MIRA INFORM REPORT

 

 

Report Date :

24.11.2014

 

IDENTIFICATION DETAILS

 

Name :

VAN LOI CO LTD

 

 

Registered Office :

1D Tran Nhan Tong St, Kontum, Kontum

 

 

Country :

Vietnam

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

24.01.2003

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Subject is engaged in manufacturing of Finished products


Key product include :

·         Latex rubber

 

 

No of Employees :

110

 

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 – 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

:

VAN LOI CO LTD (1)

Address

:

1D Tran Nhan Tong St, Kontum, Kontum

Country

:

Vietnam

Phone (S)

:

[+84] 60-3868314

Facsimile

:

[+84] 60-3868314

Email

:

tranthanh2709@gmail.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Rubber & Products

 

Key Facts

 

Registered Legal Address

:

1D Tran Nhan Tong St, Kontum, Kontum

Operational Address

:

1D Tran Nhan Tong St, Kontum, Kontum

Issuing Authority

:

Dept. of Planning & Investment - Kontum

License Number

:

6100185517

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

:

24 Jan, 2003

Employees

:

110

Capital

:

US$ 1,432,090

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

:

VAN LOI CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Rubber & Products

Office Contact Details

Operating Address

:

1D Tran Nhan Tong St, Kontum, Kontum

Tel

:

[+84] 60-3868314

Fax

:

[+84] 60-3868314

Email

:

tranthanh2709@gmail.com

Factory Contact Details

Address

:

Khuc Long Hamlet, Sa Thay, Kontum

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

:

6100185517

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Vu Trong Dan

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Tran Thi Thanh

Vietnamese

Chief Accountant

-

2

Ms. Dinh Thi Anh Van

Vietnamese

Deputy Managing Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI02922628

Name

:

Ms. Tran Thi Thanh

 

Date of Birth

:

1984

Country of Residence

:

Vietnam

 

 

Management Details - 2

Personal Unique Identifier

:

MI02922633

Name

:

Ms. Dinh Thi Anh Van

 

Date of Birth

:

1974

Country of Residence

:

Vietnam

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI02922631

Name

:

Mr. Vu Trong Dan

Date of Birth

:

1974

Country of Residence

:

Vietnam

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing VAN LOI 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

 

 

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 (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

₫ 30,000,000,000

 

Date

Authorized Capital - History

24 Jan, 2003

13,000,000,000

2013

17,000,000,000

2014

30,000,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Vu Trong Dan

Vietnam

n/a

n/a

99.68

2

Mr. Dinh Khac Tan

Vietnam

n/a

n/a

0.16

3

Mr. Truong Van Hau

Vietnam

n/a

n/a

0.16

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

28,290,975

2,475,468

107,633

2012 Annual  

29,962,458

3,829,642

120,050

2013 Annual  

32,516,695

9,502,568

127,987

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

 

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

 

Year

Sales

Assets

Net Income

2008 Annual

13,811,218

1,121,230

28,589

2009 Annual

11,086,989

2,036,546

39,910

 

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

35,188,000,000

61,970,000,000

162,499,000,000

Non Current Assets(*)

16,376,000,000

17,781,000,000

37,892,000,000

Non Current Liabilities(*)

0

0

36,000,000

Share Capital(*)

13,000,000,000

13,000,000,000

17,000,000,000

Other long term assets 

Total Assets(*)

51,564,000,000

79,751,000,000

200,391,000,000

Total Liabilities(*)

32,997,000,000

58,832,000,000

177,116,000,000

Current Liabilities(*)

32,997,000,000

58,832,000,000

177,080,000,000

Long term liabilities 

Shareholders Funds(*)

18,567,000,000

20,919,000,000

23,275,000,000

 

