MIRA INFORM REPORT

 

 

Report Date :

06.11.2013

 

IDENTIFICATION DETAILS

 

Name :

GENERAL MATERIAL ONE MEMBER LLC NO 1

 

 

Registered Office :

198A Rd 3/2, District 10, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

10.11.2011

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading of Finished Products (Rubber, Agricultural Products, Chemicals, Industry)

 

 

No. of Employees :

92

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

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 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

 

REGISTERED NAME & COMPANY SUMMARY

 

Organization Name

:

GENERAL MATERIAL ONE MEMBER LLC NO 1

Address

:

18 Cong Hoa St Ward 4, Tan Binh Dist, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-36025671

Facsimile

:

[+84] 8-39482641

Primary Business Activity

:

Trader

Key Industry

:

Machinery

 

Registered Legal Address

:

198A Rd 3/2, District 10, Ho Chi Minh

Operational Address

:

18 Cong Hoa St Ward 4, Tan Binh Dist, Ho Chi Minh

Trading Name

:

GMO

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0310456681

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Limited Liability Company

Legal Form - Abbreviation

:

LLC

Operational Status of Business

:

Normal

Date of Registration

:

10 Nov, 2011

Employees

:

92

Capital

:

US$ 1,436,779

 

 

DIRECTORS/MANAGEMENT

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Thien Co

Vietnamese

Vice Director

-

2

Ms. Nguyen Thi Huyen

Vietnamese

Chief Accountant

-

 

Management Details - 1

Personal Unique Identifier

:

MI03553736

Name

:

Mr. Nguyen Thien Co

 

Date of Birth

:

1962

 

Management Details - 2

Personal Unique Identifier

:

MI03553738

Name

:

Ms. Nguyen Thi Huyen

 

Date of Birth

:

1973

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03553692

Name

:

Mr. Nghiem Quang Hiep

Date of Birth

:

1958

Nationality

:

Vietnamese

 

2

 

 

Personal Unique Identifier

:

MI03553739

Name

:

Ms. Nguyen Hong Hoa

Date of Birth

:

1961

Nationality

:

Vietnamese

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the GENERAL MATERIAL ONE MEMBER LLC NO 1's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

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DEBT

 

No Record Found

 

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LITIGATION

 

No Record Found

 

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PERFORMANCE DEFAULTS

 

No Record Found

 

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ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

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SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

30,331,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

1

Total number of shares

:

n/a

 

 

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

MINISTRY OF DEFENCE

Vietnam

n/a

n/a

100.00

Total

n/a

n/a

100.00

 

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

70%

International Sales (Export)

30%

 

 

Annual Purchases Analysis

Percentage

Local Purchases

20%

Imports

80%

 

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

 

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

8,951,704

6,019,731

147,240

2012 Annual  

9,526,830

6,044,612

46,195

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

-

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FINANCIAL STATEMENT - DETAILED

 

BALANCE SHEET

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

Current Assets

99,222,000,000

98,851,000,000

Non Current Assets

26,169,000,000

27,026,000,000

Non Current Liabilities

357,000,000

0

Other long term assets 

Total Assets

125,391,000,000

125,877,000,000

Total Liabilities

98,844,000,000

97,256,000,000

Current Liabilities

98,487,000,000

97,256,000,000

Long term liabilities 

Shareholders Funds

26,547,000,000

28,621,000,000

 

Current assets & short term investments

99,222,000,000

98,851,000,000

Cash & cash equivalents

172,000,000

5,822,000,000

Cash

172,000,000

5,822,000,000

Accounts receivable

86,425,000,000

84,011,000,000

Accounts receivable trade

70,400,000,000

72,272,000,000

Trade prepayment

14,419,000,000

13,308,000,000

Others receivables

2,106,000,000

1,182,000,000

Provision for bad debts

(500,000,000)

(2,751,000,000)

