MIRA INFORM REPORT

 

 

Report Date :

13.01.2014

 

IDENTIFICATION DETAILS

 

Name :

QUANG NINH PINE JSC

 

 

Registered Office :

Yen Thanh Ward, Uong Bi, Quang Ninh

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2012

 

 

Date of Incorporation :

14.01.2004

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer & exporter of Chemicals Products, Gum Rosin, Forest Products, Pine Oil, Pine, resin & Turpentine oil

 

 

No. of Employees :

370

 

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 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

:

QUANG NINH PINE JSC

Address

:

Yen Thanh Ward, Uong Bi, Quang Ninh

Country

:

Vietnam

Phone (S)

:

[+84] 33-3854274

Facsimile

:

[+84] 33-3854263

Email

:

qnpe@hn.vnn.vn

Website

:

http://www.quangninhpine.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

Key Facts

 

Registered Legal Address

:

Yen Thanh Ward, Uong Bi, Quang Ninh

Operational Address

:

Yen Thanh Ward, Uong Bi, Quang Ninh

Transactions Office

 

Uong Bi, Quang Ninh

Phone: +84-33-854273 / 854965

Fax: +84-33854263

Email:  khiemqnpe@gmail.com

Website: http://quangninhpine.com  

 

 

 

Name History

:

Business Entity Name

Effective Date

QUANG NINH PINE ENTERPRISE

4 Jan, 1993

QUANG NINH PINE JSC

14 Jan, 2004

Issuing Authority

:

Dept. of Planning & Investment - Quang Ninh

License Number

:

2203000210

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

:

14 Jan, 2004

Employees

:

370

Capital

:

US$ 1,707,125

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

QUANG NINH PINE JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

Yen Thanh Ward, Uong Bi, Quang Ninh

Tel

:

[+84] 33-3854274

 

:

[+84] 33-3854269

 

:

[+84] 33-3854273

 

:

[+84] 33-8549965

 

:

[+84] 33-3854965

Fax

:

[+84] 33-3854263

Email

:

qnpe@hn.vnn.vn
gumrosin75@gmail.com
khiemqnpe@gmail.com

Website Details

Website

:

http://www.quangninhpine.com

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

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

:

5700478344

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Duong Van Thom

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Tran Viet Hung

Vietnamese

Deputy Director

-

2

Mr. Tran Van Son

Vietnamese

Chief Accountant

Finance

 

 

Management Details - 1

Personal Unique Identifier

:

MI02078446

Name

:

Mr. Tran Viet Hung

 

Date of Birth

:

1972

 

 

Management Details - 2

Personal Unique Identifier

:

MI02078447

Name

:

Mr. Tran Van Son

 

Date of Birth

:

1957

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI02078443

Name

:

Mr. Duong Van Thom

Date of Birth

:

1962

Nationality

:

Vietnamese

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the QUANG NINH PINE 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 (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

36,000,000,000

 

Date

Authorized Capital - History

4 Jan, 1993

10,000,000,000

2011

24,000,000,000

14 May, 2013

36,000,000,000

 

SHAREHOLDERS

 

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Duong Van Thom

Vietnam

n/a

n/a

n/a

2

Mr. Ngo Duy Khang

Vietnam

n/a

n/a

n/a

3

Mr. Nguyen Dinh Tram

Vietnam

n/a

n/a

n/a

4

Mr. Tran Van Son

Vietnam

n/a

n/a

n/a

5

Mr. Tran Viet Hung

Vietnam

n/a

n/a

n/a

6

Undisclosed Shareholders

n/a

n/a

n/a

n/a

Total

n/a

n/a

n/a

 

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

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

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

 

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

 

 

 

The following provides a summary of the number of businesses that are related to QUANG NINH PINE JSC:

 

 

TYPE

DOMESTIC

TOTAL

Subsidiaries

1

Joint-Ventures

-

Minority shareholdings

-

Affiliates

-

 

 

Domestic

 

 

 

Business Entity Name

:

QUANG PHU PINE JSC

Global Identifier

:

