MIRA INFORM REPORT

 

 

Report Date :

16.09.2013

 

IDENTIFICATION DETAILS

 

Name :

OAI HUNG CO LTD

 

 

Registered Office :

Tan Binh Industrial Park Lot III-6 Group CN 3 Rd 11, Tan Phu Dist, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

11.03.2010

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Manufacturer of Plastics & Products.

 

 

No. of Employees :

160

 

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

:

OAI HUNG CO LTD

Address

:

Tan Binh Industrial Park Lot III-6 Group CN 3 Rd 11, Tan Phu Dist, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-38155499

Facsimile

:

[+84] 8-38155124

Email

:

info@oaihung.com

Website

:

http://www.oaihung.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Plastics & Products

 

 

Registered Legal Address

:

Tan Binh Industrial Park Lot III-6 Group CN 3 Rd 11, Tan Phu Dist, Ho Chi Minh

Operational Address

:

Tan Binh Industrial Park Lot III-6 Group CN 3 Rd 11, Tan Phu Dist, Ho Chi Minh

Trading Name

:

OAI HUNG

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0301584581

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

:

11 Mar, 2010

Employees

:

160

Capital

:

US$ 1,285,470

Note

:

 

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

OAI HUNG CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Plastics & Products

Office Contact Details

Operating Address

:

Tan Binh Industrial Park Lot III-6 Group CN 3 Rd 11, Tan Phu Dist, Ho Chi Minh

Tel

:

[+84] 8-38155499

 

:

[+84] 8-38155498

 

:

[+84] 8-38155613

 

:

[+84] 8-38155614

Fax

:

[+84] 8-38155124

Email

:

info@oaihung.com

Website Details

Website

:

http://www.oaihung.com

Status

:

Normal - operational

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

DIRECTORS/MANAGEMENT

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Ai-kim O.

Chinese

Accountant

-

2

Mr. Cam-tai O.

Chinese

Managing Director

-

3

Mr. Vu Minh Vinh

Vietnamese

Deputy Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI03517062

Name

:

Ms. Ai-kim O.

 

Date of Birth

:

1974

 

Management Details - 2

Personal Unique Identifier

:

MI03517054

Name

:

Mr. Cam-tai O.

 

Date of Birth

:

1966

 

Management Details - 3

Personal Unique Identifier

:

MI03517058

Name

:

Mr. Vu Minh Vinh

 

Date of Birth

:

1961

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03517054

Name

:

Mr. Cam-tai O.

Date of Birth

:

1966

Nationality

:

Chinese

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the OAI HUNG CO LTD's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

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

 

DEBT

 

No Record Found

 

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

 

LITIGATION

 

No Record Found

 

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

 

PERFORMANCE DEFAULTS

 

No Record Found

 

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

 

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

:

27,000,000,000

 

 

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. Cam-tai O.

China

n/a

n/a

97.78

2

Ms. Ai-kim O.

China

n/a

n/a

2.22

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 - Secured with Post-dated checks 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 - Secured with Post-dated checks 30~60 days

Import

Letter of Credit (At-sight)

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

11,627,508

13,170,763

697,600

2012 Annual  

12,251,821

13,649,106

966,354

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

-

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

 

 

FINANCIAL STATEMENT

 

 

 

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Current Assets

116,467,000,000

126,206,000,000

Non Current Assets

157,880,000,000

158,032,000,000

Non Current Liabilities

85,462,000,000

73,200,000,000

Share Capital

27,000,000,000

27,000,000,000

Other long term assets 

Total Assets

274,347,000,000

284,238,000,000

Total Liabilities

199,803,000,000

191,292,000,000

Current Liabilities

114,341,000,000

118,092,000,000

Long term liabilities 

Shareholders Funds

74,544,000,000

92,946,000,000

 

Assets 

A. Current assets & short term investments

116,467,000,000

126,206,000,000

I. Cash & cash equivalents

13,426,000,000

14,659,000,000

1. Cash

13,426,000,000

14,659,000,000

II. Short term investments

799,000,000

799,000,000

1. Short term securities investments

799,000,000

799,000,000

III. Accounts receivable

27,162,000,000

35,018,000,000

1. Accounts receivable trade

26,687,000,000

25,281,000,000

2. Trade prepayment

475,000,000

3,270,000,000

5. Others receivables

-

6,467,000,000

IV. Inventories

71,346,000,000

72,860,000,000

1. Inventories

71,346,000,000

72,860,000,000

V. Other short term asset

3,734,000,000

2,870,000,000

1. Prepaid expenses

3,023,000,000

1,394,000,000

2. VAT deductible

711,000,000

1,476,000,000

B. Long term assets

157,880,000,000

158,032,000,000

II. Fixed assets

157,880,000,000

158,032,000,000

1. Tangible fixed assets

42,423,000,000

148,812,000,000

Cost (Tangible fixed assets)

82,940,000,000

199,771,000,000

I. Accumulated depreciation

40,517,000,000

50,959,000,000

2. Finance lease assets

9,220,000,000

-

Cost (Finance lease assets)

9,220,000,000

-

3. Intangible fixed assets

-

9,220,000,000

Cost (Intangible fixed assets)

