|
Report Date : |
26.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ETOP IMPORT EXPORT JOINT STOCK COMPANY |
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|
|
Registered Office : |
No. 108 Le Loi Str., Nguyen Trai Ward, Ha Dong District, Ha Noi City |
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|
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Country : |
Vietnam |
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Date of Incorporation : |
17.08.2010 |
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Com. Reg. No.: |
0104864364 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
The subject is specialized in manufacturing and trading handicrafts products such as: bamboo bags, Rattan furniture, Water-hyacinth basket, sea-grass bags, Fern, ceramic, Lacquer, embroidery & beaded bags... |
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|
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No. of Employees : |
70 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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
|
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|
English Name |
|
ETOP IMPORT EXPORT JOINT STOCK COMPANY |
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Vietnamese Name |
|
CONG TY CO PHAN XUAT NHAP KHAU ETOP |
|
Short name |
|
ETOP., JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2010 |
|
Business Registration No. |
|
0104864364 |
|
Date of Registration |
|
17 Aug 2010 |
|
Place of Registration |
|
Hanoi City Department of Business
Registration |
|
Chartered capital |
|
VND 4,900,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0104864364 |
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Total Employees |
|
70 |
|
Size |
|
Small |
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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 |
|
No. 108 Le Loi Str., Nguyen Trai Ward, Ha
Dong District, Ha Noi City, Vietnam |
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Telephone |
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(84-4) 6675 3836/ 6675 3826/ 3789 3807 |
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Fax |
|
(84-4) 3355 1058 |
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Email |
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|
Website |
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Factory Address |
||
|
Address |
|
Phu Tuc Commune, Phu Xuyen District, Ha
Noi City, Vietnam |
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Land Area |
|
10,000 m2 |
|
Land Right Use |
|
Leased |
|
|
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DIRECTORS
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1.
NAME |
|
Mr.
NGUYEN VAN TAN |
|
Position |
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Director / Legal Representative |
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Date of Birth |
|
22 Feb 1981 |
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ID Number/Passport |
|
B1812547 |
|
Resident |
|
No. 108 Le Loi Str.,
Nguyen Trai Ward, Ha Dong District, Ha Noi City, Vietnam |
|
Current resident |
|
No. 108 Le Loi Str., Nguyen Trai Ward, Ha
Dong District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Mobile Phone |
|
+84 944586888 |
|
|
||
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2.
NAME |
|
Ms.
PHAM THI THUY |
|
Position |
|
Vice Director |
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Date of Birth |
|
20 Jan 1982 |
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ID Number/Passport |
|
090837294 |
|
Resident |
|
Group 12 Ngoc Truc
Hamlet, Dai Mo Commune, Tu Liem District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
TRAN THI THANH DUNG |
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Position |
|
Chief Accountant |
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Nationality |
|
Vietnamese |
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BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject
is specialized in manufacturing and trading handicrafts products such as:
bamboo bags, Rattan furniture, Water-hyacinth basket, sea-grass bags, Fern,
ceramic, Lacquer, embroidery & beaded bags... |
|
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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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·
Types of products |
|
Handicraft products |
|
·
Market |
|
USA, United Kingdom, Japan, India... |
|
·
Ratio |
|
<100% |
|
·
Mode of payment |
|
LC/ TT |
|
|
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BANKERS
|
||
|
|
||
|
1.
MILITARY COMMERCIAL JOINT STOCK BANK TAY HO BRANCH |
||
|
Address |
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No.665 Lac Long Quan Street, Tay Ho District, Ha Noi City, Vietnam |
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Telephone |
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(84-4) 3758 2082 |
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Fax |
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(84-4) 3758 2084 |
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|
||
|
2.
AN BINH COMMERCIAL JOINT STOCK BANK HA NOI BRANCH |
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|
Address |
|
No.101 Lang Ha str, Dong Da District, Ha Noi City, Vietnam |
|
Telephone |
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(84-4) 35622 828 |
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Fax |
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(84-4) 35624 655 |
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SHAREHOLDERS
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||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN VAN QUAN |
|
Date of Birth |
|
17 Sep 1988 |
|
ID Number/Passport |
|
112222580 |
|
Resident |
|
No.108 Le Loi Str. Nguyen Trai Ward, Ha
Dong District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
49,000 |
|
Value of shares |
|
VND 490,000,000 |
|
Percentage |
|
10% |
|
|
||
|
2.
NAME |
|
Ms.
PHAM THI THUY |
|
Position |
|
Vice Director |
|
Date of Birth |
|
20 Jan 1982 |
|
ID Number/Passport |
|
090837294 |
|
Resident |
|
Group 12 Ngoc Truc Hamlet, Dai Mo Commune,
Tu Liem District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
220,500 |
|
Value of shares |
|
VND 2,205,000,000 |
|
Percentage |
|
45% |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN VAN TAN |
|
Position |
|
Director |
|
Date of Birth |
|
22 Feb 1981 |
|
ID Number/Passport |
|
B1812547 |
|
Resident |
|
No. 108 Le Loi Str., Nguyen Trai Ward, Ha
Dong District, Ha Noi City, Vietnam |
|
Current Resident |
|
No. 108 Le Loi Str., Nguyen Trai Ward, Ha
Dong District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Mobile Phone |
|
+84 944586888 |
|
Number of Shares |
|
220,500 |
|
Value of shares |
|
VND 2,205,000,000 |
|
Percentage |
|
45% |
|
|
||
FINANCIAL DATA
|
|
N/a |
|
Unfortunately, the subject’s financial data is
not available in our source |
|
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PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
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Trade Morality |
|
Fair |
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Liquidity |
|
N/A |
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Payment status |
|
N/A |
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Financial Situation |
|
N/A |
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Development trend |
|
Positive |
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Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
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Payment Methods |
|
TT/LC |
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Sale Methods |
|
To contracts |
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Public opinion |
|
Normal |
|
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INTERPRETATION ON THE SCORES
|
|
|
|
The subject- ETOP IMPORT EXPORT JOINT STOCK COMPANY was
established in 2010 under the business registration number 0104864364.
The subject is currently operating with the chartered capital of VND
4,900,000,000. The labor workforce is of 70 people including 10 office staffs
and 60 employees in the factory. The head office is located at
No. 108 Le Loi Str., Nguyen Trai Ward, Ha Dong District, Ha Noi City,
Vietnam. It has the factory in Phu Tuc Commune, Phu Xuyen District, Ha Noi
City, Vietnam on the land area of 10,000m2. It is specialized in
manufacturing handicrafts products
such as: bamboo bags, Rattan furniture, Water-hyacinth basket, sea-grass
bags, Fern, ceramic, Lacquer, embroidery & beaded bags...It buys the
material in domestic market. The finished products are almost exported to
some countries such as USA, United Kingdom, Japan, India...Little
quantity of products are distributed in domestic market. In our interview with Mr. Tan-
the director, he shared that the subject uses both CIF and FOB in exporting
its product; however, it requires the customers to pay at sight. The business
of the subject is quite busy now. He shared no information of the financial
data. In our view, the subject use
cheap material and labor in the region to make good products. Its business is
traditional and being encouraged by the government. The premises, future
prospects are good. Currently, it can meet all the small credit transaction. |
------------ APPENDIX ----------
INDUSTRY DATA
|
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|
|
||||||
|
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 |
|
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ECONOMIC INDICATORS
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|
2012 |
2011 |
2010 |
|||
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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 |
|||
|
|
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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 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.94 |
|
|
1 |
Rs.90.47 |
|
Euro |
1 |
Rs.77.86 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.