|
Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
MEI SHENG TEXTILES VIETNAM CO., LTD |
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Registered Office : |
Ngai Giao Industrial Zone, |
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Country : |
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Date of Incorporation : |
2008 |
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Legal Form : |
Limited liability company |
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Line of Business : |
Manufacturing and trading
textiles |
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No. of Employees : |
1,500 |
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 |
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Payment Behaviour : |
Unknown |
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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) |
|
Viet Nam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
VIET NAM - 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
|
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|
|
||
|
English Name |
|
MEI SHENG TEXTILES VIETNAM
CO., LTD |
|
Vietnamese Name |
|
CONG TY TNHH MEI SHENG
TEXTILES VIET NAM |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2008 |
|
Investment Certificate No |
|
491043000097 |
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Date Of Issuance |
|
12 Apr 2008 |
|
Place of Issuance |
|
Ba Ria -Vung Tau Province
People’s Committee |
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Registered Investment Capital |
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USD 96,000,000 |
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Chartered capital |
|
N/A |
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Status |
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Unlisted |
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Tax code |
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3500865800 |
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Total Employees |
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1,500 |
|
Note:
The correct name of the subject is as above. |
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ADDRESSES
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Head
Office |
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Address |
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Ngai Giao Industrial Zone,
Ngai Giao Town, Chau Duc District, Ba Ria-Vung Tau Province, Vietnam |
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Telephone |
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(84-64) 3 963 200 |
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Fax |
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(84-64) 3 963 000 |
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Website |
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DIRECTORS
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1. NAME |
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Mr. SHIAU TONG CHENG GUAN |
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Position |
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General Director |
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Nationality |
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Chinese |
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2. NAME |
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Mr. ROBERT SHIAU |
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Position |
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Managing Director |
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Nationality |
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Chinese |
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3. NAME |
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Mr. GUDIVADA NARASIMHA RAO |
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Position |
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Chief Accountant |
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Nationality |
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Indonesian |
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BUSINESS NATURE AND ACTIVITIES
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Manufacturing and trading textiles |
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IMPORT & EXPORT ACTIVITIES |
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IMPORT:
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Note: Currently, the subject does not
import |
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EXPORT:
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·
Market |
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Japan, Australia |
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BANKERS
|
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1. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT CHAU DUC
BRANCH |
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Address |
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297 Hung Vuong Ngai Giao, Chau Duc District, Ba Ria-Vung
Tau Province, Vietnam |
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|
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SHAREHOLDERS
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1. NAME |
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ZHEIJANG MEISHENG INDUSTRY COMPANY LIMITED |
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Address |
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West Qianqing Economic Development
Zone - Shaoxing County, Zhejiang Province, China |
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Tel |
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86-575-84519631 |
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Fax |
|
86-575-84051264 |
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|
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2. NAME |
|
LEADING TEXTILES GROUP |
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Address |
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Australia |
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FINANCIAL DATA
|
|
N/A |
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PAYMENT HISTORY & PERFORMANCE EXPERIENCES |
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Trade Morality |
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Normal |
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Liquidity |
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N/A |
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Payment status |
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N/A |
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Financial Situation |
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Average |
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Development trend |
|
N/A |
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Litigation data |
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No Record |
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Bankruptcy |
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No Record |
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Payment Methods |
|
LC,TT |
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Sale Methods |
|
To contracts |
INTERPRETATION ON THE SCORES
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|
|
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MEI SHENG TEXTILES VIETNAM CO., LTD has a short
operation history in the field. The subject was founded in 2008; however after
2 year, it just completed the construction period and officially went into
operation. Currently, it is operating under Investment Certificate No.
491043000097, licensed by Ba Ria -Vung Tau Province People’s Committee. Head office
and factories are located at Ngai Giao Industrial Zone Ngai Giao Town, Chau
Duc District, Ba Ria-Vung Tau Province, Vietnam. The subject specializes in producing and
trading textiles as yarns, dyed yarns, dyed fabrics, knitted fabrics. Almost
products of the subject are exported; the traditional markets are Japan and
Australia. Currently, it
is operating with about 1,500 employees. The future prosperity of the subject
seems fair. Its trademark in the field is normal. In 2011, the subject was
fined, because it discharged untreated wastewater
into the environment. Its dye house has been requested to
seal several times. Its financial data is not available in our source; thus, it is difficult for us to give the detail analysis on its circumstance. In general, the
subject is still a new company. The subject has capability to meet small
payment commitments. Caution is still needed for normal – big business
transactions. |
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|
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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 |
|
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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 |
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2011 |
2010 |
2009 |
|||
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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 |
||||||
|
|
||||||
|
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.54.72 |
|
|
1 |
Rs.88.60 |
|
Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.