|
Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL PAINT SINGAPORE PTE., LTD |
|
|
|
|
Registered Office : |
Road 7, Bien Hoa I Industrial Park, An Binh Ward, Bien Hoa City, Dong Nai Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
11.07.1991 |
|
|
|
|
Com. Reg. No.: |
47222000693 |
|
|
|
|
Legal Form : |
Business co-operation contract |
|
|
|
|
Line of Business : |
Manufacturing and
trading paint products. |
|
|
|
|
No. of Employees : |
70 |
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 English Name |
|
INTERNATIONAL PAINT SINGAPORE PTE., LTD |
|
Registered Vietnamese Name |
|
HOP DONG HOP TAC SAN XUAT SON CAO CAP GIUA CONG TY CO
PHAN SON DONG NAI VA INTERNATIONAL PAINT SINGAPORE PTE ., LTD |
|
Type of Business |
|
Business co-operation contract |
|
Year Established |
|
1991 |
|
Business Registration No. |
|
47222000693 |
|
Date of Registration |
|
14 Oct 2008 |
|
The latest adjustment |
|
16 Oct 2012 |
|
Place of Registration |
|
Dong Nai Industrial Zones Authority |
|
Investment capital |
|
USD 1,411,681 |
|
Tax code |
|
3600245663 |
|
Total Employees |
|
70 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Investment Certificate No. 269/GP and revised versions Changed to: 47222000693 |
14 Oct 2008 |
|
Registration
Address/ Factory |
||
|
Address |
|
Road 7, Bien Hoa I Industrial Park, An Binh Ward, Bien Hoa City, Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 383 6623 |
|
Fax |
|
(84-61) 383 6059 |
|
|
||
|
Transaction
office in Ho Chi Minh |
||
|
Address |
|
Etown Building, 2nd Floor, No. 364 Cong Hoa Street, Ward 13, Tan Binh District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 381 20499 / 38120500 / 38120501 / 38120502 |
|
Fax |
|
(84-8) 381 20498 |
|
|
||
|
Representative
office in Ha Noi |
||
|
Address |
|
Mecanimex Building, No. 4 Vu Ngoc Phan Street, Lang Ha Ward, Dong Da District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3776 5172 |
|
Fax |
|
(84-4) 3776 5171 |
|
|
||
|
Representative
office in Hai Phong |
||
|
Address |
|
Thanh Dat Building, 3rd Floor, No. 3 Le Thanh Tong street, May To Ward, Ngo Quyen District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3552 704 |
|
Fax |
|
(84-31) 3552 706 |
|
|
|
|
|
|
||
|
Representative
office in Da Nang |
||
|
Address |
|
Thien Kim Building, Room 502, 05th Floor, No. 114-116 Nguyen Van Linh Street, Vinh Trung Ward, Thanh Khe District, Da Nang City, Vietnam |
|
Telephone |
|
(84-511) 369 2424 |
|
Fax |
|
(84-511) 369 2425 |
|
|
||
|
Representative
office in Ba Ria-Vung Tau |
||
|
Address |
|
Kim Ngoc building, No. 46, Truong Van Bang street, Ward 7, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam |
|
Telephone |
|
(84-64) 355 42 98 |
|
1. NAME |
|
Ms. TO NGOC QUYNH
LOAN |
|
Position |
|
Managing Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Mr. TRAN ANH TUAN |
|
Position |
|
Factory Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
3. NAME |
|
Ms. LU THANH NGOC |
|
Position |
|
Chief Financial Officer (CFO) |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor of Economics |
|
|
||
|
The
subject is specialized in manufacturing and trading paint products. Following are
subject’s registered business activities: Manufacture of paints, varnishes and similar coatings, printing ink and mastics |
|
IMPORT: |
||
|
Types of products |
|
Materials |
|
Market |
|
Germany, United Kingdom, and some agents in Asia (Singapore, China). |
|
|
||
|
EXPORT: |
||
|
Types of products |
|
The subject provides paint for many foreign vessels that berth in Vietnamese Ports. It also provides coatings for offshore infrastructure |
|
HSBC BANK (VIET
NAM) LTD |
||
|
Address |
|
Metropolitan Building, No. 235 Dong Khoi Street, Ben Nghe Ward, 1 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3829 2288 |
|
Fax |
|
(84-8) 3823 0530 |
|
1. NAME |
|
DONG NAI PAINT
CORPORATION |
|
Business Registration |
|
|
|
Date of Registration |
|
14 Sep 2010 |
|
