|
Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
S.D.K Company Limited |
|
|
|
|
Registered Office : |
Lot E6D, Viet Huong 2 Industrial Park, An Tay Ward, Ben Cat District,
Binh Duong Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Establishment : |
2008 |
|
|
|
|
Legal Form : |
Limited liability company (Foreign Invested Company) |
|
|
|
|
Line of Business : |
The subject specializes in manufacturing hook
and loop velcro tape. |
|
|
|
|
No. of Employees : |
100 |
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 : |
Slow |
|
|
|
|
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 has been
transitioning from the rigidities of a centrally-planned economy since 1986.
Vietnamese authorities have reaffirmed their commitment to economic
modernization in recent years. Vietnam joined the World Trade Organization in
January 2007, which has promoted more competitive, export-driven industries.
Vietnam became an official negotiating partner in the Trans-Pacific Partnership
trade agreement in 2010. Agriculture's share of economic output has continued
to shrink from about 25% in 2000 to less than 22% in 2012, while industry's
share increased from 36% to nearly 41% in the same period. State-owned
enterprises account for roughly 40% of GDP. 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
hurt Vietnam's export-oriented economy, with GDP in 2012 growing at 5%, the
slowest rate of growth since 1999. In 2012, however, exports increased by more
than 18%, year-on-year; several administrative actions brought the trade
deficit back into balance. Between 2008 and 2011, Vietnam's managed currency,
the dong, was devalued in excess of 20%, but its value remained stable in 2012.
Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign
donors have pledged $6.5 billion in new development assistance for 2013. Hanoi
has oscillated between promoting growth and emphasizing macroeconomic stability
in recent years. In February 2011, the Government shifted policy away from
policies aimed at achieving a high rate of economic growth, which had stoked
inflation, to those aimed at stabilizing the economy, through tighter monetary
and fiscal control. Although Vietnam unveiled a broad, "three pillar"
economic reform program in early 2012, proposing the restructuring of public
investment, state-owned enterprises, and the banking sector, little perceptible
progress had been made by early 2013. Vietnam's economy continues to face
challenges from an undercapitalized banking sector. Non-performing loans weigh
heavily on banks and businesses. In September 2012, the official bad debt ratio
climbed to 8.8%, though some independent analysts believe it could be higher
than 15%.
Source
: CIA
SUBJECT IDENTIFICATION &
LEGAL FORM
|
||
|
|
||
|
English Name |
|
S.D.K COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH S.D.K |
|
Type of Business |
|
Limited liability company (Foreign
Invested Company) |
|
Year Established |
|
2008 |
|
Investment Certificate No |
|
462045000374 |
|
Date Of Issuance |
|
14 Jan 2008 |
|
Place of Issuance |
|
Management Board of Industrial Zones of
Binh Duong Province |
|
Registered Investment Capital |
|
USD 2,000,000 |
|
Chartered capital |
|
USD 2,000,000 |
|
Investment Duration |
|
45 years |
|
Tax code |
|
3700866752 |
|
Total Employees |
|
100 |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Lot E6D, Viet Huong 2 Industrial Park, An
Tay Ward, Ben Cat District, Binh Duong Province, Vietnam |
|
Telephone |
|
(84-650) 3579 113 - 3579 112 |
|
Fax |
|
(84-650) 3579 110 |
|
Email |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LIM CHAE HWAN |
|
Position |
|
Director |
|
ID Number/Passport |
|
KN0719374 |
|
Resident |
|
Binh Duong Province,
Vietnam |
|
Nationality |
|
Korean |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI THU HA |
|
Position |
|
Sales Manager |
|
Resident |
|
Binh Duong Province,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 907 501 812 |
|
Email |
|
|
|
|
||
|
3.
NAME |
|
Ms.
