MIRA INFORM REPORT

 

 

Report Date :

20.11.2014

 

IDENTIFICATION DETAILS

 

Name :

LOCVUNG TRADING AND IMPORT - EXPORT CO LTD

 

 

Registered Office :

356 Ba Trieu St Dong Kinh Ward, Lang Son, Lang Son

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2013

 

 

Date of Incorporation :

30.10.2013

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Trader of Agricultural Products.

 

 

No. of Employees :

10

 

 

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 :

Slow but correct

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Vietnam

B1

A2

 

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 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

:

LOCVUNG TRADING AND IMPORT - EXPORT CO LTD (1)

Address

:

356 Ba Trieu St Dong Kinh Ward, Lang Son, Lang Son

Country

:

Vietnam

Phone (S)

:

[+84] 25-3872251

Primary Business Activity

:

Trader

Key Industry

:

Agricultural Products

 

 

DIRECTORS/MANAGEMENT

 

 Key Person

Legal Title

:

Managing Director

Name

:

Ms. Le Thi Kim

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Nguyen Bich Tam

Vietnamese

Chief Accountant

-

Management Details - 1

Personal Unique Identifier

:

MI03791476

Name

:

Ms. Nguyen Bich Tam

 

Date of Birth

:

1984

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03791470

Name

:

Ms. Le Thi Kim

Date of Birth

:

1970

 

 

NEGATIVE INFORMATION

 

REPUTATION

Due to the recent incorporation of the LOCVUNG TRADING AND IMPORT - EXPORT CO LTD, and the relatively small nature of its business, no meaningful points of reference in terms of reputation within the respective industry was possible.

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital

:

US$ 94,976

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 2,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Ms. Le Thi Kim

Vietnam

n/a

n/a

50.00

2

Ms. Nguyen Thi Chien

Vietnam

n/a

n/a

50.00

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

 

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

Year

Imports

Exports

Total

2013

n/a

226,384

226,384

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

0%

International Sales (Export)

100%

Annual Purchases Analysis

Percentage

Local Purchases

0%

Imports

100%

 

PAYMENT TERMS

Selling

Type

Terms

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

Purchasing

Type

Terms

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/A

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2013 Annual

226,384

206,799

522

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

Current Assets(*)

4,361,000,000

Non Current Liabilities(*)

0

Share Capital(*)

2,000,000,000

Other long term assets 

Total Assets(*)

4,361,000,000

Total Liabilities(*)

2,349,000,000

Current Liabilities(*)

2,349,000,000

Long term liabilities 

Shareholders Funds(*)

2,012,000,000

 

Current assets & short term investments

4,361,000,000

Cash & cash equivalents

693,000,000

Cash

693,000,000

Accounts receivable

2,480,000,000

Accounts receivable trade

1,310,000,000

Trade prepayment

1,170,000,000

Inventories

1,182,000,000

Other short term asset

6,000,000

VAT deductible

6,000,000

Total assets

4,361,000,000

Liabilities

2,349,000,000

Current liabilities

2,349,000,000

Accounts payables-trade

2,298,000,000

Taxes and payable to state budget

51,000,000

Owner's equity

2,012,000,000

Business capital

2,000,000,000

Retained earnings

12,000,000

Total resources

4,361,000,000

Note: (*)

Financial Highlights

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

Turnover(*)

4,774,000,000

Profit (Loss) Before Tax(*)

15,000,000

Profit After Tax attributable to Shareholders(*)

11,000,000

 

Gross sales

4,774,000,000

Net income

4,774,000,000

Cost of goods sold

4,651,000,000

Gross margin

123,000,000

General & administration expenses

108,000,000

Net income from operating activities

15,000,000

Net profit before tax

15,000,000

Income tax

4,000,000

Net profit after tax

11,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights

2013 Annual

Profitability 

Profit Margin (%)

0.23

Return on Equity (%)

0.55

Return on Assets (%)

0.25

Leverage 

Total Debt Equity (Times)

1.17

Current Debt Equity (Times)

1.17

Total Asset To Total Equity

2.17

Asset Management 

Total Assets Turnover (Times)

1.09

Liquidity 

Current Ratio

1.86

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

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Key Facts

Registered Legal Address

:

356 Ba Trieu St Dong Kinh Ward, Lang Son, Lang Son

Operational Address

:

356 Ba Trieu St Dong Kinh Ward, Lang Son, Lang Son

Trading Name

:

LOCVUNG CO LTD

Issuing Authority

:

Dept. of Planning & Investment - Lang Son

License Number

:

4900765168

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

:

30 Oct, 2013

Employees

:

10

 

 

Report Details

Country

:

Vietnam

Business Entity Name

:

LOCVUNG TRADING AND IMPORT - EXPORT CO LTD

Primary Business Activity

:

Trader

Primary Industry

:

Agricultural Products

Office Contact Details

Operating Address

:

356 Ba Trieu St Dong Kinh Ward, Lang Son, Lang Son

Mobile

:

[+84]-978458889 (*)

Fax

:

[+84] 25-3872251

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

:

4900765168

Note (*):

There exists no known land telephone line that is being used by the Subject Business Entity (SBE) in connection to their business, which is uncommon in normal / regular businesses. The SBE ONLY operates using a Mobile phone as the primary point of contact.
In such scenarios, there is no ability to legally associate any relationship between the SBE and the person/s answering the mobile phone.
Caution is advised.

 

 Primary Products

Products / Materials / Services Description

Activity

Agricultural products

Trading

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Agricultural Production-Crops

0100

Trading

Farm-Prdt Raw Materials, NEC

5159

Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Oil seeds/misc. grains/med. plants/straw

1200

Trading

 

 

 

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of LOCVUNG TRADING AND IMPORT - EXPORT CO LTD is Trading - Finished products.

Key product include:

Agricultural products

Supplementary Business

In addition to the core business, LOCVUNG TRADING AND IMPORT - EXPORT CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

 

 

BANK DETAILS

Bank Name

:

VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408999

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM TECHNOLOGICAL

SWIFT Code

:

VTCBVNVX

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

China

Medium

Importing, Exporting

 

 

 

 

 

 

OFFICE & FACILITIES

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

 

Name

:

LOCVUNG TRADING AND IMPORT - EXPORT CO LTD - LANG SON, LANG SON

Primary Use

:

Office & Administration facilities

Address

:

356 Ba Trieu St Dong Kinh Ward, Lang Son, Lang Son

Country

:

Vietnam

Status

:

Operational

 

 

 

 

NOTES & COMMENTS

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.83

UK Pound

1

Rs.96.56

Euro

1

Rs.77.42

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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.