MIRA INFORM REPORT

 

 

Report Date :

20.11.2013

 

IDENTIFICATION DETAILS

 

Name :

TISON PAINT CO LTD

 

 

Registered Office :

83 K4 Binh Dang Hamlet Binh Hoa Ward, Thuan An Dist, Binh Duong

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2012

 

 

Date of Incorporation :

29.09.2009

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Manufacturer of Chemicals

 

 

No. of Employees :

220

 

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 :

Good

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

 

Company Details

Organization Name

:

TISON PAINT CO LTD

Address

:

83 K4 Binh Dang Hamlet Binh Hoa Ward, Thuan An Dist, Binh Duong

Country

:

Vietnam

Phone (S)

:

[+84] 650-3754167

Facsimile

:

[+84] 650-3753826

Email

:

tisonpaint@hcm.vnn.vn

Website

:

http://www.tisonpaint.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

 

DIRECTORS/MANAGEMENT

 

 Key Person

Legal Title

:

Managing Director

Name

:

Mr. Luu Tan Tien

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Luu Van Ton

Vietnamese

Chief Accountant

-

2

Ms. Nguyen Thi Kim Trinh

Vietnamese

Deputy Managing Director

-

Management Details - 1

Personal Unique Identifier

:

MI03565710

Name

:

Mr. Luu Van Ton

 

Date of Birth

:

1969

Management Details - 2

Personal Unique Identifier

:

MI03565708

Name

:

Ms. Nguyen Thi Kim Trinh

 

Date of Birth

:

1970

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03565595

Name

:

Mr. Luu Tan Tien

Date of Birth

:

1968

Nationality

:

Vietnamese

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the TISON PAINT CO LTD's reputation within the respective industry failed to reveal any adverse 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

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital

:

US$ 2,842,200

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

60,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Luu Tan Tien

Vietnam

n/a

n/a

66.67

2

Ms. Nguyen Thi Kim Trinh

Vietnam

n/a

n/a

33.33

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

100%

International Sales (Export)

0%

Annual Purchases Analysis

Percentage

Local Purchases

80%

Imports

20%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

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

2010 Annual  

5,567,163

6,135,044

82,709

2011 Annual  

7,014,498

5,799,088

207,489

2012 Annual  

6,474,776

5,932,198

237,123

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Current Assets

100,114,000,000

101,619,000,000

101,185,000,000

Non Current Assets

19,458,000,000

19,176,000,000

22,351,000,000

Non Current Liabilities

20,800,000,000

23,800,000,000

20,600,000,000

Share Capital

60,000,000,000

60,000,000,000

60,000,000,000

Other long term assets 

Total Assets

119,572,000,000

120,795,000,000

123,536,000,000

Total Liabilities

49,885,000,000

46,877,000,000

45,030,000,000

Current Liabilities

29,085,000,000

23,077,000,000

24,430,000,000

Long term liabilities 

Shareholders Funds

69,687,000,000

73,918,000,000

78,506,000,000

 

Current assets & short term investments

100,114,000,000

101,619,000,000

101,185,000,000

Cash & cash equivalents

7,438,000,000

4,060,000,000

4,073,000,000

Cash

7,438,000,000

4,060,000,000

4,073,000,000

Accounts receivable

31,132,000,000

33,852,000,000

40,771,000,000

Accounts receivable trade

10,623,000,000

9,923,000,000

13,451,000,000

Trade prepayment

1,899,000,000

-

921,000,000

Inter company receivables

20,867,000,000

26,197,000,000

28,666,000,000

Others receivables

33,000,000

22,000,000

23,000,000

Provision for bad debts

(2,290,000,000)

(2,290,000,000)

(2,290,000,000)

