MIRA INFORM REPORT

 

 

Report Date :

14.11.2013

 

IDENTIFICATION DETAILS

 

Name :

NEW ERA BLOCK JSC

 

 

Registered Office :

60 Dang Dung St Tan Dinh Ward, District 1, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financial as on:

December, 2012

 

 

Date of Incorporation :

17.03.2010

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Construction & Construction Materials

 

 

No. of Employees :

215

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – 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

 

Company Details

 

Organization Name

:

NEW ERA BLOCK JSC

Address

:

60 Dang Dung St Tan Dinh Ward, District 1, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-35267177

Facsimile

:

[+84] 8-35267178

Email

:

info@e-block.com.vn

Website

:

http://www.e-block.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Construction & Construction Materials

 

Key Facts

 

Registered Legal Address

:

60 Dang Dung St Tan Dinh Ward, District 1, Ho Chi Minh

Operational Address

:

60 Dang Dung St Tan Dinh Ward, District 1, Ho Chi Minh

Trading Name

:

E-BLOCK

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0305799652

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

17 Mar, 2010

Employees

:

215

Capital

:

US$ 6,631,799

 

 

Report Details

 

 

 

 

 

 

Country

:

Vietnam

Business Entity Name

:

NEW ERA BLOCK JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Construction & Construction Materials

Office Contact Details

Operating Address

:

60 Dang Dung St Tan Dinh Ward, District 1, Ho Chi Minh

Tel

:

[+84] 8-35267177

Fax

:

[+84] 8-35267178

Email

:

info@e-block.com.vn

Factory Contact Details

Address

:

Thinh Phat Industrial Zone Hamlet 3 Luong Binh Commune, Ben Luc, Long An

Tel

:

[+84] 72-3640015

Fax

:

[+84] 72-3640016

Website Details

Website

:

http://www.e-block.com.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Phan Hoai Thanh

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Nguyen Thi Thu Lieu

Vietnamese

Chief Accountant

-

2

Mr. Tran Anh Quan

Vietnamese

Deputy Managing Director

-

3

Mr. Phan Hoai Thanh

Vietnamese

Managing Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03557086

Name

:

Ms. Nguyen Thi Thu Lieu

 

Date of Birth

:

1979

 

 

Management Details - 2

Personal Unique Identifier

:

MI03557082

Name

:

Mr. Tran Anh Quan

 

Date of Birth

:

1970

 

 

Management Details - 3

Personal Unique Identifier

:

MI03557047

Name

:

Mr. Phan Hoai Thanh

 

Date of Birth

:

1970

 

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03557047

Name

:

Mr. Phan Hoai Thanh

Date of Birth

:

1970

Nationality

:

Vietnamese

 

NEGATIVE INFORMATION

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

140,000,000,000

 

 

 

SHAREHOLDERS

 

 

Total number of shareholders

:

7

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Phan Hoai Thanh

Vietnam

n/a

n/a

45.00

2

FOSSETT INVESTMENTS LTD

Virgin Islands (British)

n/a

n/a

28.50

3

Mr. Nguyen Phi Hung

Vietnam

n/a

n/a

10.00

4

Mr. Doan Hoai Giang

Vietnam

n/a

n/a

9.00

5

Mr. Doan Hong Thang

Vietnam

n/a

n/a

2.50

6

Mr. Le Huu Nghia

Vietnam

n/a

n/a

2.50

7

Mr. Tran Anh Quan

Vietnam

n/a

n/a

2.50

Total

n/a

n/a

100.00

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

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

40%

International Sales (Export)

60%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

 

 

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual  

223,653

7,500,308

-400,616

2011 Annual  

551,224

8,476,428

-1,211,234

2012 Annual  

3,688,848

8,046,470

-937,734

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

 

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

Year

Imports

Exports

Total

2010

n/a

134,192

134,192

2011

n/a

330,735

330,735

2012

n/a

2,213,309

2,213,309

 

 

FINANCIAL STATEMENT - DETAILED

 

 

 

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Current Assets

68,436,000,000

155,409,000,000

167,221,000,000

Non Current Assets

77,745,000,000

21,155,000,000

344,000,000

Non Current Liabilities

53,108,000,000

40,510,000,000

32,154,000,000

Share Capital

55,000,000,000

80,000,000,000

140,000,000,000

Other long term assets 

Total Assets

146,181,000,000

176,564,000,000

167,565,000,000

Total Liabilities

98,894,000,000

126,694,000,000

79,549,000,000

Current Liabilities

45,786,000,000

86,184,000,000

47,395,000,000

Long term liabilities 

Shareholders Funds

47,287,000,000

49,870,000,000

88,016,000,000

 

