MIRA INFORM REPORT

 

 

Report Date :

21.08.2014              

 

IDENTIFICATION DETAILS

 

Name :

MAI MAI TRADE JSC

 

 

Registered Office :

364 Rd 39B Thuy Ha Commune, Thai Thuy Dist, Thai Binh

 

 

Country :

Viet Nam

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

11.02.2010

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Transportation Service

 

 

No. of Employees :

120

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD $500,000

Status :

Moderate  

Payment Behaviour :

Slow but correct  

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Viet Nam

B1

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

VIET NAM - 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

:

MAI MAI TRADE JSC

Address

:

364 Rd 39B Thuy Ha Commune, Thai Thuy Dist, Thai Binh

Country

:

Vietnam

Phone (S)

:

[+84] 36-3710488

Facsimile

:

[+84] 36-3710489

Email

:

hongbnmaimai@gmail.com

Primary Business Activity

:

Service

Key Industry

:

Transportation

 

Key Facts

 

Registered Legal Address

:

364 Rd 39B Thuy Ha Commune, Thai Thuy Dist, Thai Binh

Operational Address

:

364 Rd 39B Thuy Ha Commune, Thai Thuy Dist, Thai Binh

Trading Name

:

MAI MAI JSC

Issuing Authority

:

Dept. of Planning & Investment - Thai Binh

License Number

:

1000423261

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

:

11 Feb, 2010

Employees

:

120

Capital

:

US$ 7,117,775

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

MAI MAI TRADE JSC

Primary Business Activity

:

Service

Primary Industry

:

Transportation

Office Contact Details

Operating Address

:

364 Rd 39B Thuy Ha Commune, Thai Thuy Dist, Thai Binh

Tel

:

[+84] 36-3710488

Fax

:

[+84] 36-3710489

Email

:

hongbnmaimai@gmail.com

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

:

1000423261

 

 

 

CREDIT RECOMMENDATION

 

Current Credit Limit: USD $500,000

Credit Rating / Limit additional comments: Credit can proceed on a favorable basis but in strict adherence to financing terms.

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Bui Ngoc Hong

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Minh Tuan

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03755371

Name

:

Mr. Nguyen Minh Tuan

 

Date of Birth

:

1965

 

 

COMPANY DIRECTORS

 

1

 

 

 

Personal Unique Identifier

:

MI03755353

 

Name

:

Mr. Bui Ngoc Hong

 

Email

:

hongbnmaimai@gmail.com

Date of Birth

:

1959

 

 

 

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing MAI MAI TRADE 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

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

 150,000,000,000

 

SHAREHOLDERS

 

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Bui Ngoc Hong

Vietnam

n/a

n/a

70.00

2

Mr. Pham Minh Tang

Vietnam

n/a

n/a

15.00

3

Ms. Nguyen Thi Hien

Vietnam

n/a

n/a

15.00

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 - Secured with Post-dated checks 30~90 days

 

Purchasing

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~90 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  

4,090,158

18,435,958

26,116

2012 Annual (*)

20,203,835

11,690,467

47,156

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

-

Note: (*)

Financials listed are the most recent available for this company.

 

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Current Assets(*)

141,337,000,000

48,085,000,000

Non Current Assets(*)

242,684,000,000

195,365,000,000

Non Current Liabilities(*)

178,131,000,000

46,210,000,000

Share Capital(*)

150,000,000,000

150,000,000,000

Other long term assets 

Total Assets(*)

384,021,000,000

243,450,000,000

Total Liabilities(*)

233,476,000,000

92,468,000,000

Current Liabilities(*)

55,345,000,000

46,258,000,000

Long term liabilities 

Shareholders Funds(*)

150,545,000,000

150,982,000,000

 

