MIRA INFORM REPORT

 

 

Report Date :

12.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

KENDA RUBBER (VIETNAM) CO LTD

 

 

Registered Office :

Ho Nai Industrial Zone Lot I-13 Rd 2, Trang Bom Dist, Dong Nai

 

 

Country :

Vietnam

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

12.02.2007

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer of Rubber & Products

 

 

No. of Employees :

1,400

 

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

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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

 

 

 

Company name and address

 

REGISTERED NAME & COMPANY SUMMARY

Organization Name

:

KENDA RUBBER (VIETNAM) CO LTD(1)

Address

:

Ho Nai Industrial Zone Lot I-13 Rd 2, Trang Bom Dist, Dong Nai

Country

:

Vietnam

Phone (S)

:

[+84] 61-3983171

Facsimile

:

[+84] 61-3983175

Primary Business Activity

:

Manufacturer

Key Industry

:

Rubber & Products

 

Registered Legal Address

:

Ho Nai Industrial Zone Lot I-13 Rd 2, Trang Bom Dist, Dong Nai

Operational Address

:

Ho Nai Industrial Zone Lot I-13 Rd 2, Trang Bom Dist, Dong Nai

Issuing Authority

:

Dept. of Planning & Investment - Dong Nai

License Number

:

472043000074

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

:

12 Feb, 2007

Employees

:

1,400

Capital

:

US$ 12,000,000

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.

 

Country

:

Vietnam

Business Entity Name

:

KENDA RUBBER (VIETNAM) CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Rubber & Products

 

Office Contact Details

Operating Address

:

Ho Nai Industrial Zone Lot I-13 Rd 2, Trang Bom Dist, Dong Nai

Tel

:

[+84] 61-3983171

 

:

[+84] 61-3983173

Fax

:

[+84] 61-3983175

 

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

:

3600248720

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Fong-Chou Huang

Nationality

:

Taiwanese

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03694584

Name

:

Mr. Fong-Chou Huang

Date of Birth

:

1959

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the KENDA RUBBER (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

 

 

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: USD - US Dollar)

Authorized Capital

:

$ 12,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

KENDA RUBBER IND CO LTD

Taiwan

n/a

n/a

100.00

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

40%

International Sales (Export)

60%

 

 

Annual Purchases Analysis

Percentage

Local Purchases

60%

Imports

40%

 

 

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

:

KENDA RUBBER IND CO LTD

Global Identifier

:

31518987

Legal Form Category

:

Public Listed Company

Country

:

Taiwan

Operational Address

:

146 Chung Shan Rd Section 1 Yuanlin Chen Changhwa Hsien 510

Primary Business Activity

:

Manufacturer

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

87,861,210

59,795,727

7,812,194

2012 Annual (*)

97,653,023

60,644,351

11,782,425

 

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

894,097,000,000

948,150,000,000

Non Current Assets

351,448,000,000

314,748,000,000

Non Current Liabilities

30,132,000,000

11,311,000,000

Share Capital

249,936,000,000

249,936,000,000

Other long term assets 

Total Assets

1,245,545,000,000

1,262,898,000,000

Total Liabilities

605,672,000,000

377,660,000,000

Current Liabilities

575,540,000,000

366,349,000,000

Long term liabilities 

Shareholders Funds

639,873,000,000

885,238,000,000

 

Current assets & short term investments

894,097,000,000

948,150,000,000

Cash & cash equivalents

17,508,000,000

91,261,000,000

Cash

17,508,000,000

91,261,000,000

Accounts receivable

304,649,000,000

459,447,000,000

Accounts receivable trade

296,207,000,000

451,868,000,000

Trade prepayment

7,995,000,000

7,316,000,000

Others receivables

447,000,000

263,000,000

I. Inventories

520,985,000,000

379,764,000,000

II. Inventories

520,985,000,000

380,955,000,000

Provision for decline in inventory

-

(1,191,000,000)

