MIRA INFORM REPORT

 

 

Report Date :

28.05.2014

 

IDENTIFICATION DETAILS

 

Name :

CT POLYMER CO LTD

 

 

Registered Office :

Lot A10 Nhon Trach III Industrial Park Formosa FIC, Nhon Trach Dist, Dong Nai

 

 

Country :

Viet nam

 

 

Financials (as on) :

December 2012

 

 

Date of Incorporation :

21.07.2008

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer & Exporter of Chemicals & Glue

 

 

No of Employees :

32

 

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

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

CT POLYMER CO LTD(1)

Address

:

Lot A10 Nhon Trach III Industrial Park Formosa FIC, Nhon Trach Dist, Dong Nai

Country

:

Vietnam

Phone (S)

:

[+84] 61-3560544

Facsimile

:

[+84] 61-3560546

Email

:

ct.polymer88@gmail.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

Registered Legal Address

:

Lot A10 Nhon Trach III Industrial Park Formosa FIC, Nhon Trach Dist, Dong Nai

Operational Address

:

Lot A10 Nhon Trach III Industrial Park Formosa FIC, Nhon Trach Dist, Dong Nai

Issuing Authority

:

People's Committee - Dong Nai

License Number

:

472023000592

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

:

21 Jul, 2008

Employees

:

32

Capital

:

US$ 840,000

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

:

CT POLYMER CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

Lot A10 Nhon Trach III Industrial Park Formosa FIC, Nhon Trach Dist, Dong Nai

Tel

:

[+84] 61-3560544

 

:

[+84] 61-3560545

Fax

:

[+84] 61-3560546

Email

:

ct.polymer88@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

:

3600639065

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Sang-Woong Lim

Nationality

:

Korean

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI02033559

Name

:

Mr. Sang-Woong Lim

Date of Birth

:

1948

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the CT POLYMER 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

:

$ 840,000

 

Date

Authorized Capital - History

24 May, 2003

424,246

2013

840,000

 

SHAREHOLDERS

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

USD - US Dollar

 

No.

Shareholders

Country

Shares

Number

Amount (USD)

%

1

Mr. Sang-Woong Lim

Korea, South (Republic of Korea)

n/a

n/a

67.00

2

Mr. Dae-Yeol Chung

Korea, South (Republic of Korea)

n/a

n/a

33.00

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 - 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

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual  

3,987,173

1,640,585

17,855

2011 Annual  

3,370,523

1,326,020

21,603

2012 Annual (*)

3,844,192

1,742,886

130,374

 

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

3,451,369

1,826,003

236,649

 

 

FINANCIAL STATEMENT - DETAILED

 

 

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Current Assets

30,531,000,000

26,653,000,000

33,538,000,000

Non Current Assets

1,444,000,000

968,000,000

2,757,000,000

Non Current Liabilities

40,000,000

34,000,000

0

Share Capital

-

-

-

Total Reserves

-

-

-

Other long term assets 

Total Assets

31,975,000,000

27,621,000,000

36,295,000,000

Total Liabilities

20,557,000,000

15,661,000,000

20,231,000,000

Current Liabilities

20,517,000,000

15,627,000,000

20,231,000,000

Long term liabilities 

Shareholders Funds

11,418,000,000

11,960,000,000

16,064,000,000

 

Assets 

Current assets & short term investments

30,531,000,000

26,653,000,000

33,538,000,000

Cash & cash equivalents

778,000,000

610,000,000

905,000,000

Cash

778,000,000

610,000,000

905,000,000

Accounts receivable

14,627,000,000

11,769,000,000

16,131,000,000

Accounts receivable trade

14,540,000,000

12,491,000,000

15,416,000,000

Trade prepayment

21,000,000

21,000,000

715,000,000

Others receivables

66,000,000

180,000,000

-

Provision for bad debts

-

(923,000,000)

-

Inventories

5,383,000,000

4,685,000,000

8,410,000,000

I. Other short term asset

9,743,000,000

9,589,000,000

8,092,000,000

Prepaid expenses

256,000,000

99,000,000

-

VAT deductible

-

-

684,000,000

II. Other short term asset

9,487,000,000

9,490,000,000

7,408,000,000

Long term assets

1,444,000,000

968,000,000

2,757,000,000

Fixed assets

1,379,000,000

903,000,000

2,757,000,000

Tangible fixed assets

1,379,000,000

903,000,000

2,757,000,000

Cost

5,975,000,000

5,988,000,000

8,532,000,000

Accumulated depreciation

4,596,000,000

5,085,000,000

5,775,000,000

Other long term assets

65,000,000

65,000,000

-

Total assets

31,975,000,000

27,621,000,000

36,295,000,000

Liabilities

20,557,000,000

15,661,000,000

20,231,000,000

Current liabilities

20,517,000,000

15,627,000,000

20,231,000,000

Short term borrowings

7,773,000,000

6,728,000,000

7,853,000,000

Accounts payables-trade

9,316,000,000

7,053,000,000

6,327,000,000

Advances from customers

2,227,000,000

-

2,095,000,000

Taxes and payable to state budget

131,000,000

282,000,000

1,334,000,000

Payable to employees

916,000,000

784,000,000

633,000,000

Other payables

154,000,000

780,000,000

1,949,000,000

I. Bonus and welfare funds

-

-

40,000,000

Long term liabilities

40,000,000

34,000,000

-

Provision funds for unemployment

40,000,000

34,000,000

-

I. Owner's equity

11,418,000,000

11,960,000,000

16,064,000,000

II. Owner's equity

11,377,000,000

11,920,000,000

16,064,000,000

Business capital

11,468,000,000

11,468,000,000

14,700,000,000

Foreign exchange differences

(633,000,000)