P2091273

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

Nam Dong Ha Industrial Zone, Dong Ha, Quang Tri

Primary Business Activity

:

Manufacturer

Industry

:

Hardware & Tools

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2009 Annual  

9,349,434

2,387,499

305,717

2011 Annual  

28,372,876

4,539,510

1,291,359

2012 Annual (*)

16,621,928

6,445,675

1,024,074

 

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

2007 Annual

6,443,943

2,071,949

103,945

2008 Annual

7,467,250

2,218,215

215,199

 

 

FINANCIAL STATEMENT - DETAILED

 

 

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Current Assets

78,194,000,000

113,719,000,000

Non Current Assets

16,364,000,000

20,510,000,000

Non Current Liabilities

-

-

Share Capital

24,000,000,000

24,000,000,000

Total Reserves

-

-

Other long term assets 

Total Assets

94,558,000,000

134,229,000,000

Total Liabilities

35,977,000,000

73,418,000,000

Current Liabilities

35,977,000,000

73,418,000,000

Long term liabilities 

Shareholders Funds

58,581,000,000

60,811,000,000

 

Current assets & short term investments

78,194,000,000

113,719,000,000

Cash & cash equivalents

675,000,000

1,370,000,000

Cash

675,000,000

1,370,000,000

Accounts receivable

29,525,000,000

32,647,000,000

Accounts receivable trade

24,514,000,000

27,647,000,000

Trade prepayment

5,011,000,000

5,000,000,000

Others receivables

-

-

Inventories

36,285,000,000

54,896,000,000

I. Inventories

36,285,000,000

54,896,000,000

Other short term asset

10,171,000,000

24,806,000,000

Prepaid expenses

1,207,000,000

1,112,000,000

VAT deductible

331,000,000

1,010,000,000

I. Other short term asset

10,171,000,000

22,684,000,000

Long term assets

16,364,000,000

20,510,000,000

Accounts of long term receivable

5,400,000,000

5,400,000,000

Inter - company capital

5,400,000,000

5,400,000,000

Fixed assets

10,964,000,000

15,110,000,000

Tangible fixed assets

10,964,000,000

14,075,000,000

Cost

23,726,000,000

30,220,000,000

Accumulated depreciation

12,762,000,000

16,145,000,000

Construction in progress

-

1,035,000,000

Long term investments

-

-

Other long term investments

-

-

Total assets

94,558,000,000

134,229,000,000

Liabilities

35,907,000,000

73,418,000,000

Current liabilities

35,907,000,000

73,418,000,000

Short term borrowings

9,957,000,000

45,229,000,000

Accounts payables-trade

9,085,000,000

12,436,000,000

Advances from customers

162,000,000

1,277,000,000

Taxes and payable to state budget

5,722,000,000

1,215,000,000

Payable to employees

2,990,000,000

2,869,000,000

Other payables

7,991,000,000

10,392,000,000

Long term liabilities

-

-

Long term borrowings

-

-

Owner's equity

58,581,000,000

60,811,000,000

I. Owner's equity

58,581,000,000

60,734,000,000

Business capital

24,000,000,000

24,000,000,000

Business development funds

6,841,000,000

11,313,000,000

Financial reserved funds

2,147,000,000

4,564,000,000

Retained earnings

25,593,000,000

20,857,000,000

Budget sources

70,000,000

77,000,000

Bonus and welfare funds

70,000,000

77,000,000

Total resources

94,558,000,000

134,229,000,000

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Turnover

591,007,000,000

346,146,000,000

Profit (Loss) Before Tax

32,605,000,000

25,109,000,000

Profit After Tax attributable to Shareholders

26,899,000,000

21,326,000,000

 

