MIRA INFORM REPORT

 

 

Report Date :

02.07.2014

 

IDENTIFICATION DETAILS

 

Name :

SAKATA INX VIETNAM CO LTD

 

 

Registered Office :

VSIP 33 Dai Lo Tu Do, Thuan An Dist, Binh Duong

 

 

Country :

Vietnam

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.03.2007

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Manufacturer of Chemicals

 

 

No. of Employees :

170

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Vietnam

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

:

SAKATA INX VIETNAM CO LTD(1)

Address

:

VSIP 33 Dai Lo Tu Do, Thuan An Dist, Binh Duong

Country

:

Vietnam

Phone (S)

:

[+84] 650-3767811

Facsimile

:

[+84] 650-3767815

Website

:

http://www.inx.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

Key Facts

 

Registered Legal Address

:

VSIP 33 Dai Lo Tu Do, Thuan An Dist, Binh Duong

Operational Address

:

VSIP 33 Dai Lo Tu Do, Thuan An Dist, Binh Duong

Issuing Authority

:

Dept. of Planning & Investment - Binh Duong

License Number

:

463023000020

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

:

1 Mar, 2007

Employees

:

170

Capital

:

US$ 14,750,000

Note

:

(1) Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

SAKATA INX VIETNAM CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

VSIP 33 Dai Lo Tu Do, Thuan An Dist, Binh Duong

Tel

:

[+84] 650-3767811

 

:

[+84] 650-3767812

 

:

[+84] 650-3767813

 

:

[+84] 650-3767814

Fax

:

[+84] 650-3767815

Website Details

Website

:

http://www.inx.com.vn

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

:

0303177976

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Robert N. G.

Nationality

:

Malaysian

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Nguyen Thi Khoi Nguyen

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03728337

Name

:

Ms. Nguyen Thi Khoi Nguyen

 

Date of Birth

:

1979

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03728304

Name

:

Mr. Robert N. G.

Date of Birth

:

1964

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing SAKATA INX VIETNAM 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

 

CIVIL 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: USD - US Dollar)

 

Authorized Capital

:

$ 14,750,000

Paid-up Capital

:

$ 9,450,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

USD - US Dollar

 

No.

Shareholders

Country

Shares

Number

Amount (USD)

%

1

SAKATA INX CORP

Japan

n/a

9,261,000

98.00

2

SAKATA INX (MALAYSIA) SDN BHD

Malaysia

n/a

189,000

2.00

Total

n/a

9,450,000

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 - Unsecured 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 - 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

:

SAKATA INX CORP

Global Identifier

:

P0006777

Legal Form Category

:

Private Company with Limited Liability

Country

:

Japan

Operational Address

:

1-23-37 Edobori Nishi-ku Osaka-shi Osaka 5500002

Primary Business Activity

:

Manufacturer

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual  

15,495,074

14,724,782

650,590

2011 Annual  

21,294,479

17,067,931

499,520

2012 Annual (*)

26,262,229

19,188,068

733,793

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

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

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

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

2010 Annual

2011 Annual

2012 Annual

Current Assets

202,379,000,000

253,866,000,000

279,951,000,000

Non Current Assets

84,607,000,000

101,659,000,000

119,634,000,000

Non Current Liabilities

287,000,000

309,000,000

273,000,000

Other long term assets 

Total Assets

286,986,000,000

355,525,000,000

399,585,000,000

Total Liabilities

113,736,000,000

171,871,000,000

163,160,000,000

Current Liabilities

113,449,000,000

171,562,000,000

162,887,000,000

Long term liabilities 

Shareholders Funds

173,250,000,000

183,654,000,000

236,425,000,000

 

Current assets & short term investments

202,379,000,000

253,866,000,000

279,951,000,000

Cash & cash equivalents

32,847,000,000

11,323,000,000

25,725,000,000

Cash

17,701,000,000

11,323,000,000

8,035,000,000

Cash equivalents

15,146,000,000

0

17,690,000,000

Accounts receivable

115,676,000,000

153,351,000,000

176,769,000,000

Accounts receivable trade

108,274,000,000

155,593,000,000

180,140,000,000

Trade prepayment

240,000,000

0

111,000,000

Others receivables

8,845,000,000

25,000,000

279,000,000

Provision for bad debts

(1,683,000,000)