ASSETS 

Current assets & short term investments

141,337,000,000

48,085,000,000

Cash & cash equivalents

1,139,000,000

2,544,000,000

Cash

1,139,000,000

2,544,000,000

Accounts receivable

82,235,000,000

20,510,000,000

Accounts receivable trade

8,018,000,000

6,000,000,000

Trade prepayment

74,217,000,000

14,510,000,000

Inventories

37,551,000,000

15,020,000,000

i.Other short term asset

20,412,000,000

10,011,000,000

VAT deductible

20,412,000,000

-

ii.Other short term asset

-

10,011,000,000

Long term assets

242,684,000,000

195,365,000,000

Fixed assets

242,684,000,000

195,365,000,000

Tangible fixed assets

140,832,000,000

135,245,000,000

Cost

146,015,000,000

144,833,000,000

Accumulated depreciation

5,183,000,000

9,588,000,000

Construction in progress

101,852,000,000

60,120,000,000

Total assets

384,021,000,000

243,450,000,000

LIABILITIES & EQUITY 

Liabilities

233,476,000,000

92,468,000,000

Current liabilities

55,345,000,000

46,258,000,000

Short term borrowings

55,345,000,000

46,258,000,000

Long term liabilities

178,131,000,000

46,210,000,000

Long term borrowings

178,131,000,000

46,210,000,000

Owner's equity

150,545,000,000

150,982,000,000

Business capital

150,000,000,000

150,000,000,000

Retained earnings

545,000,000

982,000,000

Total resources

384,021,000,000

243,450,000,000

 

Note: (*)

 

Financial Highlights

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Turnover(*)

85,198,000,000

420,738,000,000

Profit (Loss) Before Tax(*)

726,000,000

1,309,000,000

Profit After Tax attributable to Shareholders(*)

544,000,000

982,000,000

 

Gross sales

85,198,000,000

420,738,000,000

Net income

85,198,000,000

420,738,000,000

Cost of goods sold

77,272,000,000

414,145,000,000

Gross margin

7,926,000,000

6,593,000,000

Income from financial activities

56,000,000

86,000,000

Expenses from financial activities

7,107,000,000

5,080,000,000

In which: Interest expenses

7,107,000,000

5,080,000,000

General & administration expenses

149,000,000

290,000,000

Net income from operating activities

726,000,000

1,309,000,000

Net profit before tax

726,000,000

1,309,000,000

Income tax

182,000,000

327,000,000

Net profit after tax

544,000,000

982,000,000

 

Note: (*)

 

Financial Highlights

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

393.84

Profitability 

Profit Margin (%)

0.64

0.23

Return on Equity (%)

0.36

0.65

Return on Assets (%)

0.14

0.40

Leverage 

Total Debt Equity (Times)

1.55

0.61

Current Debt Equity (Times)

0.37

0.31

Long Term Debt to Equity

1.18

0.31

Total Asset To Total Equity

2.55

1.61

Asset Management 

Total Assets Turnover (Times)

0.22

1.73

Fixed Assets Turnover (Times)

0.35

2.15

Liquidity 

Current Ratio

2.55

1.04

 

 

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 basic 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

 

Primary Products

Products / Materials / Services Description

Activity

Maritime transport

Service

Transportation

Service

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Transportation Services

4700

Service

Water Transport Svc, NEC

4499

Service

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Freight transportation arrangement, nvocc, customs brokerage

9852

Service

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of MAI MAI TRADE JSC is Specialized professional services, including:

·                     Transportation


Key service include :

·                     Maritime transport

 

 

 

Supplementary Business

 

In addition to the core business, MAI MAI TRADE JSC also is engaged in the following areas of business:

1.                  Importing

·                     Importing - Finished products

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

20%

Imports

80%

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM

Global Identifier

:

32400483

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - HANOI, BAC HANOI

SWIFT Code

:

BIDVVNVX

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

China

Medium

Importing

Singapore

Medium

Importing

 

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

MAI MAI TRADE JSC - THAI THUY DIST, THAI BINH

Primary Use

:

Office & Administration facilities

Address

:

364 Rd 39B Thuy Ha Commune, Thai Thuy Dist, Thai Binh

Country

:

Vietnam

Status

:

Operational

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

12 Nov, 2007

0803000439

 

 

NOTES & COMMENTS

 

Na

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.66

UK Pound

1

Rs.100.80

Euro

1

Rs.80.72

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PDT

 

               

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.