Gross sales

591,007,000,000

346,146,000,000

Net income

591,007,000,000

346,146,000,000

Cost of goods sold

527,668,000,000

293,334,000,000

Gross margin

63,339,000,000

52,812,000,000

Income from financial activities

3,241,000,000

4,322,000,000

Expenses from financial activities

2,506,000,000

2,358,000,000

In which: Interest expenses

2,506,000,000

2,358,000,000

Selling expenses

18,630,000,000

18,056,000,000

General & administration expenses

13,832,000,000

12,068,000,000

Net income from operating activities

31,612,000,000

24,652,000,000

Extraordinary income

993,000,000

721,000,000

Extraordinary expenses

-

264,000,000

Extraordinary gains

993,000,000

457,000,000

Net profit before tax

32,605,000,000

25,109,000,000

Income tax

5,706,000,000

3,783,000,000

Net profit after tax

26,899,000,000

21,326,000,000

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

(41.43)

Profitability 

Profit Margin (%)

4.55

6.16

Return on Equity (%)

45.92

35.07

Return on Assets (%)

28.45

15.89

Leverage 

Total Debt Equity (Times)

0.61

1.21

Current Debt Equity (Times)

0.61

1.21

Long Term Debt to Equity

-

-

Total Asset To Total Equity

1.61

2.21

Asset Management 

Total Assets Turnover (Times)

6.25

2.58

Fixed Assets Turnover (Times)

36.12

16.88

Liquidity 

Current Ratio

2.17

1.55

 

 

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.

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Chemical products

Manufacturing, Exporting

Forest products

Manufacturing, Exporting

Gum rosin

Manufacturing, Exporting

Pine oil

Manufacturing, Exporting

Pine, resin

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2009

n/a

8,414,491

8,414,491

2011

n/a

25,535,588

25,535,588

2012

n/a

16,621,928

16,621,928

 

 

 SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Chemical preparations, nspf

2899

Manufacturing, Exporting

Chemicals and Allied Products

2800

Manufacturing, Exporting

Chemicals/Allied Prdts, NEC

5169

Manufacturing, Exporting

Forestry products, nspf

0831

Manufacturing, Exporting

Pipelines, NEC

4619

Manufacturing, Exporting

Plastic pipe

3084

Manufacturing, Exporting

Plastics materials and resins

2821

Manufacturing, Exporting

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Chemical products and preparations of the chemical or allied industries

3823905050

Manufacturing, Exporting

Lac, gums, resins.

1300

Manufacturing, Exporting

Miscellaneous chemical products

3800

Manufacturing, Exporting

Tubes, pipes & hoses & their fittings, of plastics

3917

Manufacturing, Exporting

Turpentine etc; crude dipentene; pine oil etc

3805

Manufacturing, Exporting

 

 

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Products / Materials / Services Description

Ranking

Activity

Pipe products

Primary

Manufacturing, Exporting

Turpentine oil

Primary

Manufacturing, Exporting

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of QUANG NINH PINE JSC is Manufacturing - Finished products.

Key products include :

·                     Gum rosin

·                     Chemical products

·                     Forest products

·                     Pine oil

·                     Pine, resin

·                     Pipe products

·                     Turpentine oil


An integral part of the core business includes:

·                     Distribution

 

 

 

Supplementary Business

 

In addition to the core business, QUANG NINH PINE JSC also is engaged in the following areas of business:

1.                  Exporting

·                     Exporting - Finished products

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

International Sales (Export)

100%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

32400479

Branch

:

Hoan Kiem,Hanoi

Branch Address

:

Ha Noi

SWIFT Code

:

BFTVVBVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

QUANG NINH

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

32404058

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

Uong Bi

SWIFT Code

:

ICBVVNVX

 

 

 

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

 

 

 

Year

Imports

Exports

Total

2007

n/a

644,394

644,394

2008

n/a

6,720,525

6,720,525

 

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

Europe

Medium

Exporting

North America

Medium

Exporting

USA

Medium

Exporting

 

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

QUANG NINH PINE JSC - UONG BI, QUANG NINH

Address

:

Yen Thanh Ward, Uong Bi, Quang Ninh

Country

:

Vietnam

Status

:

Operational

 

 

 

 

COMPANY HISTORY

 

 

 

Date

Details

1993 - Jan

Established as a Government Company.

2004 - Jan

Changed formation into Joint Stock Company.

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

4 Jan, 1993

104548

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.94

UK Pound

1

Rs.102.06

Euro

1

Rs.84.31

 

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%)

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.