Place of Registration |
|
Dong Nai Department of Planning and Investment |
|
Registered Capital |
|
VND 15,182,180,000
|
|
Tax code |
|
3600451024 |
|
Address |
|
Road 7 Bien Hoa 1
Industrial Zone, An Binh Ward, Bien Hoa City, Dong Nai Province, Vietnam |
|
Tel |
|
(84-61) 3836112 /
3832724 / 3931355 |
|
Fax |
|
(84-61) 3836091 |
|
|
|
|
|
Website |
|
|
|
Value of shares |
|
USD 293,981 |
|
|
||
|
2. NAME |
|
INTERNATIONAL PAINT
SINGAPORE PTE., LTD (owned by AKZO NOBEL) |
|
Address |
|
3 Neythal Road –
Jurong Town , Singapore 628570 |
|
Tel |
|
6261 5033 |
|
Fax |
|
6264 4612 |
|
Website |
|
|
|
Value of shares |
|
USD 1,117,700 |
|
BALANCE SHEET |
||
|
Unit: Thousand VND |
||
|
Balance sheet date |
|
|
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT ASSETS |
176,464,481 |
141,446,961 |
|
I. Cash and cash
equivalents |
51,223,487 |
46,352,901 |
|
1. Cash |
51,223,487 |
46,352,901 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts
receivable |
74,315,012 |
69,202,630 |
|
1. Receivable from customers |
73,023,699 |
39,676,856 |
|
2. Prepayments to suppliers |
530,760 |
0 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
2,498,584 |
35,076,533 |
|
6. Provisions for bad debts |
-1,738,031 |
-5,550,759 |
|
IV. Inventories |
49,662,059 |
24,808,153 |
|
1. Inventories |
51,102,969 |
25,936,728 |
|
2. Provisions for devaluation of inventories |
-1,440,910 |
-1,128,575 |
|
V. Other Current
Assets |
1,263,923 |
1,083,277 |
|
1. Short-term prepaid expenses |
716,103 |
661,742 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
547,820 |
421,535 |
|
B. LONG-TERM ASSETS
|
6,113,128 |
5,072,150 |
|
I. Long term
accounts receivable |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
|
II. Fixed assets |
3,773,459 |
2,480,697 |
|
1. Tangible assets |
3,773,459 |
2,480,697 |
|
- Historical costs |
12,730,107 |
11,210,674 |
|
- Accumulated depreciation |
-8,956,648 |
-8,729,977 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
|
- Initial costs |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other long-term
assets |
2,339,669 |
2,591,453 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
2,339,669 |
2,591,453 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
182,577,609 |
146,519,111 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
71,696,311 |
38,452,019 |
|
I. Current
liabilities |
69,485,096 |
36,564,136 |
|
1. Short-term debts and loans |
0 |
0 |
|
2. Payable to suppliers |
50,871,239 |
20,382,162 |
|
3. Advances from customers |
475,121 |
22,008 |
|
4. Taxes and other obligations to the State Budget |
4,989,556 |
6,519,712 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
11,053,746 |
7,694,407 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
2,095,434 |
1,945,847 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
|
|
|
II. Long-Term
Liabilities |
2,211,215 |
1,887,883 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
2,211,215 |
1,887,883 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
8. Unearned Revenue |
|
|
|
9. Science and technology development fund |
|
|
|
B- OWNER’S EQUITY |
110,881,298 |
108,067,092 |
|
I. OWNER’S EQUITY |
110,881,298 |
108,067,092 |
|
1. Capital |
0 |
0 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
110,881,298 |
108,067,092 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
|
|
|
II. Other sources
and funds |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S INTEREST
|
0 |
0 |
|
TOTAL LIABILITIES
AND OWNER’S EQUITY |
182,577,609 |
146,519,111 |
|
|
||
|
PROFIT &
LOSS STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
278,476,794 |
198,796,894 |
|
2. Deduction item |
543,422 |
1,866,331 |
|
3. Net revenue |
277,933,372 |
196,930,563 |
|
4. Costs of goods sold |
173,420,007 |
114,709,262 |
|
5. Gross profit |
104,513,365 |
82,221,301 |
|
6. Financial income |
6,991,547 |
6,964,750 |
|
7. Financial expenses |
3,578,050 |
2,924,890 |
|
- In which: Loan interest expenses |
