MIRA INFORM REPORT

 

 

Report Date :

11.03.2013

 

IDENTIFICATION DETAILS

 

Name :

VINALINES LOGISTICS - VIETNAM JSC

 

 

Registered Office :

Rm 405, 4Fl Ocean Park Bldg 1 Dao Duy Anh Phuong Mai Ward, Dong Da, Hanoi

 

 

Country :

Vietnam

 

 

Financials (as on) :

2011

 

 

Date of Incorporation :

11.08.2011

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Provider of Logistic services

 

 

No. of Employees :

150

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 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

:

VINALINES LOGISTICS - VIETNAM JSC

Address

:

Rm 405, 4Fl Ocean Park Bldg 1 Dao Duy Anh Phuong Mai Ward, Dong Da, Hanoi

Country

:

Vietnam

Phone (S)

:

[+84] 4-35772048

Facsimile

:

[+84] 4-35772046

Email

:

info@vinalineslogistics.com.vn

Website

:

http://www.vinalineslogistics.com.vn

Primary Business Activity

:

Service

Key Industry

:

Transportation

 

Key Facts

Registered Legal Address

:

Rm 405, 4Fl Ocean Park Bldg 1 Dao Duy Anh Phuong Mai Ward, Dong Da, Hanoi

Operational Address

:

Rm 405, 4Fl Ocean Park Bldg 1 Dao Duy Anh Phuong Mai Ward, Dong Da, Hanoi

Trading Name

:

VINALINES LOGISTIC JSC

Issuing Authority

:

Dept. of Planning & Investment - Hanoi

License Number

:

0102345275

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 Aug, 2011

Employees

:

150

Capital

:

US$ 6,766,395

 

Report Details

 

 

 

Country

:

Vietnam

Business Entity Name

:

VINALINES LOGISTICS - VIETNAM JSC

Primary Business Activity

:

Service

Primary Industry

:

Transportation

Office Contact Details

Operating Address

:

Rm 405, 4Fl Ocean Park Bldg 1 Dao Duy Anh Phuong Mai Ward, Dong Da, Hanoi

Tel

:

[+84] 4-35772048

 

:

[+84] 4-35772047

Fax

:

[+84] 4-35772046

Email

:

info@vinalineslogistics.com.vn

Website Details

Website

:

http://www.vinalineslogistics.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

:

0102345275

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Mai Le Loi

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Viet Anh

Vietnamese

Deputy Managing Director

-

2

Mr. Pham Thanh Giang

Vietnamese

Deputy Managing Director

-

3

Mr. Pham Ba Ngan

Vietnamese

Deputy Managing Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03134525

Name

:

Mr. Nguyen Viet Anh

 

Date of Birth

:

1976

 

 

Management Details - 2

Personal Unique Identifier

:

MI03530586

Name

:

Mr. Pham Thanh Giang

 

Date of Birth

:

1979

 

 

Management Details - 3

Personal Unique Identifier

:

MI03134526

Name

:

Mr. Pham Ba Ngan

 

Date of Birth

:

1976

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03134489

Name

:

Mr. Mai Le Loi

Date of Birth

:

1972

Nationality

:

Vietnamese

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the VINALINES LOGISTICS - VIETNAM JSC'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

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

142,121,300,000

 

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

VIETNAM NATIONAL SHIPPING LINES

Vietnam

n/a

n/a

51.00

2

Undisclosed Shareholders

n/a

n/a

n/a

49.00

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.

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

 

Direct Parent

:

VIETNAM NATIONAL SHIPPING LINES

Global Identifier

:

T0006874

Legal Form Category

:

Government-owned Enterprise

Country

:

Vietnam

Operational Address

:

201 Kham Thien St Dong Da Dist Hanoi

Primary Business Activity

:

Service

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual  

81,823,448

10,569,112

351,360

2011 Annual (*)

110,178,205

10,047,528

380,797

 

Sales Trend – Analysis

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

-

-

-

-

-

-

-

-

-

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

Current Assets

119,543,000,000

93,801,000,000

Non Current Assets

86,449,000,000

115,489,000,000

Non Current Liabilities

27,781,000,000

21,525,000,000

Share Capital

142,121,000,000

142,121,000,000

Other long term assets 

Total Assets

205,992,000,000

209,290,000,000

Total Liabilities

47,926,000,000

51,999,000,000

Current Liabilities

20,145,000,000

30,474,000,000

Long term liabilities 

Shareholders Funds

158,066,000,000

157,291,000,000

 