Current assets & short term investments

68,436,000,000

155,409,000,000

167,221,000,000

Cash & cash equivalents

1,119,000,000

2,052,000,000

3,827,000,000

Cash

1,119,000,000

2,052,000,000

3,827,000,000

Accounts receivable

60,787,000,000

151,327,000,000

156,388,000,000

Accounts receivable trade

832,000,000

1,676,000,000

4,423,000,000

Trade prepayment

9,009,000,000

1,505,000,000

1,745,000,000

Inter company receivables

50,923,000,000

148,123,000,000

150,220,000,000

Others receivables

23,000,000

23,000,000

-

Inventories

55,000,000

71,000,000

836,000,000

i. Other short term asset

6,475,000,000

1,959,000,000

6,170,000,000

VAT deductible

6,247,000,000

1,870,000,000

5,923,000,000

ii. Other short term asset

228,000,000

89,000,000

247,000,000

Long term assets

77,745,000,000

21,155,000,000

344,000,000

Fixed assets

51,698,000,000

12,566,000,000

344,000,000

Tangible fixed assets

505,000,000

399,000,000

280,000,000

i. Cost

723,000,000

744,000,000

756,000,000

i. Accumulated depreciation

218,000,000

345,000,000

476,000,000

Intangible fixed assets

68,000,000

51,000,000

34,000,000

ii. Cost

85,000,000

85,000,000

85,000,000

ii. Accumulated depreciation

17,000,000

34,000,000

51,000,000

Construction in progress

51,125,000,000

12,116,000,000

30,000,000

Other long term assets

26,047,000,000

8,589,000,000

-

Long term prepayments

26,047,000,000

8,589,000,000

-

Total assets

146,181,000,000

176,564,000,000

167,565,000,000

Liabilities

98,894,000,000

126,694,000,000

79,549,000,000

Current liabilities

45,786,000,000

86,184,000,000

47,395,000,000

Short term borrowings

37,116,000,000

63,339,000,000

38,420,000,000

Accounts payables-trade

3,904,000,000

6,027,000,000

7,005,000,000

Advances from customers

75,000,000

487,000,000

1,399,000,000

Taxes and payable to state budget

34,000,000

22,000,000

35,000,000

Payable to employees

121,000,000

-

497,000,000

Accrued expenses payable

-

-

15,000,000

Inter company payable

4,536,000,000

16,309,000,000

-

Other payables

-

-

24,000,000

Long term liabilities

53,108,000,000

40,510,000,000

32,154,000,000

Long term borrowings

53,108,000,000

40,510,000,000

32,154,000,000

Owner's equity

47,287,000,000

49,870,000,000

88,016,000,000

Business capital

55,000,000,000

80,000,000,000

140,000,000,000

Retained earnings

(7,713,000,000)

(30,130,000,000)

(51,984,000,000)

Total resources

146,181,000,000

176,564,000,000

167,565,000,000

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

4,359,000,000

11,482,000,000

76,819,000,000

Profit (Loss) Before Tax

(7,808,000,000)

(25,230,000,000)

(19,528,000,000)

Profit After Tax attributable to Shareholders

(7,808,000,000)

(25,230,000,000)

(19,528,000,000)

 

Gross sales

4,359,000,000

11,482,000,000

76,819,000,000

Net income

4,359,000,000

11,482,000,000

76,819,000,000

Cost of goods sold

4,115,000,000

10,673,000,000

65,546,000,000

Gross margin

244,000,000

809,000,000

11,273,000,000

Income from financial activities

102,000,000

352,000,000

188,000,000

Expenses from financial activities

4,234,000,000

12,057,000,000

10,405,000,000

In which: Interest expenses

4,234,000,000

11,230,000,000

10,263,000,000

Selling expenses

678,000,000

4,960,000,000

16,506,000,000

General & administration expenses

3,248,000,000

9,346,000,000

3,961,000,000

Net income from operating activities

(7,814,000,000)

(25,202,000,000)

(19,411,000,000)

Extraordinary income

9,000,000

3,000,000

15,000,000

Extraordinary expenses

3,000,000

31,000,000

132,000,000

Extraordinary gains

6,000,000

(28,000,000)

(117,000,000)

Net profit before tax

(7,808,000,000)

(25,230,000,000)

(19,528,000,000)

Net profit after tax

(7,808,000,000)

(25,230,000,000)

(19,528,000,000)

 

 

Financial Ratios

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

163.41

569.04

Profitability 

Profit Margin (%)

(179.12)

(219.74)

(25.42)

Return on Equity (%)

(16.51)

(50.59)

(22.19)

Return on Assets (%)

(5.34)

(14.29)

(11.65)

Leverage 

Total Debt Equity (Times)

2.09

2.54

0.90

Current Debt Equity (Times)

0.97

1.73

0.54

Long Term Debt to Equity

1.12

0.81

0.37

Total Asset To Total Equity

3.09

3.54

1.90

Asset Management 

Total Assets Turnover (Times)

0.03

0.07

0.46

Fixed Assets Turnover (Times)

0.06

0.54

223.31

Liquidity 

Current Ratio

1.49

1.80

3.53

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Bricks

Manufacturing, Exporting

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Brick/Stone/Const Materials

5032

Manufacturing, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Ceramic building bricks, flooring blocks, tile etc

6904

Manufacturing, Exporting

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of NEW ERA BLOCK JSC is Manufacturing - Finished products.

Key product include :

Bricks


An integral part of the core business includes:

Distribution

 

 

 

Supplementary Business

 

In addition to the core business, NEW ERA BLOCK JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

 

 

 

 

BRANDS & TRADEMARKS

 

 

 

Brands & Trademarks

Application Category

EBLOCK

n/a

 

 

REPUTATION

 

 

 

Reference checking for the purpose of establishing the NEW ERA BLOCK JSC's reputation within the respective industry failed to reveal any adverse information.

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

32404058

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

DISTRICT 11 BRANCH

SWIFT Code

:

ICBVVNVX

 

Bank Name

:

VIETNAM RUSSIA JOINT VENTURE BANK

Global Identifier

:

P1811172

Branch Address

:

HO CHI MINH CITY BRANCH

SWIFT Code

:

VRBAVNVX

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

 

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

NEW ERA BLOCK JSC - DISTRICT 1, HO CHI MINH

Address

:

60 Dang Dung St Tan Dinh Ward, District 1, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

 

 

FACTORIES, SIZE, & LOCATIONS

 

The following information relates to the Business Entity's factory as listed above:

 

Address

:

Thinh Phat Industrial Zone Hamlet 3 Luong Binh Commune, Ben Luc, Long An

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

4 Jun, 2008

4102062231

21 Oct, 2008

4103011601

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.45

UK Pound

1

Rs.101.17

Euro

1

Rs.85.55

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.