I. Inventories

60,284,000,000

63,705,000,000

56,318,000,000

II. Inventories

60,284,000,000

63,705,000,000

56,318,000,000

I. Other short term asset

1,260,000,000

2,000,000

23,000,000

Prepaid expenses

13,000,000

-

-

VAT deductible

1,245,000,000

-

-

II. Other short term asset

2,000,000

2,000,000

23,000,000

Long term assets

19,458,000,000

19,176,000,000

22,351,000,000

Fixed assets

18,941,000,000

18,796,000,000

21,942,000,000

Tangible fixed assets

6,105,000,000

5,961,000,000

4,781,000,000

I. Cost

15,355,000,000

16,835,000,000

17,210,000,000

I. Accumulated depreciation

9,250,000,000

10,874,000,000

12,429,000,000

Intangible fixed assets

2,816,000,000

2,800,000,000

3,388,000,000

II. Cost

2,865,000,000

2,865,000,000

3,453,000,000

II. Accumulated depreciation

49,000,000

65,000,000

65,000,000

Construction in progress

10,020,000,000

10,035,000,000

13,773,000,000

Other long term assets

517,000,000

380,000,000

409,000,000

Long term prepayments

517,000,000

380,000,000

409,000,000

Total assets

119,572,000,000

120,795,000,000

123,536,000,000

Liabilities

49,885,000,000

46,877,000,000

45,030,000,000

Current liabilities

29,085,000,000

23,077,000,000

24,430,000,000

Short term borrowings

5,697,000,000

1,883,000,000

600,000,000

Accounts payables-trade

21,446,000,000

12,922,000,000

20,096,000,000

Advances from customers

1,300,000,000

7,419,000,000

1,870,000,000

Taxes and payable to state budget

303,000,000

117,000,000

1,088,000,000

Payable to employees

251,000,000

264,000,000

280,000,000

Accrued expenses payable

-

-

92,000,000

Other payables

88,000,000

472,000,000

400,000,000

I. Bonus and welfare funds

-

-

4,000,000

Long term liabilities

20,800,000,000

23,800,000,000

20,600,000,000

Long term other payables

400,000,000

-

-

Long term borrowings

20,400,000,000

23,800,000,000

20,600,000,000

I. Owner's equity

69,687,000,000

73,918,000,000

78,506,000,000

II. Owner's equity

69,653,000,000

73,918,000,000

78,506,000,000

Business capital

60,000,000,000

60,000,000,000

60,000,000,000

Financial reserved funds

25,000,000

25,000,000

25,000,000

Retained earnings

9,628,000,000

13,893,000,000

18,481,000,000

Budget sources

34,000,000

-

-

II. Bonus and welfare funds

34,000,000

-

-

Minority Interest 

Total resources

119,572,000,000

120,795,000,000

123,536,000,000

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

108,504,000,000

146,112,000,000

134,835,000,000

Profit (Loss) Before Tax

2,219,000,000

5,258,000,000

5,986,000,000

Profit After Tax attributable to Shareholders

1,612,000,000

4,322,000,000

4,938,000,000

 

Gross sales

108,504,000,000

146,112,000,000

134,835,000,000

Less deductions

499,000,000

94,000,000

497,000,000

Net income

108,005,000,000

146,018,000,000

134,338,000,000

Cost of goods sold

91,999,000,000

128,999,000,000

116,458,000,000

Gross margin

16,006,000,000

17,019,000,000

17,880,000,000

Income from financial activities

290,000,000

228,000,000

51,000,000

Expenses from financial activities

4,590,000,000

3,443,000,000

2,126,000,000

In which: Interest expenses

2,709,000,000

2,515,000,000

1,986,000,000

Selling expenses

3,986,000,000

4,413,000,000

5,477,000,000

General & administration expenses

7,086,000,000

6,251,000,000

5,840,000,000

Net income from operating activities

634,000,000

3,140,000,000

4,488,000,000

Extraordinary income

1,793,000,000

2,128,000,000

1,504,000,000

Extraordinary expenses

208,000,000

10,000,000

6,000,000

Extraordinary gains

1,585,000,000

2,118,000,000

1,498,000,000

Net profit before tax

2,219,000,000

5,258,000,000

5,986,000,000

Income tax

607,000,000

936,000,000

1,048,000,000

Net profit after tax

1,612,000,000

4,322,000,000

4,938,000,000

Financial Ratios

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

34.66

(7.72)

Profitability 

Profit Margin (%)