Assets 

Current assets & short term investments

119,543,000,000

93,801,000,000

Cash & cash equivalents

2,934,000,000

20,018,000,000

Cash

2,934,000,000

20,018,000,000

Short term investments

65,834,000,000

16,000,000,000

Short term securities investments

65,834,000,000

16,000,000,000

Accounts receivable

41,620,000,000

49,991,000,000

Accounts receivable trade

23,035,000,000

40,255,000,000

Trade prepayment

6,252,000,000

610,000,000

Inter company receivables

6,210,000,000

-

Others receivables

6,123,000,000

9,126,000,000

i. Other short term asset

9,155,000,000

7,792,000,000

VAT deductible

4,835,000,000

5,894,000,000

Other tax receivables

-

19,000,000

ii. Other short term asset

4,320,000,000

1,879,000,000

Long term assets

86,449,000,000

115,489,000,000

Fixed assets

85,135,000,000

109,079,000,000

Tangible fixed assets

14,178,000,000

24,191,000,000

i. Cost

18,224,000,000

30,414,000,000

Accumulated depreciation

4,046,000,000

6,223,000,000

Intangible fixed assets

5,650,000,000

-

ii. Cost

5,650,000,000

-

Construction in progress

65,307,000,000

84,888,000,000

Long term investments

1,000,000,000

1,000,000,000

Invest to joint venture company

1,000,000,000

1,000,000,000

i. Other long term assets

314,000,000

5,410,000,000

Long term prepayments

314,000,000

189,000,000

ii. Other long term assets

-

5,221,000,000

Total assets

205,992,000,000

209,290,000,000

Liabilities

47,926,000,000

51,999,000,000

Current liabilities

20,145,000,000

30,474,000,000

Short term borrowings

-

9,373,000,000

Accounts payables-trade

15,296,000,000

10,348,000,000

Advances from customers

1,316,000,000

1,004,000,000

Taxes and payable to state budget

1,917,000,000

6,900,000,000

Payable to employees

1,378,000,000

482,000,000

Accrued expenses payable

-

164,000,000

Other payables

238,000,000

2,203,000,000

Long term liabilities

27,781,000,000

21,525,000,000

Long term borrowings

27,750,000,000

21,425,000,000

Provision funds for unemployment

31,000,000

100,000,000

Owner's equity

158,066,000,000

157,291,000,000

i. Owner's equity

158,391,000,000

157,291,000,000

Business capital

142,121,000,000

142,121,000,000

Shares

-

(500,000,000)

Foreign exchange differences

-

1,098,000,000

Business development funds

4,258,000,000

5,169,000,000

Financial reserved funds

868,000,000

1,210,000,000

Other funds from owner's equity

181,000,000

54,000,000

Retained earnings

-

8,139,000,000

Capital investment sources

10,963,000,000

-

Budget sources

(325,000,000)

-

Bonus and welfare funds

(325,000,000)

-

Total resources

205,992,000,000

209,290,000,000

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

Turnover

1,594,739,000,000

2,295,012,000,000

Profit (Loss) Before Tax

9,130,000,000

10,576,000,000

Profit After Tax attributable to Shareholders

6,848,000,000

7,932,000,000

 

Gross sales

1,594,739,000,000

2,295,012,000,000

Net income

1,594,739,000,000

2,295,012,000,000

Cost of goods sold

1,589,949,000,000

2,286,187,000,000

Gross margin

4,790,000,000

8,825,000,000

Income from financial activities

9,157,000,000

8,531,000,000

Expenses from financial activities

451,000,000

613,000,000

In which: Interest expenses

451,000,000

612,000,000

General & administration expenses

4,367,000,000

6,160,000,000

Net income from operating activities

9,129,000,000

10,583,000,000

Extraordinary income

16,000,000

16,000,000

Extraordinary expenses

15,000,000

23,000,000

Extraordinary gains

1,000,000

(7,000,000)

Net profit before tax

9,130,000,000

10,576,000,000

Income tax

2,282,000,000

2,644,000,000

Net profit after tax

6,848,000,000

7,932,000,000

 

 

Financial Ratios

 

Financial Highlights

2010 Annual

2011 Annual

Growth % 

Year-on-Year Growth

-

43.91

Profitability 

Profit Margin (%)

0.43

0.35

Return on Equity (%)

4.33

5.04

Return on Assets (%)

3.32

3.79

Leverage 

Total Debt Equity (Times)

0.30

0.33

Current Debt Equity (Times)

0.13

0.19

Long Term Debt to Equity

0.18

0.14

Total Asset To Total Equity

1.30

1.33

Asset Management 

Total Assets Turnover (Times)

7.74

10.97

Fixed Assets Turnover (Times)

18.45

19.87

Liquidity 

Current Ratio

5.93

3.08

 

 

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

 

Primary Products

Products / Materials / Services Description

Activity

Logistic services

Service

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Arrange Trans Freight/Cargo

4731

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 VINALINES LOGISTICS - VIETNAM JSC is Specialized professional services, including:

·         Logistic services


Key service include :

·         Logistic services

 

 

 

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

VIETNAM INT'L COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0741176

Branch

:

Dong Da,Hanoi

Branch Address

:

8Fl-10Fl Viet Tower Bldg 198B Tay Son Trung Liet Ward Dong Da Hanoi (Head Office)

SWIFT Code

:

VNIBVNVX

 

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

VINALINES LOGISTICS - VIETNAM JSC - HAI PHONG

Branch Address

:

547 Le Thanh Tong Van My Ward, Hai Phong

 

Branch

:

VINALINES LOGISTICS - VIETNAM JSC - QUANG NINH

Branch Address

:

1 Cai Lan St Bai Chay Ward, Quang Ninh

 

Branch

:

VINALINES LOGISTICS - VIETNAM JSC - DISTRICT 4, HO CHI MINH

Branch Address

:

37 Hoang Dieu Ward 12, District 4, Ho Chi Minh

 

Branch

:

VINALINES LOGISTICS - VIETNAM JSC - LAO CAI

Branch Address

:

Lot F9 - F 10 Dong Pho Moi Industrial Park, Lao Cai

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

VINALINES LOGISTICS - VIETNAM JSC - DONG DA, HANOI

Address

:

Rm 405, 4Fl Ocean Park Bldg 1 Dao Duy Anh Phuong Mai Ward, Dong Da, Hanoi

Country

:

Vietnam

Status

:

Operational

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

10 Aug, 2007

0103018983

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.20

UK Pound

1

Rs.102.35

Euro

1

Rs.84.95

 

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.