(2,267,000,000)

(3,761,000,000)

i. Inventories

49,807,000,000

83,627,000,000

73,096,000,000

ii. Inventories

50,288,000,000

84,730,000,000

75,354,000,000

Provision for decline in inventory

(481,000,000)

(1,103,000,000)

(2,258,000,000)

Other short term asset

35,000,000

0

0

Prepaid expenses

610,000,000

1,643,000,000

1,599,000,000

VAT deductible

3,404,000,000

3,922,000,000

2,762,000,000

Long term assets

84,607,000,000

101,659,000,000

119,634,000,000

Fixed assets

83,277,000,000

99,637,000,000

94,498,000,000

Tangible fixed assets

68,357,000,000

92,155,000,000

86,356,000,000

i. Cost

86,714,000,000

119,333,000,000

123,504,000,000

i. Accumulated depreciation

18,357,000,000

27,178,000,000

37,148,000,000

Intangible fixed assets

7,726,000,000

7,482,000,000

7,445,000,000

ii. Cost

8,794,000,000

8,793,000,000

9,024,000,000

ii. Accumulated depreciation

1,068,000,000

1,311,000,000

1,579,000,000

Construction in progress

7,194,000,000

0

697,000,000

i. Other long term assets

1,330,000,000

2,022,000,000

25,136,000,000

Long term prepayments

704,000,000

1,333,000,000

24,271,000,000

Asset of income tax delay

426,000,000

426,000,000

556,000,000

ii. Other long term assets

200,000,000

263,000,000

309,000,000

Total assets

286,986,000,000

355,525,000,000

399,585,000,000

Liabilities

113,736,000,000

171,871,000,000

163,160,000,000

Current liabilities

113,449,000,000

171,562,000,000

162,887,000,000

Short term borrowings

18,894,000,000

39,171,000,000

34,667,000,000

Accounts payables-trade

81,126,000,000

126,308,000,000

118,189,000,000

Advances from customers

49,000,000

10,000,000

199,000,000

Taxes and payable to state budget

9,819,000,000

407,000,000

1,190,000,000

Payable to employees

106,000,000

158,000,000

189,000,000

Accrued expenses payable

3,360,000,000

5,302,000,000

8,278,000,000

Other payables

95,000,000

206,000,000

175,000,000

Long term liabilities

287,000,000

309,000,000

273,000,000

Provision funds for unemployment

287,000,000

309,000,000

273,000,000

i. Owner's equity

173,250,000,000

183,654,000,000

236,425,000,000

ii. Owner's equity

173,250,000,000

183,654,000,000

236,425,000,000

Business capital

159,658,000,000

159,658,000,000

197,148,000,000

Retained earnings

13,592,000,000

23,996,000,000

39,277,000,000

Total resources

286,986,000,000

355,525,000,000

399,585,000,000

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

301,999,000,000

443,564,000,000

546,902,000,000

Profit (Loss) Before Tax

12,811,000,000

10,508,000,000

17,152,000,000

Profit After Tax attributable to Shareholders

12,680,000,000

10,405,000,000

15,281,000,000

 

