MIRA INFORM REPORT

 

 

Report Date :

04.04.2014

 

IDENTIFICATION DETAILS

 

Name :

HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT JSC

 

 

Registered Office :

117 Cong Quynh St Nguyen Cu Trinh Ward, District 1, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

2010

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of Petrochemicals

 

 

No. of Employees :

100

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 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 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, 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 relatively stable in 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 has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT JSC

Address

:

117 Cong Quynh St Nguyen Cu Trinh Ward, District 1, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-38369603

Facsimile

:

[+84] 8-38368392

Email

:

gemeximco@hcm.vnn.vn

Primary Business Activity

:

Trader

Key Industry

:

Petrochemicals

 

 

DIRECTORS/MANAGEMENT

 

 Key Person

Legal Title

:

Chairman

Name

:

Ms. Nguyen Thi Chien

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Anh Cung

Vietnamese

Managing Director

-

2

Mr. Bui Thanh Hai

Vietnamese

Chief Accountant

-

3

Mr. Ha Minh Hung

Vietnamese

Deputy Managing Director

-

Management Details - 1

Personal Unique Identifier

:

MI03663386

Name

:

Mr. Nguyen Anh Cung

 

Date of Birth

:

1957

Management Details - 2

Personal Unique Identifier

:

MI03663423

Name

:

Mr. Bui Thanh Hai

 

Date of Birth

:

1965

Management Details - 3

Personal Unique Identifier

:

MI01393260

Name

:

Mr. Ha Minh Hung

 

Date of Birth

:

1965

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI01393256

Name

:

Mr. Hoang Xuan Thanh

Nationality

:

Vietnamese

 

2

 

 

Personal Unique Identifier

:

MI03663386

Name

:

Mr. Nguyen Anh Cung

Date of Birth

:

1957

Nationality

:

Vietnamese

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT JSC'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$ 1,551,313

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

32,500,000,000

 

SHAREHOLDERS

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

SAIGON TRADING GROUP

Vietnam

n/a

n/a

55.68

2

Undisclosed Shareholders

n/a

n/a

n/a

44.32

Total

n/a

n/a

100.00

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000048 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

100%

Annual Purchases Analysis

Percentage

Local Purchases

20%

Imports

80%

 

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

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent

:

SAIGON TRADING GROUP

Global Identifier

:

P0821528

Legal Form Category

:

Government-owned Enterprise

Country

:

Vietnam

Operational Address

:

275B Pham Ngu Lao St Pham Ngu Lao Ward District 1 Ho Chi Minh

Primary Business Activity

:

Trader

 

 

FINANCIAL INFORMATION

 

 Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual

25,686,095

7,445,408

720,985

2011 Annual

24,386,270

6,195,247

718,771

2012 Annual (*)

14,157,926

6,727,793

786,808

 

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

Note: (*)

Financials listed are the most recent available for this company.

 

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2001 Annual

n/a

17,203,493

n/a

2002 Annual

47,528,410

25,126,837

130,672

2003 Annual

56,713,431

16,699,324

65

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Current Assets

127,633,000,000

113,007,000,000

110,516,000,000

Non Current Assets

17,478,000,000

16,040,000,000

29,588,000,000

Non Current Liabilities

387,000,000

472,000,000

916,000,000

Share Capital

32,500,000,000

32,500,000,000

32,500,000,000

Other long term assets 

Total Assets

145,111,000,000

129,047,000,000

140,104,000,000

Total Liabilities

83,561,000,000

62,561,000,000

68,898,000,000

Current Liabilities

83,174,000,000

62,089,000,000

67,982,000,000

Long term liabilities 

Shareholders Funds

61,550,000,000

66,486,000,000

71,206,000,000

 

Current assets & short term investments

127,633,000,000

113,007,000,000

110,516,000,000

Cash & cash equivalents

6,202,000,000

7,129,000,000

28,592,000,000

Cash

6,202,000,000

7,129,000,000

3,592,000,000

Cash equivalents

-

-

25,000,000,000

Accounts receivable

74,493,000,000

61,720,000,000

24,546,000,000

Accounts receivable trade

70,020,000,000

59,392,000,000

20,951,000,000

Trade prepayment

3,741,000,000

1,523,000,000

1,985,000,000

Others receivables

732,000,000

805,000,000

1,610,000,000

i. Inventories

44,354,000,000

42,968,000,000

53,758,000,000

ii. Inventories

44,354,000,000

42,968,000,000

53,758,000,000

Other short term asset

1,533,000,000

757,000,000

773,000,000

Prepaid expenses

-

180,000,000

98,000,000

VAT deductible

1,051,000,000

253,000,000

2,749,000,000

Long term assets

17,478,000,000

16,040,000,000

29,588,000,000

Accounts of long term receivable

-

-

1,085,000,000

Accounts long term receivable trade

1,122,000,000

1,122,000,000

4,391,000,000

Other long term receivables

1,174,000,000

1,174,000,000

1,707,000,000

Provision for long term receivable of bad debts

(2,296,000,000)

