MIRA INFORM REPORT

 

 

Report Date :

11.10.2013

 

IDENTIFICATION DETAILS

 

Name :

OJITEX VIETNAM CO LTD

 

 

Registered Office :

Bien Hoa 2 Industrial Park 12 Rd 9A, Bien Hoa, Dong Nai

 

 

Country :

Vietnam

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

07.08.2008

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer of Paper & Paper Packaging

 

 

No. of Employees :

400

 

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

 

 

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

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

OJITEX VIETNAM CO LTD

Address

:

Bien Hoa 2 Industrial Park 12 Rd 9A, Bien Hoa, Dong Nai

Country

:

Vietnam

Phone (S)

:

[+84] 61-3835800

Facsimile

:

[+84] 61-3835799

Email

:

thi.loan@ojitex.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Packaging

 

Key Facts

 

Registered Legal Address

:

Bien Hoa 2 Industrial Park 12 Rd 9A, Bien Hoa, Dong Nai

Operational Address

:

Bien Hoa 2 Industrial Park 12 Rd 9A, Bien Hoa, Dong Nai

Issuing Authority

:

Dept. of Planning & Investment - Dong Nai

License Number

:

472043000614

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

:

7 Aug, 2008

Employees

:

400

Capital

:

US$ 12,000,000

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

OJITEX VIETNAM CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Packaging

Office Contact Details

Operating Address

:

Bien Hoa 2 Industrial Park 12 Rd 9A, Bien Hoa, Dong Nai

Tel

:

[+84] 61-3835800

Fax

:

[+84] 61-3835799

Email

:

thi.loan@ojitex.com.vn

Tax / VAT Details

Tax Issuing Authority

:

Ministry of Finance

Local Name Used

:

Gia Trj Gia Tang (Value Added Tax)

Acronym

:

GTGT / VAT

GTGT / VAT Number

:

3600411423

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Yoshitaka Takebayashi

Nationality

:

Japanese

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Nguyen Thi Loan

Vietnamese

Chief Accountant

Finance

 

 

Management Details - 1

Personal Unique Identifier

:

MI02098886

Name

:

Ms. Nguyen Thi Loan

 

Email

:

thi.loan@ojitex.com.vn

Date of Birth

:

1966

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03537354

Name

:

Mr. Yoshitaka Takebayashi

Date of Birth

:

1963

Nationality

:

Japanese

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the OJITEX VIETNAM 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

 

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

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: USD - US Dollar)

Authorized Capital

:

12,000,000

 

SHAREHOLDERS

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

USD - US Dollar

 

No.

Shareholders

Country

Shares

Number

Amount (USD)

%

1

OJI HOLDING CORP

Japan

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

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~90 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 30~90 days

Import

Letter of Credit (At-sight)

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

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent

:

OJI HOLDING CORP

Global Identifier

:

P2878032

Legal Form Category

:

Private Company with Limited Liability

Country

:

Japan

Operational Address

:

4-7-5 Ginza Chuo-Ku Tokyo

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2009 Annual  

18,076,952

17,948,701

1,747,140

2011 Annual  

27,929,525

16,756,457

2,698,080

2012 Annual  

27,941,393

20,018,958

2,496,223

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

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

-

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

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

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2007 Annual

15,228,157

14,820,747

749,430

2008 Annual

14,396,080

15,058,444

708,444

 

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Current Assets

-

-

Non Current Assets

-

-

Non Current Liabilities

4,617,000,000

2,777,000,000

Share Capital

227,184,000,000

227,184,000,000

Total Reserves

-

-

Other long term assets 

Total Assets

349,037,000,000

416,888,000,000

Total Liabilities

64,177,000,000

80,045,000,000

Current Liabilities

59,560,000,000

77,268,000,000

Long term liabilities 

Shareholders Funds

284,860,000,000

336,843,000,000

Current assets & short term investments

258,485,000,000

305,301,000,000

Cash & cash equivalents

85,676,000,000

150,848,000,000

Cash

85,676,000,000

150,848,000,000

Accounts receivable

105,589,000,000

96,313,000,000

Accounts receivable trade

105,028,000,000

96,090,000,000

Trade prepayment

448,000,000

-

Others receivables

277,000,000

388,000,000

Provision for bad debts

(164,000,000)

(165,000,000)