Current assets & short term investments

35,188,000,000

61,970,000,000

162,499,000,000

Cash & cash equivalents

1,619,000,000

6,842,000,000

8,684,000,000

Cash

1,619,000,000

6,842,000,000

8,684,000,000

Accounts receivable

3,898,000,000

4,447,000,000

11,500,000,000

Accounts receivable trade

3,898,000,000

4,447,000,000

-

Others receivables

-

-

11,500,000,000

I. Inventories

26,913,000,000

49,425,000,000

137,320,000,000

II. Inventories

26,913,000,000

49,425,000,000

137,320,000,000

I. Other short term asset

2,758,000,000

1,256,000,000

4,995,000,000

VAT deductible

2,573,000,000

573,000,000

4,016,000,000

Other tax receivables

-

-

162,000,000

II. Other short term asset

185,000,000

683,000,000

817,000,000

Long term assets

16,376,000,000

17,781,000,000

37,892,000,000

Fixed assets

13,248,000,000

17,548,000,000

37,681,000,000

Tangible fixed assets

13,248,000,000

17,548,000,000

37,681,000,000

Cost

25,768,000,000

34,641,000,000

58,851,000,000

Accumulated depreciation

12,520,000,000

17,093,000,000

21,170,000,000

I. Other long term assets

3,128,000,000

233,000,000

211,000,000

Long term prepayments

-

-

211,000,000

II. Other long term assets

3,128,000,000

223,000,000

-

Total assets

51,564,000,000

79,751,000,000

200,391,000,000

Liabilities

32,997,000,000

58,832,000,000

177,116,000,000

Current liabilities

32,997,000,000

58,832,000,000

177,080,000,000

Short term borrowings

26,200,000,000

49,000,000,000

155,726,000,000

Accounts payables-trade

6,625,000,000

8,912,000,000

12,682,000,000

Advances from customers

-

-

8,672,000,000

Taxes and payable to state budget

172,000,000

920,000,000

-

Long term liabilities

-

-

36,000,000

Long term other payables

-

-

36,000,000

I. Owner's equity

18,567,000,000

20,919,000,000

23,275,000,000

II. Owner's equity

18,425,000,000

20,889,000,000

23,218,000,000

Business capital

13,000,000,000

13,000,000,000

17,000,000,000

Retained earnings

5,425,000,000

7,889,000,000

6,218,000,000

Budget sources

142,000,000

30,000,000

57,000,000

Bonus and welfare funds

142,000,000

30,000,000

57,000,000

Total resources

51,564,000,000

79,751,000,000

200,391,000,000

 

Note: (*)

 

Financial Highlights

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

589,301,000,000

623,958,000,000

685,715,000,000

Profit (Loss) Before Tax(*)

2,414,000,000

2,738,000,000

2,999,000,000

Profit After Tax attributable to Shareholders(*)

2,242,000,000

2,500,000,000

2,699,000,000

 

Gross sales

589,301,000,000

623,958,000,000

685,715,000,000

Less deductions

-

128,000,000

18,000,000

Net income

589,301,000,000

623,830,000,000

685,697,000,000

Cost of goods sold

577,855,000,000

611,930,000,000

669,119,000,000

Gross margin

11,446,000,000

11,900,000,000

16,578,000,000

Income from financial activities

56,000,000

240,000,000

1,382,000,000

Expenses from financial activities

4,210,000,000

4,013,000,000

6,255,000,000

In which: Interest expenses

-

4,013,000,000

6,255,000,000

General & administration expenses

4,878,000,000

5,389,000,000

8,706,000,000

Net income from operating activities

2,414,000,000

2,738,000,000

2,999,000,000

Net profit before tax

2,414,000,000

2,738,000,000

2,999,000,000

Income tax

172,000,000

238,000,000

300,000,000

Net profit after tax

2,242,000,000

2,500,000,000

2,699,000,000

 

Note: (*)

 

Financial Highlights

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

5.88

9.90

Profitability 

Profit Margin (%)

0.38

0.40

0.39

Return on Equity (%)

12.08

11.95

11.60

Return on Assets (%)

4.35

3.13

1.35

Leverage 

Total Debt Equity (Times)

1.78

2.81

7.61

Current Debt Equity (Times)

1.78

2.81

7.61

Long Term Debt to Equity

-

-

0.00

Total Asset To Total Equity

2.78

3.81

8.61

Asset Management 

Total Assets Turnover (Times)

11.43

7.82

3.42

Fixed Assets Turnover (Times)

35.99

35.09

18.10

Liquidity 

Current Ratio

1.07

1.05

0.92

 

 

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

=

0.000048 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Latex rubber

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2011

n/a

22,632,780

22,632,780

2012

n/a

23,969,966

23,969,966

2013

n/a

26,013,356

26,013,356

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Fabricated rubber products, nspf

3069

Manufacturing, Exporting

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Rubbers & articles thereof

4000

Manufacturing, Exporting

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of VAN LOI CO LTD is Manufacturing - Finished products.

Key product include :

·                     Latex rubber


An integral part of the core business includes:

·                     Distribution

 

 

 

Supplementary Business

 

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

1.                  Exporting

·                     Exporting - Finished products

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

20%

International Sales (Export)

80%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

Imports

0%

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

ASIA COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

KONTUM

SWIFT Code

:

ASCBVNVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

KONTUM

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM

Global Identifier

:

32400483

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - KON TUM, KON TUM

SWIFT Code

:

BIDVVNVX

 

Bank Name

:

VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT

Global Identifier

:

32408794

Branch

:

Tu Liem,Hanoi

Branch Address

:

KONTUM

SWIFT Code

:

VBAAVNVX

 

Bank Name

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408823

Branch

:

District 1,Ho Chi Minh

Branch Address

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK, TAN SON NHAT

SWIFT Code

:

EBVIVNVX

 

 

 

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

 

 

 

Year

Imports

Exports

Total

2008

n/a

11,048,975

11,048,975

2009

n/a

8,869,591

8,869,591

 

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

China

Medium

Exporting

Malaysia

Medium

Exporting

Singapore

Medium

Exporting

 

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

VAN LOI CO LTD - KONTUM, KONTUM

Primary Use

:

Office & Administration facilities

Address

:

1D Tran Nhan Tong St, Kontum, Kontum

Country

:

Vietnam

Status

:

Operational

 

 

 

 

FACTORIES, SIZE, & LOCATIONS

 

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

 

Name

:

VAN LOI CO LTD - SA THAY, KONTUM

Address

:

Khuc Long Hamlet, Sa Thay, Kontum

Status

:

Operational

 

Name

:

VAN LOI CO LTD - NGOC HOI, KONTUM

Address

:

Hamlet 5, Ngoc Hoi, Kontum

Status

:

Operational

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

24 Jan, 2003

3802000072

 

 

NOTES & COMMENTS

 

Na

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.97.01

Euro

1

Rs.77.62

 

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.