(2,296,000,000)

(5,013,000,000)

Fixed assets

17,478,000,000

16,040,000,000

28,503,000,000

Tangible fixed assets

17,475,000,000

16,040,000,000

16,227,000,000

i. Cost

41,465,000,000

41,730,000,000

43,025,000,000

i. Accumulated depreciation

23,990,000,000

25,690,000,000

26,798,000,000

Intangible fixed assets

3,000,000

-

12,276,000,000

ii. Cost

95,000,000

95,000,000

12,389,000,000

ii. Accumulated depreciation

92,000,000

95,000,000

113,000,000

Total assets

145,111,000,000

129,047,000,000

140,104,000,000

Liabilities

83,561,000,000

62,561,000,000

68,898,000,000

Current liabilities

83,174,000,000

62,089,000,000

67,982,000,000

Short term borrowings

41,115,000,000

19,588,000,000

20,339,000,000

Accounts payables-trade

18,927,000,000

26,091,000,000

29,717,000,000

Advances from customers

12,707,000,000

7,817,000,000

10,607,000,000

Taxes and payable to state budget

4,133,000,000

4,590,000,000

2,335,000,000

Payable to employees

3,660,000,000

2,449,000,000

280,000,000

Accrued expenses payable

290,000,000

350,000,000

839,000,000

Other payables

2,342,000,000

1,204,000,000

2,553,000,000

i. Bonus and welfare funds

-

-

1,312,000,000

Long term liabilities

387,000,000

472,000,000

916,000,000

Long term other payables

300,000,000

325,000,000

916,000,000

Provision funds for unemployment

87,000,000

147,000,000

-

i. Owner's equity

61,550,000,000

66,486,000,000

71,206,000,000

ii. Owner's equity

59,378,000,000

64,560,000,000

71,206,000,000

Business capital

32,500,000,000

32,500,000,000

32,500,000,000

Other owner's equity

54,000,000

54,000,000

54,000,000

Foreign exchange differences

(119,000,000)

210,000,000

-

Business development funds

11,462,000,000

12,960,000,000

21,311,000,000

Financial reserved funds

2,780,000,000

3,529,000,000

3,975,000,000

Retained earnings

12,701,000,000

15,307,000,000

13,366,000,000

Budget sources

2,172,000,000

1,926,000,000

-

ii. Bonus and welfare funds

2,172,000,000

1,926,000,000

-

Total resources

145,111,000,000

129,047,000,000

140,104,000,000

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

500,622,000,000

507,966,000,000

294,834,000,000

Profit (Loss) Before Tax

18,797,000,000

20,028,000,000

22,109,000,000

Profit After Tax attributable to Shareholders

14,052,000,000

14,972,000,000

16,385,000,000

 

Gross sales

500,622,000,000

507,966,000,000

294,834,000,000

Net income

500,622,000,000

507,966,000,000

294,834,000,000

Cost of goods sold

462,822,000,000

466,039,000,000

265,501,000,000

Gross margin

37,800,000,000

41,927,000,000

29,333,000,000

Income from financial activities

7,201,000,000

1,697,000,000

2,054,000,000

Expenses from financial activities

8,440,000,000

9,698,000,000

3,224,000,000

In which: Interest expenses

4,344,000,000

7,678,000,000

3,116,000,000

Selling expenses

9,946,000,000

10,317,000,000

6,987,000,000

General & administration expenses

12,291,000,000

12,158,000,000

13,517,000,000

Net income from operating activities

14,324,000,000

11,451,000,000

7,659,000,000

Extraordinary income

4,491,000,000

8,621,000,000

15,012,000,000

Extraordinary expenses

18,000,000

44,000,000

562,000,000

Extraordinary gains

4,473,000,000

8,577,000,000

14,450,000,000

Net profit before tax

18,797,000,000

20,028,000,000

22,109,000,000

Income tax

4,745,000,000

5,056,000,000

5,724,000,000

Net profit after tax

14,052,000,000

14,972,000,000

16,385,000,000

Financial Ratios

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

1.47

(41.96)

Profitability 

Profit Margin (%)

2.81

2.95

5.56

Return on Equity (%)

22.83

22.52

23.01

Return on Assets (%)

9.68

11.60

11.69

Leverage 

Total Debt Equity (Times)

1.36

0.94

0.97

Current Debt Equity (Times)