Inventories

57,992,000,000

50,358,000,000

I. Other short term asset

9,228,000,000

7,782,000,000

Prepaid expenses

828,000,000

163,000,000

VAT deductible

6,252,000,000

5,311,000,000

II. Other short term asset

2,148,000,000

2,308,000,000

Long term assets

90,552,000,000

111,587,000,000

Fixed assets

90,249,000,000

111,010,000,000

Tangible fixed assets

86,502,000,000

109,051,000,000

Cost

277,612,000,000

305,975,000,000

Accumulated depreciation

191,110,000,000

196,924,000,000

Construction in progress

3,747,000,000

1,959,000,000

I. Other long term assets

303,000,000

577,000,000

Long term prepayments

303,000,000

295,000,000

II. Other long term assets

-

282,000,000

Total assets

349,037,000,000

416,888,000,000

Liabilities

64,177,000,000

80,045,000,000

Current liabilities

59,560,000,000

77,268,000,000

Accounts payables-trade

36,270,000,000

52,278,000,000

Taxes and payable to state budget

4,115,000,000

5,929,000,000

Payable to employees

2,010,000,000

2,543,000,000

Accrued expenses payable

8,138,000,000

6,848,000,000

Other payables

9,027,000,000

9,670,000,000

Long term liabilities

4,617,000,000

2,777,000,000

Payable income tax delay

2,354,000,000

-

Provision funds for unemployment

2,263,000,000

2,777,000,000

Owners equity

284,860,000,000

336,843,000,000

Business capital

227,184,000,000

227,184,000,000

Retained earnings

57,676,000,000

109,659,000,000

Total resources

349,037,000,000

416,888,000,000

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Turnover

581,772,000,000

581,870,000,000

Profit (Loss) Before Tax

63,584,000,000

56,723,000,000

Profit After Tax attributable to Shareholders

56,201,000,000

51,983,000,000

Gross sales

581,772,000,000

581,870,000,000

Net income

581,772,000,000

581,870,000,000

Cost of goods sold

484,052,000,000

482,921,000,000

Gross margin

97,720,000,000

98,949,000,000

Income from financial activities

14,583,000,000

551,000,000

Expenses from financial activities

453,000,000

341,000,000

Selling expenses

35,160,000,000

24,858,000,000

General & administration expenses

32,750,000,000

36,158,000,000

Net income from operating activities

43,940,000,000

38,143,000,000

Extraordinary income

19,644,000,000

18,580,000,000

Extraordinary gains

19,644,000,000

18,580,000,000

Net profit before tax

63,584,000,000

56,723,000,000

Income tax

4,235,000,000

7,377,000,000

Income tax delay

(3,148,000,000)

2,637,000,000

Net profit after tax

56,201,000,000

51,983,000,000

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

0.02

Profitability 

Profit Margin (%)

9.66

8.93

Return on Equity (%)

19.73

15.43

Return on Assets (%)

16.10

12.47

Leverage 

Total Debt Equity (Times)

0.23

0.24

Current Debt Equity (Times)

0.21

0.23

Long Term Debt to Equity

0.02

0.01

Total Asset To Total Equity

1.23

1.24

Asset Management 

Total Assets Turnover (Times)

1.67

1.40

Fixed Assets Turnover (Times)

-

-

Liquidity 

Current Ratio

-

-

 

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.

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Paper

Manufacturing, Exporting

Paper Packaging

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2009

n/a

903,848

903,848

2011

n/a

8,378,857

8,378,857

2012

n/a

8,382,418

8,382,418

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Coat/Laminate Paper Packaging

2671

Exporting, Manufacturing

Corrugated paper and paperboard and articles thereof, including boxes, pallets, etc.

2653

Manufacturing, Exporting

Paper and allied Products

2600

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Cartons etc paper; office box files etc, paper etc

4819

Exporting, Manufacturing

Cartons, boxes and cases of corrugated paper or paperboard except sanitary food and beverage containers

4819100040

Exporting, Manufacturing

Paper & paperboard, articles of paper pulp

4800

Manufacturing, Exporting

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

 

The primary business focus of OJITEX VIETNAM CO LTD is Manufacturing - Finished products.

Key products include :

Paper Packaging

Paper


An integral part of the core business includes:

Distribution

 

Supplementary Business

 

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

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

70%

International Sales (Export)

30%

 

Annual Purchases Analysis

Percentage

Local Purchases

30%

Imports

70%

BANK DETAILS

Bank Name

:

BANK OF TOKYO-MITSUBISHI UFJ LTD, THE

Global Identifier

:

P0927171

Branch

:

District 1,Ho Chi Minh

Branch Address

:

BANK OF TOKYO-MITSUBISHI UFJ LTD, THE - HO CHI MINH

SWIFT Code

:

BOTKVNVX

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2007

n/a

4,568,447

4,568,447

2008

n/a

4,318,824

4,318,824

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

North America

Medium

Importing

Japan

Medium

Importing

Malaysia

Medium

Importing, Exporting

Singapore

Medium

Exporting

Thailand

Medium

Importing, Exporting

USA

Medium

Importing

 

 

OFFICE & FACILITIES

 

Name

:

OJITEX VIETNAM CO LTD - BIEN HOA, DONG NAI

Address

:

Bien Hoa 2 Industrial Park 12 Rd 9A, Bien Hoa, Dong Nai

Country

:

Vietnam

Other Use

:

Factory

Status

:

Operational

 

 

WAREHOUSING FACILITIES

 

Name

:

OJITEX VIETNAM CO LTD - DA NANG

Address

:

Da Nang

Country

:

Vietnam

Status

:

Operational

 

 

QUALITY ACCREDITATION

 

Quality Accreditation Listings

 

#

Name

Accreditation Category

1

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

9001:2000

 

 

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

28 Dec, 1998

26/GP-KCN-DN

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.14

UK Pound

1

Rs.99.02

Euro

1

Rs.83.87

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

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