Gross sales

301,999,000,000

443,564,000,000

546,902,000,000

Less deductions

4,426,000,000

2,834,000,000

6,712,000,000

Net income

297,573,000,000

440,730,000,000

540,190,000,000

Cost of goods sold

251,445,000,000

385,190,000,000

475,703,000,000

Gross margin

46,128,000,000

55,540,000,000

64,487,000,000

Income from financial activities

2,264,000,000

2,271,000,000

346,000,000

Expenses from financial activities

5,452,000,000

8,047,000,000

1,269,000,000

In which: Interest expenses

0

0

370,000,000

Selling expenses

10,776,000,000

15,949,000,000

18,710,000,000

General & administration expenses

19,878,000,000

23,661,000,000

28,353,000,000

Net income from operating activities

12,286,000,000

10,154,000,000

16,501,000,000

Extraordinary income

652,000,000

426,000,000

656,000,000

Extraordinary expenses

127,000,000

72,000,000

5,000,000

Extraordinary gains

525,000,000

354,000,000

651,000,000

Net profit before tax

12,811,000,000

10,508,000,000

17,152,000,000

Income tax

131,000,000

103,000,000

2,001,000,000

Income tax delay

0

0

130,000,000

Net profit after tax

12,680,000,000

10,405,000,000

15,281,000,000

 

 

Financial Ratios

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

46.88

23.30

Profitability 

Profit Margin (%)

4.20

2.35

2.79

Return on Equity (%)

7.32

5.67

6.46

Return on Assets (%)

4.42

2.93

3.82

Leverage 

Total Debt Equity (Times)

0.66

0.94

0.69

Current Debt Equity (Times)

0.65

0.93

0.69

Long Term Debt to Equity

0.00

0.00

0.00

Total Asset To Total Equity

1.66

1.94

1.69

Asset Management 

Total Assets Turnover (Times)

1.05

1.25

1.37

Fixed Assets Turnover (Times)

3.57

4.36

4.57

Liquidity 

Current Ratio

1.78

1.48

1.72

 

 

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 basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Na

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Coatings

Manufacturing, Exporting

Printing inks

Manufacturing, Exporting

Printing materials

Manufacturing, Exporting

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Chemical preparations, nspf

2899

Manufacturing, Exporting

Chemicals and Allied Products

2800

Manufacturing, Exporting

Printing inks

2893

Manufacturing, Exporting

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Chemical products and preparations of the chemical or allied industries

3824909060

Manufacturing, Exporting

Ink, printing, writing, drawing etc, concen or not

3215

Manufacturing, Exporting

Miscellaneous chemical products

3800

Manufacturing, Exporting

Printing ink, black

3215110060

Manufacturing, Exporting

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of SAKATA INX VIETNAM CO LTD is Manufacturing - Finished products.

Key products include :

Coatings

Printing inks

Printing materials


An integral part of the core business includes:

Distribution

 

 

 

Supplementary Business

 

In addition to the core business, SAKATA INX VIETNAM CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

Trading

Trading - Finished products

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

90%

International Sales (Export)

10%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

20%

Imports

80%

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

BANK OF TOKYO-MITSUBISHI UFJ LTD, THE

Global Identifier

:

P0927171

Branch

:

District 1,Ho Chi Minh

Branch Address

:

BANK OF TOKYO-MITSUBISHI UFJ LTD, THE - HO CHI MINH

SWIFT Code

:

BOTKVNVX

 

Bank Name

:

SUMITOMO MITSUI BANKING CORP

Global Identifier

:

P0927182

Branch

:

District 1,Ho Chi Minh

Branch Address

:

SUMITOMO MITSUI BANKING CORP - HO CHI MINH

SWIFT Code

:

SMBCVNVX

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

SAKATA INX VIETNAM CO LTD - HANOI, BAC NINH

Branch Address

:

TS8 Tien Son IZ, Hanoi, Bac Ninh

Branch Tel

:

84-241-3710285

Branch Fax

:

84-241-3710286

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Cambodia

Medium

Exporting

Indonesia

Medium

Importing

Japan

Medium

Importing

Malaysia

Medium

Importing

Singapore

Medium

Importing

Thailand

Medium

Importing

 

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

SAKATA INX VIETNAM CO LTD - THUAN AN DIST, BINH DUONG

Primary Use

:

Office & Administration facilities

Building Size

:

12,000 Square meters

Address

:

VSIP 33 Dai Lo Tu Do, Thuan An Dist, Binh Duong

Country

:

Vietnam

Status

:

Operational

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

26 Nov, 2003

187/GP-KCN

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.14

UK Pound

1

Rs.102.83

Euro

1

Rs.82.28

 

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.