1.35

0.93

0.95

Long Term Debt to Equity

0.01

0.01

0.01

Total Asset To Total Equity

2.36

1.94

1.97

Asset Management 

Total Assets Turnover (Times)

3.45

3.94

2.10

Fixed Assets Turnover (Times)

28.64

31.67

9.96

Liquidity 

Current Ratio

1.53

1.82

1.63

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company 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

 

Key Facts

Registered Legal Address

:

117 Cong Quynh St Nguyen Cu Trinh Ward, District 1, Ho Chi Minh

Operational Address

:

117 Cong Quynh St Nguyen Cu Trinh Ward, District 1, Ho Chi Minh

Trading Name

:

GEMEXIM

Name History

:

Business Entity Name

Effective Date

HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT CO

7 Jan, 1993

HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT JSC

29 Jun, 2005

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0300587741

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

:

2010

Employees

:

100

 

Report Details

Country

:

Vietnam

Business Entity Name

:

HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT JSC

Primary Business Activity

:

Trader

Primary Industry

:

Petrochemicals

Office Contact Details

Operating Address

:

117 Cong Quynh St Nguyen Cu Trinh Ward, District 1, Ho Chi Minh

Tel

:

[+84] 8-38369603

 

:

[+84] 8-38369505

Fax

:

[+84] 8-38368392

Email

:

gemeximco@hcm.vnn.vn

 

 

 

 Primary Products

Products / Materials / Services Description

Activity

Petroleum products

Importing, Trading

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Crude petroleum and natural gas

1311

Importing, Trading

Electrical equipment and supplies, nspf, and parts, nspf

3699

Importing, Trading

General industrial machinery and equipment, and parts, nspf

3569

Importing, Trading

Petroleum Gas Products

4925

Importing, Trading

Petroleum and Coal Products

2900

Importing, Trading

Special Warehouse/Storage, NEC

4226

Service

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

9900

Service

Crude oil from petroleum and bituminous minerals

2709

Importing, Trading

Electrical machinery & equip. & parts; telecommunications equip., sound recorders, television recorders

8500

Importing, Trading

Machines etc having individual functions nesoi, parts

8479

Importing, Trading

Petroleum gases & other gaseous hydrocarbons

2711

Importing, Trading

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Electrical equipment

Secondary

Importing, Trading

Mechanical equipment

Secondary

Importing, Trading

Warehouse leasing

Secondary

Service

 

 

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT JSC is Trading - Finished products.


Key products include:

Electrical equipment

Mechanical equipment

Petroleum products

Supplementary Business

In addition to the core business, HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT JSC also is engaged in the following areas of business:

Importing

Importing - Finished products

 

OTHER LICENSES

Issuing Authority

:

People's Committee - Ho Chi Minh

License Name

:

Permit

License Number

:

307/QD-UB

Date of Issuance

:

31 Dec, 1992

 

Issuing Authority

:

People's Committee - Ho Chi Minh

License Name

:

Permit

License Number

:

1783/QD-UB-KT

Date of Issuance

:

16 Apr, 1997

 

Issuing Authority

:

People's Committee - Ho Chi Minh

License Name

:

Permit

License Number

:

6654/QD-UB-KT

Date of Issuance

:

11 Dec, 1998

 

BANK DETAILS

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

DISTRICT 3

SWIFT Code

:

BFTVVNVX

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT JSC - DISTRICT 5, HO CHI MINH

Branch Address

:

17 Ta Uyen St Ward 15, District 5, Ho Chi Minh

 

Branch

:

HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT JSC - TAN BINH DIST, HO CHI MINH

Branch Address

:

7/3 Au Co St Ward 14, Tan Binh Dist, Ho Chi Minh

 

Branch

:

HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT JSC - DISTRICT 5, HO CHI MINH

Branch Address

:

49 Phu Huu St Ward 14, District 5, Ho Chi Minh

 

Branch

:

HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT JSC - BINH CHANH, HO CHI MINH

Branch Address

:

Le Minh Xuan Commune G8/15A Hamlet 7, Binh Chanh, Ho Chi Minh

 

 

 

 

 

 

 

 INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

China

Medium

Importing

Japan

Medium

Importing

Korea, South (Republic of Korea)

Medium

Importing

Taiwan

Medium

Importing

Thailand

Medium

Importing

 

OFFICE & FACILITIES

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

Name

:

HO CHI MINH CITY GENERAL MATERIAL IMPORT EXPORT JSC - DISTRICT 1, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

117 Cong Quynh St Nguyen Cu Trinh Ward, District 1, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

7 Jan, 1993

103288

29 Jun, 2005

4103003543

 

 

 

 

 

NOTES & COMMENTS

 

N/a

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.12

UK Pound

1

Rs.100.07

Euro

1

Rs.82.74

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NNA

 

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.