I. Other short term asset

50,955,000,000

17,678,000,000

Prepaid expenses

10,660,000,000

5,578,000,000

VAT deductible

39,932,000,000

11,754,000,000

II. Other short term asset

363,000,000

346,000,000

Long term assets

351,448,000,000

314,748,000,000

Fixed assets

342,685,000,000

305,515,000,000

Tangible fixed assets

322,338,000,000

305,061,000,000

Cost

600,735,000,000

629,204,000,000

Accumulated depreciation

278,397,000,000

324,143,000,000

Construction in progress

20,347,000,000

454,000,000

Other long term assets

8,763,000,000

9,233,000,000

Long term prepayments

7,575,000,000

8,267,000,000

Asset of income tax delay

1,188,000,000

966,000,000

Total assets

1,245,545,000,000

1,262,898,000,000

Liabilities

605,672,000,000

377,660,000,000

Current liabilities

575,540,000,000

366,349,000,000

Short term borrowings

103,321,000,000

23,271,000,000

Accounts payables-trade

421,356,000,000

311,997,000,000

Advances from customers

1,756,000,000

684,000,000

Taxes and payable to state budget

20,299,000,000

11,447,000,000

Payable to employees

11,164,000,000

6,502,000,000

Accrued expenses payable

17,537,000,000

12,247,000,000

Other payables

107,000,000

201,000,000

Long term liabilities

30,132,000,000

11,311,000,000

Long term borrowings

28,334,000,000

11,311,000,000

Provision funds for unemployment

1,798,000,000

-

Owner's equity

639,873,000,000

885,238,000,000

Business capital

249,936,000,000

249,936,000,000

Retained earnings

389,937,000,000

635,302,000,000

Total resources

1,245,545,000,000

1,262,898,000,000

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

Turnover

1,830,149,000,000

2,033,591,000,000

Profit (Loss) Before Tax

190,954,000,000

308,075,000,000

Profit After Tax attributable to Shareholders

162,728,000,000

245,365,000,000

 

Gross sales

1,830,149,000,000

2,033,591,000,000

Less deductions

22,608,000,000

26,287,000,000

Net income

1,807,541,000,000

2,007,304,000,000

Cost of goods sold

1,533,535,000,000

1,603,443,000,000

Gross margin

274,006,000,000

403,861,000,000

Income from financial activities

4,298,000,000

1,867,000,000

Expenses from financial activities

9,386,000,000

5,055,000,000

In which: Interest expenses

4,025,000,000

3,459,000,000

Selling expenses

63,803,000,000

79,859,000,000

General & administration expenses

12,938,000,000

11,028,000,000

Net income from operating activities

192,177,000,000

309,786,000,000

Extraordinary income

125,000,000

2,359,000,000

Extraordinary expenses

1,348,000,000

4,070,000,000

Extraordinary gains

(1,223,000,000)

(1,711,000,000)

Net profit before tax

190,954,000,000

308,075,000,000

Income tax

28,753,000,000

62,489,000,000

Income tax delay

527,000,000

(221,000,000)

Net profit after tax

162,728,000,000

245,365,000,000

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

11.12

Profitability 

Profit Margin (%)

8.89

12.07

Return on Equity (%)

25.43

27.72

Return on Assets (%)

13.06

19.43

Leverage 

Total Debt Equity (Times)

0.95

0.43

Current Debt Equity (Times)

0.90

0.41

Long Term Debt to Equity

0.05

0.01

Total Asset To Total Equity

1.95

1.43

Asset Management 

Total Assets Turnover (Times)

1.47

1.61

Fixed Assets Turnover (Times)

5.21

6.46

Liquidity 

Current Ratio

1.55

2.59

 

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 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

Inner tubes

Manufacturing, Exporting

Tires

Manufacturing, Exporting

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Tires & Tubes

5014

Manufacturing, Exporting

Tires and inner tubes

3011

Manufacturing, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Inner tubes for tires, of rubber

4013

Manufacturing, Exporting

New pneumatic tires, of rubber

4011

Manufacturing, Exporting

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of KENDA RUBBER (VIETNAM) CO LTD is Manufacturing - Finished products.

Key products include :

Inner tubes

Tires


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, KENDA RUBBER (VIETNAM) CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

BANK DETAILS

Bank Name

:

CHINA TRUST COMMERCIAL BANK

Global Identifier

:

P0839418

Branch

:

District 1,Ho Chi Minh

Branch Address

:

CHINA TRUST COMMERCIAL BANK, HO CHI MINH

SWIFT Code

:

CTCBVNVX

 

Bank Name

:

TAIPEI FUBON COMMERCIAL BANK CO LTD BINH THANH BRANCH

Global Identifier

:

P1392674

Branch

:

Binh Thanh,Ho Chi Minh

Branch Address

:

5Fl, 194 Golden Bldg 473 Dien Bien Phu Ward 25 Binh Thanh Ho Chi Minh (Head Office)

SWIFT Code

:

TPBKVNVX

 

 

INTERNATIONAL TRADE

 

Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

China

Medium

Importing

Japan

Medium

Exporting

Taiwan

Medium

Importing, Exporting

 

OFFICE & FACILITIES

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

Name

:

KENDA RUBBER (VIETNAM) CO LTD - TRANG BOM DIST, DONG NAI

Primary Use

:

Office & Administration facilities

Address

:

Ho Nai Industrial Zone Lot I-13 Rd 2, Trang Bom Dist, Dong Nai

Country

:

Vietnam

Status

:

Operational

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

3 Apr, 1997

1873/GP

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.05

UK Pound

1

Rs.101.65

Euro

1

Rs.83.07

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.