|
Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
SUMIMOTO CONSTRUCTION TECHNOLOGY
CORPORATION |
|
|
|
|
Registered Office : |
43/14/14, Cong Hoa Str, Ward 4, Tan Binh District, Ho Chi Minh City |
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|
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Country : |
Vietnam |
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Year of Establishment : |
2005 |
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Com. Reg. No.: |
0303987586 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject is engaged in construction and manufacture of canned, dried, preserved, further processed vegetable and spice products |
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No. of Employees : |
100 employees |
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 (31.03.2012) |
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 |
|
English Name |
|
SUMIMOTO CONSTRUCTION TECHNOLOGY
CORPORATION |
|
Vietnamese Name |
|
CONG TY TNHH XAY DUNG KY THUAT SUMIMOTO |
|
Short name |
|
SUMIMOTO
TECHNOLOGY CORPORATION |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2005 |
|
Business Registration No. |
|
0303987586 |
|
Date of Registration |
|
17 Jan 2012 |
|
Place of Registration |
|
Hochiminh Department of Planning and
Investment |
|
Chartered capital |
|
VND 33,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0303987586 |
|
Total Employees |
|
100 |
|
Note |
|
The correct name is in report |
|
Head Office |
||
|
Address |
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43/14/14, Cong Hoa Str, Ward 4, Tan Binh
District, Ho Chi Minh City, Vietnam |
|
Website |
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||
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Factory Address |
||
|
Address |
|
Lot 16, Street 17, Hiep Binh Phuoc ward,
Thu Duc District, Ho Chi Minh City, Vietnam |
|
|
||
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Branch in Ha Noi |
||
|
Address |
|
No. 49, Hai Ba Trung Str, Hoan Kiem
District, Ha Noi City, Vietnam |
|
Telephone |
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(84-4)38244596 |
|
Fax |
|
(84-4)38268054 |
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1. NAME |
|
Mr. DONG SY TRUNG |
|
Position |
|
Chairman |
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Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Mr. NGUYEN ANH MINH |
|
Position |
|
Director |
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ID Number/Passport |
|
023953903 |
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Nationality |
|
Vietnamese |
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|
||
|
3. NAME |
|
Mr. EDMUND TSUI |
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Position |
|
Marketing Manager |
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Nationality |
|
Japanese |
The subject is specializing in construction and manufacture of canned, dried, preserved, further processed vegetable and spice products.
|
IMPORT: |
||
|
Types of products |
|
materials |
|
Market |
|
India, Germany, Italy, USA... |
|
|
||
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EXPORT: |
||
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Market |
|
ASEAN and Europe |
|
Ratio |
|
70% |
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1. VIETNAM EXPORT IMPORT COMMERCIAL JOINT
STOCK BANK CONG HOA BRANCH |
||
|
Address |
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No.276 Cong Hoa Street, Ward 13, Tan Binh District, Ho Chi Minh City,
Vietnam |
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Telephone |
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(84-8) 38121617 |
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Fax |
|
(84-8) 38122161 |
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1. NAME |
|
Mr. DONG SY TRUNG |
|
Position |
|
Chairman |
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Nationality |
|
Vietnamese |
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Value of shares |
|
VND 26,400,000,000 |
|
Percentage |
|
80% |
|
|
||
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2. NAME |
|
Mr. NGUYEN ANH MINH |
|
Position |
|
Director |
|
ID Number/Passport |
|
023953903 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,650,000,000 |
|
Percentage |
|
5% |
|
|
||
|
3. NAME |
|
Ms. DONG THI VIET HOA |
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Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,650,000,000 |
|
Percentage |
|
5% |
|
|
||
|
4. NAME |
|
Ms. LUONG BAO NGOC |
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Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,650,000,000 |
|
Percentage |
|
5% |
|
|
||
|
5. NAME |
|
Mr. LUONG NGOC BAO |
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Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,650,000,000 |
|
Percentage |
|
5% |
NA
|
Trade Morality |
|
Good |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Average |
|
Development trend |
|
N/A |
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Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T |
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Sale Methods |
|
Wholesaler |
|
SUMIMOTO
CONSTRUCTION TECHNOLOGY CORPORATION has been operating since 2005 in
Hochiminh city. The subject is founded by four shareholders, in which Mr. Dong
Sy Trung, the chairman of the subject is holding to 80% in total chartered
capital of VND 33 billion. Subject’s
business divides into two main sectors: Manufacture of canned, dried,
preserved, further processed vegetable and spice products; Construction.
Presently, Vietnamese construction industry is stagnant; therefore the
subject mainly concentrates on the first sector. One of the core products of
the subject is bread crumbs brand Panko. Materials for
production has source from many countries such as India, Germany, Italy, USA…
Then, amount of 70% total finished products of the subject are exported to
Europe and ASEAN countries. Its position is fair in the market. Head office of
the subject is located at 43/14/14 Cong Hoa Str, Ward 4, Tan Binh District,
Ho Chi Minh City, Vietnam. The factory is also in Hochiminh city. Besides, it
has a branch in Hanoi city. Now the subject has about 100 people, including
staffs and employees working in the factory. Mr. Nguyen Anh Minh is director
of the subject. He owns 5% its chartered capital. At this time, we
have not detail financial statement of the subject. We assess subject company
is a medium company in the field business. Financial status is stable and it
can meet all small financial commitments. |
|
INDUSTRY DATA |
||||||
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|
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 |
|
|
|
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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 |
|||
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SERVICE TRADE PERFORMANCE |
||||||
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|
||||||
|
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.53.04 |
|
UK Pound |
1 |
Rs.84.83 |
|
Euro |
1 |
Rs.68.21 |
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.