|
|
|
8. Selling expenses |
34,814,372 |
25,720,074 |
|
9. Administrative overheads |
11,349,150 |
11,884,842 |
|
10. Net operating profit |
61,763,340 |
48,656,245 |
|
11. Other income |
0 |
0 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
0 |
0 |
|
14. Total accounting profit before tax |
61,763,340 |
48,656,245 |
|
15. Current corporate income tax |
16,697,350 |
9,294,084 |
|
16. Deferred corporate income tax |
251,784 |
1,191,333 |
|
17. Interest from subsidiaries/related companies |
|
0 |
|
18. Profit after tax |
44,814,206 |
38,170,828 |
|
|
|||
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
2.54 |
3.87 |
1.72 |
|
Quick liquidity ratio |
1.82 |
3.19 |
1.06 |
|
Inventory circle |
4.66 |
4.62 |
13.62 |
|
Average receive period |
97.60 |
128.26 |
78.59 |
|
Utilizing asset performance |
1.52 |
1.34 |
1.55 |
|
Liability by total assets |
39.27 |
26.24 |
52.62 |
|
Liability by owner's equity |
64.66 |
35.58 |
163.63 |
|
Ebit / Total assets (ROA) |
33.83 |
33.21 |
13.16 |
|
Ebit / Owner's equity (ROE) |
55.70 |
45.02 |
29.85 |
|
Ebit / Total revenue (NPM) |
22.18 |
24.48 |
7.13 |
|
Gross profit / Total revenue (GPM) |
37.53 |
41.36 |
19.87 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
|
Trade Morality |
|
Normal |
|
|
|
Liquidity |
|
Medium |
|
|
|
Payment status |
|
|
||
|
Financial Situation |
|
|
||
|
Development trend |
|
Stable |
|
|
|
Litigation data |
|
No Record |
|
|
|
Bankruptcy |
|
No Record |
|
|
|
Payment Methods |
|
Direct payment or through corresponding bank |
|
|
|
Sale Methods |
|
Wholesaler |
|
|
|
|
|||
|
The
subject has the original Investment Certificate No. 269/GP, dated 11th July
1991 between two partners: International Paint Singapore Pte., Ltd
signed a Business Co-operation Contract with Dong Nai Paint Corporation.
After times of adjustment, the subject has operated under the Investment
Certificate No. 47222000693 with Investment capital USD 1,411,681. The subject has registered head office and
factory locate at Street 7 Bien Hoa I Industrial Park, An Binh Ward, Bien Hoa
City, Dong Nai Province, Vietnam. This location is also the headquarter of Dong
Nai Paint Corporation. Its transaction office locates at Etown
Building, 2nd Floor, No. 364 Cong Hoa Street, Ward 13, Tan Binh
District, Ho Chi Minh City, Vietnam. Besides, the subject has offices and
technical service offices in Ho Chi Minh, Ha Noi, Hai Phong, Da Nang and Vung
Tau. The subject is specialized in manufacturing
and trading paint products. The subject's paint products used in marine,
industry, Fireproofing Coatings...
Since 1992, the subject has been manufacturing and supplying range of
products in co-operation with Dong Nai Paint factory in Dong Nai province.
Its factory covers a 4,264 square meter area. Its capacity is about 2,500,000
liters/year. Materials are imported from Singapore, China, Japan and Germany. Besides key customers such as National
Navy, Vietnam Marine Police and Bason Shipyard, some of clients which the
subject has supplied products and services are PVECC, VIETGAS, SIEMENS,
LILAMA, SEDCO FOREX, VIETGAS MHI JAPAN,…. Currently, its businesses activities are
busy. Competitiveness of the subject is strong. It has recruited more to
expand operation. According to the financial data, turnover and profit
after tax increased year after year. Liquidity ratio was average. ROA, ROE
was at acceptable level. Financial situation is above average. Business of
subject is more effective than the same size company operating in the same
field. .The subject has capacity to
meet normal transactions. |
|
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 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
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 |
|||
|
|
||||||
|
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 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.100.47 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.