Inventories

11,997,000,000

8,470,000,000

Other short term asset

628,000,000

548,000,000

Prepaid expenses

145,000,000

120,000,000

VAT deductible

195,000,000

-

Other tax receivables

288,000,000

428,000,000

Long term assets

26,169,000,000

27,026,000,000

Fixed assets

17,187,000,000

17,942,000,000

Tangible fixed assets

16,750,000,000

17,588,000,000

i. Cost

22,557,000,000

25,761,000,000

i. Accumulated depreciation

5,807,000,000

8,173,000,000

Intangible fixed assets

395,000,000

354,000,000

ii. Cost

813,000,000

813,000,000

ii. Accumulated depreciation

418,000,000

459,000,000

Construction in progress

42,000,000

-

Long term investments

8,982,000,000

9,084,000,000

Invest to subsidiary company

7,475,000,000

-

Invest to joint venture company

1,507,000,000

7,475,000,000

Other long term investments

-

1,609,000,000

Total Assets

125,391,000,000

125,877,000,000

Liabilities

98,844,000,000

97,256,000,000

Current liabilities

98,487,000,000

97,256,000,000

Short term borrowings

62,205,000,000

51,559,000,000

Accounts payables-trade

13,555,000,000

13,071,000,000

Advances from customers

8,842,000,000

21,422,000,000

Taxes and payable to state budget

95,000,000

811,000,000

Payable to employees

-

543,000,000

Accrued expenses payable

790,000,000

-

Other payables

13,000,000,000

9,826,000,000

Bonus and welfare funds

166,000,000

-

Long term liabilities

357,000,000

-

Provision funds for unemployment

357,000,000

-

i. Owner's equity

26,547,000,000

28,621,000,000

ii. Owner's equity

20,977,000,000

23,678,000,000

Business capital

14,619,000,000

18,107,000,000

Business development funds

1,022,000,000

1,680,000,000

Financial reserved funds

1,808,000,000

2,091,000,000

Capital investment sources

3,528,000,000

1,800,000,000

Budget sources

5,570,000,000

4,943,000,000

Source from subsidies of state paid for fixed assets

5,404,000,000

4,943,000,000

Total Resources

125,391,000,000

125,877,000,000

 

 

INCOME STATEMENT

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

Turnover

186,464,000,000

198,393,000,000

Profit (Loss) Before Tax

3,067,000,000

962,000,000

Profit After Tax attributable to Shareholders

3,067,000,000

962,000,000

 

Gross sales

186,464,000,000

198,393,000,000

Net income

186,464,000,000

198,393,000,000

Cost of goods sold

163,447,000,000

175,370,000,000

Gross margin

23,017,000,000

23,023,000,000

Income from financial activities

2,591,000,000

3,069,000,000

Expenses from financial activities

8,630,000,000

9,519,000,000

In which: Interest expenses

8,311,000,000

9,035,000,000

Selling expenses

7,506,000,000

7,116,000,000

General & administration expenses

6,405,000,000

8,852,000,000

Net income from operating activities

3,067,000,000

605,000,000

Extraordinary income

-

357,000,000

Extraordinary gains

-

357,000,000

Net profit before tax

3,067,000,000

962,000,000

Net profit after tax

3,067,000,000

962,000,000

 

 

FINANCIAL RATIOS

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

6.40

Profitability 

Profit Margin (%)

1.64

0.48

Return on Equity (%)

11.55

3.36

Return on Assets (%)

2.45

0.76

Leverage 

Total Debt Equity (Times)

3.72

3.40

Current Debt Equity (Times)

3.71

3.40

Long Term Debt to Equity

0.01

-

Total Asset To Total Equity

4.72

4.40

Asset Management 

Total Assets Turnover (Times)

1.49

1.58

Fixed Assets Turnover (Times)

7.13

7.34

Liquidity 

Current Ratio

1.01

1.02

 

Based on the corporate laws of Vietnam, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Country

:

Vietnam

Business Entity Name

:

GENERAL MATERIAL ONE MEMBER LLC NO 1

Primary Business Activity

:

Trader

Primary Industry

:

Machinery

 

Office Contact Details

Operating Address

:

18 Cong Hoa St Ward 4, Tan Binh Dist, Ho Chi Minh

Tel

:

[+84] 8-36025671

 

:

[+84] 8-36025679

Fax

:

[+84] 8-39482641

 

 

Primary Products

Products / Materials / Services Description

Activity

Industrial equipment

Trading

Industrial machinery

Trading

 

International Trade - Statistics  (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2011

n/a

2,685,511

2,685,511

2012

n/a

2,858,049

2,858,049

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Industrial Machinery & Equipment

3500

Trading

Industrial Machinery/Equip

5084

Trading

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Machines etc having individual functions nesoi, parts

8479

Trading

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of GENERAL MATERIAL ONE MEMBER LLC NO 1 is Trading - Finished products.

Key products include :

Industrial machinery

Industrial equipment

 

 

Supplementary Business

In addition to the core business, GENERAL MATERIAL ONE MEMBER LLC NO 1 also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

 

 

BANK DETAILS

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM, BINH TAY

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

MILITARY COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0387295

Branch

:

Dong Da,Hanoi

Branch Address

:

MILITARY COMMERCIAL JOINT STOCK BANK - HO CHI MINH

SWIFT Code

:

MSCBVNVX

 

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

China

Medium

Importing, Exporting

Hong Kong

Medium

Importing

Korea, South (Republic of Korea)

Medium

Exporting

Taiwan

Medium

Importing, Exporting

 

 

OFFICE & FACILITIES

 

Name

:

GENERAL MATERIAL ONE MEMBER LLC NO 1 - TAN BINH DIST, HO CHI MINH

Building Size

:

600 Square meters

Address

:

18 Cong Hoa St Ward 4, Tan Binh Dist, Ho Chi Minh

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

NOTES & COMMENTS

 

N/a

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.79

UK Pound

1

Rs.98.66

Euro

1

Rs.83.42

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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