-

9,220,000,000

4. Construction in progress

106,237,000,000

-

Total assets

274,347,000,000

284,238,000,000

A. Liabilities

199,803,000,000

191,292,000,000

I. Current liabilities

114,341,000,000

118,092,000,000

1. Short term borrowings

112,862,000,000

112,601,000,000

2. Accounts payables-trade

265,000,000

3,011,000,000

3. Advances from customers

132,000,000

211,000,000

4. Taxes and payable to state budget

1,082,000,000

2,269,000,000

II. Long term liabilities

85,462,000,000

73,200,000,000

4. Long term borrowings

85,462,000,000

73,200,000,000

B. Owner's equity

74,544,000,000

92,946,000,000

I. Owner's equity

74,544,000,000

92,946,000,000

1. Business capital

27,000,000,000

27,000,000,000

3. Other owner's equity

30,000,000,000

45,000,000,000

9. Other funds from owner's equity

3,013,000,000

822,000,000

10. Retained earnings

14,531,000,000

20,124,000,000

Total resources

274,347,000,000

284,238,000,000

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Turnover

242,201,000,000

255,140,000,000

Profit (Loss) Before Tax

17,613,000,000

24,392,000,000

Profit After Tax attributable to Shareholders

14,531,000,000

20,124,000,000

 

1. Gross sales

242,201,000,000

255,140,000,000

2. Less deductions

4,169,000,000

2,122,000,000

3. Net income

238,032,000,000

253,018,000,000

4. Cost of goods sold

181,924,000,000

189,764,000,000

5. Gross margin

56,108,000,000

63,254,000,000

6. Income from financial activities

68,000,000

24,000,000

7. Expenses from financial activities

19,504,000,000

18,343,000,000

In which: Interest expenses

16,181,000,000

18,202,000,000

8. Selling expenses

4,619,000,000

4,572,000,000

9. General & administration expenses

14,536,000,000

16,326,000,000

10. Net income from operating activities

17,517,000,000

24,037,000,000

11. Extraordinary income

96,000,000

355,000,000

12. Extraordinary expenses

0

0

13. Extraordinary gains

96,000,000

355,000,000

14. Net profit before tax

17,613,000,000

24,392,000,000

15. Income tax

3,082,000,000

4,268,000,000

16. Income tax delay

0

0

17. Net profit after tax

14,531,000,000

20,124,000,000

18. Earning per share

0

0

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

5.34

Profitability 

Profit Margin (%)

6.00

7.89

Return on Equity (%)

19.49

21.65

Return on Assets (%)

5.30

7.08

Leverage 

Total Debt Equity (Times)

2.68

2.06

Current Debt Equity (Times)

1.53

1.27

Long Term Debt to Equity

1.15

0.79

Total Asset To Total Equity

3.68

3.06

Asset Management 

Total Assets Turnover (Times)

0.88

0.90

Fixed Assets Turnover (Times)

1.53

1.61

Liquidity 

Current Ratio

1.02

1.07

 

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

=

0.000048 USD
United States Dollars

 

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Aluminium films

Manufacturing, Exporting

Blister foils

Manufacturing, Exporting

Lid foil

Manufacturing, Exporting

PET films

Manufacturing, Exporting

PVC films

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2011

n/a

581,375

581,375

2012

n/a

612,591

612,591

 

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Aluminum sheet, plate, and foil, rolled or drawn

3353

Manufacturing, Exporting

Plastics film, strips, and sheets, unsupported

3081

Manufacturing, Exporting

Plastics materials and resins

2821

Manufacturing, Exporting

Plastics products, nspf

3089

Manufacturing, Exporting

Plastics, foil, and coated paper bags

2673

Manufacturing, Exporting

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Aluminum foil (back or not) n/ov 2mm th (ex back)

7607

Manufacturing, Exporting

Articles of plastics (inc polymers & resins)

3926

Manufacturing, Exporting

Other articles of plastic,nesoi

3926909050

Manufacturing, Exporting

Plastics & articles thereof

3900

Manufacturing, Exporting

Plates, sheets, film, foil & strip nesoi, plastics

3921

Manufacturing, Exporting

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of OAI HUNG CO LTD is Manufacturing - Finished products.

Key products include :

PET films

Aluminium films

PVC films

 

 

 

Supplementary Business

 

In addition to the core business, OAI HUNG 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

95%

International Sales (Export)

5%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

20%

Imports

80%

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

SAIGON BANK FOR INDUSTRY & TRADE (SAIGON INCOMBANK)

Global Identifier

:

32406443

Branch

:

District 1,Ho Chi Minh

Branch Address

:

SAIGON BANK FOR INDUSTRY

SWIFT Code

:

SBITVNVX

 

Bank Name

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408823

Branch

:

District 1,Ho Chi Minh

Branch Address

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK CO, TRANSACTION OFFICE 1

SWIFT Code

:

EBVIVNVX

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Exporting

Bangladesh

Medium

Exporting

China

Medium

Importing

Germany

Medium

Exporting

Korea, South (Republic of Korea)

Medium

Importing

Taiwan

Medium

Importing

Thailand

Medium

Importing, Exporting

 

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

OAI HUNG CO LTD - TAN PHU DIST, HO CHI MINH

Building Size

:

16,700 Square meters

Address

:

Tan Binh Industrial Park Lot III-6 Group CN 3 Rd 11, Tan Phu Dist, Ho Chi Minh

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.

11 Jan, 1999

070592

 

 

 

 

ASSOCIATIONS

 

OAI HUNG CO LTD are members of the following associations:

 

 

 

Domestic Associations

 

Association Name

VIETNAM SAIGON PLASTICS ASSOCIATION - VSPA

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.79

UK Pound

1

Rs.100.70

Euro

1

Rs.84.67

 

 

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%)

 

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.