Dong Nai Province, Vietnam

2012

 

 

ADDRESSES

 

Head Office

Address

 

No.64, Highway 51 Phuoc Tan Commune, Bien Hoa City, Dong Nai Province, Vietnam

Telephone

 

(84-61) 3930471

Fax

 

(84-61) 3930646

Note: This is also head office of Vina company limited. The subject is going to move its head office to Vo Thi Sau St., Bien Hoa City, Dong Nai province in few days.

 

 

DIRECTORS

 

1. NAME

 

Mr. TRAN VU QUYNH NHU

Position

 

Director

ID Number/Passport

 

023449979

Nationality

 

Vietnamese

 

 

 

 

 

BUSINESS NATURE AND ACTIVITIES

 

The subject is specialized in trading materials used in manufacture of animal feed.

 

 

 

IMPORT & EXPORT ACTIVITIES

 

IMPORT:

Market

 

India, Sri Lanka, Canada, USA, Argentina...

Mode of payment

 

L/C, T/T

 

EXPORT:

Note: Currently, the subject does not export

 

 

BANKERS

 

1. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT DONG NAI BRANCH

Address

 

No. 121-123, 30/4 Str., Bien Hoa City, Dong Nai Province, Vietnam

Telephone

 

(84-61) 3822 543

Fax

 

(84-61) 3822 585

 

2. VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK DONG NAI BRANCH

Address

 

No.881 Highway 15, Tam Hiep Ward, Bien Hoa City, Dong Nai Province, Vietnam

Telephone

 

(84-61) 3915185

Fax

 

(84-61) 3915187

Note: The exact name of the bank is as above.

 

3. JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM DONG NAI BRANCH

Address

 

No. 116 -118 April 30th Str., Quyet Thang Ward, Bien Hoa City, Dong Nai Province, Vietnam

Telephone

 

(84-61) 382 2575

Fax

 

(84-61) 394 6513

 

SHAREHOLDERS

We are so sorry, the shareholders list is not available now. We’ll update as soon as possible.

 

 

FINANCIAL DATA

 

N/A

 

 

 

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

 

Trade Morality

 

Fair

Liquidity

 

N/A

Payment status

 

N/A

Financial Situation

 

Below average

Development trend

 

Developing

Litigation data

 

No Record

Bankruptcy

 

No Record

Payment Methods

 

L/C, T/T

Sale Methods

 

Retailer and Wholesaler

 

 

INTERPRETATION ON THE SCORES

 

Established in August 2011 in Dong Nai province, VINIMEX CO., LTD operated under the legal form of Limited liability company. It was granted the business registration number 3602576072 by Dong Nai Department of planning and Investment.

Formerly, the subject operated at No.14, lot A6, An Binh Ward, Bien Hoa City, Dong Nai province. Currently, the location is repairing and the subject is leasing office at No.64, Highway 51, Phuoc Tan Commune, Bien Hoa City which is head office of Vina Company limited. However, this is temporary operation address of the subject. The subject is going to move its headquarters to Vo Thi Sau street in few days.

The subject focuses on trading materials used in manufacturing animal feed. It imports from many countries such as India, Sri Lanka, Canada, USA, Argentina, etc. Most of products are supplied for animal feed manufacturers, and the remaining is retailed for outlets or agents all the country. The subject has no export activity.

Currently, the subject is preparing to move its office so its operation is very busy. Therefore, it is difficult to contact with the subject. The financial data of the subject is not available in our source. According to Ms. Thom from Accounting Department, the maximum transaction of the subject is around VND 10 billion. The given credit inquiry that has value of USD 2,500,000 is large with the subject, thus caution needed for this transaction.

 

 

INDUSTRY DATA

 

Industry code

Growth speed by price compared with 1994 (%)

Total enterprises 2010

Total employees 2011

(Thous.pers.)

Annual average capital of enterprises 2010

(billion dongs)

2011

2010

Agriculture, Forestry and Fishing

4.00

2.78

8,887

24,362.9

95,227

Industry and Construction

5.53

7.70

95,217

10,718.9

3,641,376

Trade and Services

6.69

7.52

187,195

15,270.2

6,957,082

 

 

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

Source: General Statistics Office

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.57

UK Pound

1

Rs.87.90

Euro

1

Rs.71.53

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

 

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