HO THI HIEN |
|
Position |
|
Chief Accountant |
|
Resident |
|
Binh Duong Province,
Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject specializes in manufacturing hook and loop velcro tape. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
Korea |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Korea, India, Cambodia... |
|
|
||
BANKERS
|
||
|
|
||
|
JOINT
STOCK BANK FOR FOREIGN TRADE OF VIETNAM BINH DUONG BRANCH |
||
|
Address |
|
No. 314 Binh Duong Highway Phu Hoa Ward, Thu Dau Mot City, Binh Duong Province,
Vietnam |
|
Telephone |
|
(84-650) 3898 989 |
|
Fax |
|
(84-650) 3842 321 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
NAME |
|
Mr.
LIM CHAE HWAN |
|
Position |
|
Director |
|
ID Number/Passport |
|
KN0719374 |
|
Resident |
|
Binh Duong Province, Vietnam |
|
Nationality |
|
Korean |
|
Percentage |
|
100% |
|
|
||
FINANCIAL HIGHLIGHT
|
|
|
|
|
|
BALANCE
SHEET |
|
Unit: Million VND
|
|
|
Balance sheet
date |
31/12/2009 |
|
Number of weeks |
52 |
ASSETS
|
|
|
A. Current Asset
|
12,782 |
|
Receivables |
7,404 |
|
Inventory |
3,047 |
|
Cash and other current assets |
2,331 |
|
B. Long term
Asset |
25,868 |
|
1. Long term account receivable |
1,258 |
|
2. Fixed assets |
24,610 |
|
Tangible fixed assets |
23,908 |
|
+ Original cost |
25,154 |
|
+ Accumulated depreciation value |
-1,246 |
|
Financial leasehold assets |
0 |
|
Intangible fixed assets |
0 |
|
Construction in progress and other long term asset |
702 |
|
TOTAL ASSETS |
38,650 |
|
|
|
LIABILITIES
|
|
|
Payable loans |
26,013 |
|
Owner’s Equity |
12,637 |
|
TOTAL LIABILITY
AND EQUITY |
38,650 |
|
|
|
PROFIT & LOSS
STATEMENT
|
|
|
|
|
|
1. Total Sales |
4,311 |
|
2. Deduction item |
0 |
|
3. Net revenue |
4,311 |
|
4. Costs of goods sold |
6,897 |
|
5. Gross profit |
-2,586 |
|
6. Financial income |
29 |
|
7. Financial expenses |
25 |
|
8. Selling expenses and Administrative overheads |
1,506 |
|
9. Net operating profit |
-4,088 |
|
10. Other income |
5 |
|
11. Other expenses |
0 |
|
12. Other profit /(loss) |
5 |
|
13. Total accounting profit before tax |
-4,083 |
|
14. Current corporate income tax |
0 |
|
15. Deferred corporate income tax |
0 |
|
16. Interest from subsidiaries/related companies |
0 |
|
17. Profit after tax |
-4,083 |
|
|
|
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Average |
|
Development trend |
|
N/A |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Normal |
|
|
||
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject - S.D.K COMPANY LIMITED - is a 100% foreign invested company which
was established in the beginning of year 2008. The subject is operating under
Investment Certificate No. 462045000374 issued by
Management Board of Industrial Zones of Binh Duong Province with chartered
capital of USD 2 million. Mr. Lim Chae Hwan is Director and Legal
Representative of the subject. The subject ‘s office and
factory is located at Lot E6D, Viet Huong 2 Industrial Park, An Tay Ward, Ben
Cat District, Binh Duong Province, Vietnam. The factory is well-equipped by
using machines from original Jakob Muller AG, Frick, Switzerland for weaving.
It also got “OKO-TEX Standard” certificate
issued by FITI Testing-Research Institute. The
subject is a manufacturer of Hook & Loop Velcro tape in Vietnam. The
subject imports materials for its production mainly from Korea. Products of
the subject are not only consumed in domestic market but also in foreign
market. It exports to Korea, India, Cambodia… The subject is operating at
medium scale with about 100 employees. Its position in the industry is
average. The management capacity is acceptable. In our opinion, the subject
has future prospect of development. |
|
|
||||||
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
GDP growth speed
by price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture,
Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
ECONOMIC INDICATORS
|
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population (Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic Products (USD
billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita
(USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (% Change in
Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.17 |
|
|
1 |
Rs.82.99 |
|
Euro |
1 |
Rs.70.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.