-

-

Business development funds

81,000,000

81,000,000

80,000,000

Retained earnings

461,000,000

371,000,000

1,284,000,000

Budget sources

41,000,000

40,000,000

-

II. Bonus and welfare funds

41,000,000

40,000,000

-

Total resources

31,975,000,000

27,621,000,000

36,295,000,000

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

77,710,000,000

70,208,000,000

80,054,000,000

Profit (Loss) Before Tax

376,000,000

624,000,000

3,137,000,000

Profit After Tax attributable to Shareholders

348,000,000

450,000,000

2,715,000,000

 

Gross sales

77,710,000,000

70,208,000,000

80,054,000,000

Less deductions

0

36,000,000

182,000,000

Net income

77,710,000,000

70,172,000,000

79,872,000,000

Cost of goods sold

63,465,000,000

55,955,000,000

62,742,000,000

Gross margin

14,245,000,000

14,217,000,000

17,130,000,000

Income from financial activities

61,000,000

243,000,000

66,000,000

Expenses from financial activities

2,078,000,000

2,177,000,000

2,034,000,000

In which: Interest expenses

0

937,000,000

1,210,000,000

Selling expenses

6,416,000,000

3,801,000,000

4,812,000,000

General & administration expenses

4,280,000,000

7,957,000,000

7,235,000,000

Net income from operating activities

1,532,000,000

525,000,000

3,115,000,000

Extraordinary income

467,000,000

154,000,000

22,000,000

Extraordinary expenses

1,623,000,000

55,000,000

0

Extraordinary gains

(1,156,000,000)

99,000,000

22,000,000

Net profit before tax

376,000,000

624,000,000

3,137,000,000

Income tax

28,000,000

174,000,000

422,000,000

Net profit after tax

348,000,000

450,000,000

2,715,000,000

 

 

Financial Ratios

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

(9.65)

14.02

Profitability 

Profit Margin (%)

0.45

0.64

3.39

Return on Equity (%)

3.05

3.76

16.90

Return on Assets (%)

1.09

1.63

7.48

Leverage 

Total Debt Equity (Times)

1.80

1.31

1.26

Current Debt Equity (Times)

1.80

1.31

1.26

Long Term Debt to Equity

0.00

0.00

-

Total Asset To Total Equity

2.80

2.31

2.26

Asset Management 

Total Assets Turnover (Times)

2.43

2.54

2.21

Fixed Assets Turnover (Times)

53.82

72.53

29.04

Liquidity 

Current Ratio

1.49

1.71

1.66

 

 

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.

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Chemicals

Manufacturing, Exporting

Glue

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2010

n/a

1,594,869

1,594,869

2011

n/a

1,348,209

1,348,209

2012

n/a

1,537,677

1,537,677

 

 

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

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Albuminoidal sub, starches, glues, enzymes

3500

Manufacturing, Exporting

Chemical products and preparations of the chemical or allied industries

3823905050

Manufacturing, Exporting

Gelatin & deriv; isinglass; glues, animal

3503

Manufacturing, Exporting

Miscellaneous chemical products

3800

Manufacturing, Exporting

Prepared glues & adhesives nesoi; glue retail pack

3506

Manufacturing, Exporting

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of CT POLYMER CO LTD is Manufacturing - Finished products.

Key products include :

·                     Chemicals

·                     Glue


An integral part of the core business includes:

·                     Distribution

 

 

 

Supplementary Business

 

In addition to the core business, CT POLYMER CO LTD also is engaged in the following areas of business:

1.                  Exporting

·                     Exporting - Finished products

2.                  Importing

·                     Importing - Raw materials

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

60%

International Sales (Export)

40%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

40%

Imports

60%

 

 

 

 

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

:

31-33 Ngo Quyen Hanoi (Head Office)

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

SHINHAN VIETNAM BANK LTD

Global Identifier

:

P1885646

SWIFT Code

:

This bank does not have a SWIFT Code

 

Bank Name

:

VIETNAM INT'L BANK

Global Identifier

:

P1005205

Branch Address

:

Ba Dinh (Head Office)

SWIFT Code

:

This bank does not have a SWIFT Code

 

 

 

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

 

 

 

Year

Imports

Exports

Total

2007

n/a

862,842

862,842

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

China

Medium

Importing

Japan

Medium

Importing, Exporting

Korea, South (Republic of Korea)

Medium

Importing, Exporting

Myanmar

Medium

Exporting

Sri Lanka

Medium

Exporting

Taiwan

Medium

Importing

Thailand

Medium

Importing

 

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

CT POLYMER CO LTD - NHON TRACH DIST, DONG NAI

Primary Use

:

Office & Administration facilities

Building Size

:

3,000 Square meters

Address

:

Lot A10 Nhon Trach III Industrial Park Formosa FIC, Nhon Trach Dist, Dong Nai

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

 

 

PREVIOUS CONTACT DETAILS

 

 

 

E-mail

:

kangwooyoung@gmail.com

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

24 May, 2003

217/GP-KCN-DN


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.06

UK Pound

1

Rs.99.61

Euro

1

Rs.88.60

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.