1.49

2.96

3.66

Return on Equity (%)

2.31

5.85

6.29

Return on Assets (%)

1.35

3.58

4.00

Leverage 

Total Debt Equity (Times)

0.72

0.63

0.57

Current Debt Equity (Times)

0.42

0.31

0.31

Long Term Debt to Equity

0.30

0.32

0.26

Total Asset To Total Equity

1.72

1.63

1.57

Asset Management 

Total Assets Turnover (Times)

0.91

1.21

1.09

Fixed Assets Turnover (Times)

5.58

7.62

6.03

Liquidity 

Current Ratio

3.44

4.40

4.14

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

 

Key Facts

Registered Legal Address

:

83 K4 Binh Dang Hamlet Binh Hoa Ward, Thuan An Dist, Binh Duong

Operational Address

:

83 K4 Binh Dang Hamlet Binh Hoa Ward, Thuan An Dist, Binh Duong

Name History

:

Business Entity Name

Effective Date

TIEN SON CO LTD

1 Oct, 2004

TISON PAINT CO LTD

29 Sep, 2009

Issuing Authority

:

Dept. of Planning & Investment - Binh Duong

License Number

:

3700257616

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

29 Sep, 2009

Employees

:

220

 

Report Details

 

Country

:

Vietnam

Business Entity Name

:

TISON PAINT CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

83 K4 Binh Dang Hamlet Binh Hoa Ward, Thuan An Dist, Binh Duong

Tel

:

[+84] 650-3754167

 

:

[+84] 650-3753826

Fax

:

[+84] 650-3753826

Email

:

tisonpaint@hcm.vnn.vn

Website Details

Website

:

http://www.tisonpaint.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

Primary Products

Products / Materials / Services Description

Activity

Additives

Manufacturing

Decorative paints

Manufacturing

Oil paint

Manufacturing

Paint products

Manufacturing

Paints

Manufacturing

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Chemical preparations, nspf

2899

Manufacturing

Chemicals and Allied Products

2800

Manufacturing

Paints and allied products

2851

Manufacturing

Paints, Varnishes & Supplies

5198

Manufacturing

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Chemical products and preparations of the chemical or allied industries

3824909050

Manufacturing

Paint & varnish from synth etc polymers aqueous

3209

Manufacturing

Paint & varnish from synth etc polymers nonaq, etc

3208

Manufacturing

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of TISON PAINT CO LTD is Manufacturing - Finished products.

Key products include :

Paint products

Paints


An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, TISON PAINT CO LTD also is engaged in the following areas of business:

Importing

Importing - Raw materials

 

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 - HO CHI MINH

SWIFT Code

:

BFTVVNVX

 

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

TISON PAINT CO LTD - BINH THANH, HO CHI MINH

Branch Address

:

1025 Tan Ky Tan Quy Group 1 Binh Hung Hoa A Ward, Binh Thanh, Ho Chi Minh

 

Branch

:

TISON PAINT CO LTD - DISTRICT 10, HO CHI MINH

Branch Address

:

561, 3/2 Rd Ward 8, District 10, Ho Chi Minh

 

Branch

:

TISON PAINT CO LTD - HAI BA TRUNG DIST, HANOI

Branch Address

:

89 Dai La St Truong Dinh Ward, Hai Ba Trung Dist, Hanoi

 

Branch

:

TISON PAINT CO LTD - HAI BA TRUNG DIST, HANOI

Branch Address

:

79 Lac Trung St, Hai Ba Trung Dist, Hanoi

 

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Europe

Medium

Importing

China

Medium

Importing

Germany

Medium

Importing

Singapore

Medium

Importing

Thailand

Medium

Importing

 

 

OFFICE & FACILITIES

Name

:

TISON PAINT CO LTD - THUAN AN DIST, BINH DUONG

Building Size

:

3,000 Square meters

Address

:

83 K4 Binh Dang Hamlet Binh Hoa Ward, Thuan An Dist, Binh Duong

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

1 Oct, 2004

4602001001

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.23

UK Pound

1

Rs.100.18

Euro

1

Rs.84.06

 

 

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.