MIRA INFORM REPORT

 

 

Report Date :

01.10.2014

 

IDENTIFICATION DETAILS

 

Name :

MAI THAO CO LTD

 

 

Registered Office :

Ward 25, 64/1J Rd D3, Binh Thanh, Ho Chi Minh

 

 

Country :

Viet Nam

 

 

Date of Incorporation :

01.12.2013

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer of Rubber & Products

 

 

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)

Viet Nam

B1

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

VIET NAM - 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

:

MAI THAO CO LTD

Address

:

Ward 25, 64/1J Rd D3, Binh Thanh, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-35127198

Facsimile

:

[+84] 8-35106459

Email

:

phuong.ho@maithao.com

Website

:

http://www.maithao.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Rubber & Products

 

Key Facts

Registered Legal Address

:

Tan Minh Hamlet Minh Thanh Commune, Dau Tieng, Binh Duong

Operational Address

:

Ward 25, 64/1J Rd D3, Binh Thanh, Ho Chi Minh

Issuing Authority

:

Dept. of Planning & Investment - Binh Duong

License Number

:

3700769847

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

:

11 Nov, 2009

Employees

:

110

Capital

:

US$ 2,530,956

Note

:

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.

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Ho Minh Phuong

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

 

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Nguyen Thi Huong

Vietnamese

Vice Director

-

2

Mr. Phien Thai Luong

Vietnamese

Representative

Sales

Management Details - 1

Personal Unique Identifier

:

MI03539122

Name

:

Ms. Nguyen Thi Huong

 

Date of Birth

:

1975

Management Details - 2

Personal Unique Identifier

:

MI03539477

Name

:

Mr. Phien Thai Luong

 

 

COMPANY DIRECTORS

1

 

 

 

Personal Unique Identifier

:

MI03539108

 

Name

:

Mr. Ho Minh Phuong

 

Email

:

phuong.ho@maithao.com

Date of Birth

:

1962

 

 

 

 

 

NEGATIVE INFORMATION

 

REPUTATION

 

Reference checking for the purpose of establishing MAI THAO 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

:

₫ 53,000,000,000

 

Date

Authorized Capital - History

2011

16,000,000,000

2012

21,000,000,000

3 Apr, 2013

53,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Ho Minh Phuong

Vietnam

n/a

n/a

62.26

2

Ms. Nguyen Thi Huong

Vietnam

n/a

n/a

37.74

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

10%

International Sales (Export)

90%

 

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

 

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

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

68,290,542

9,141,767

100,576

2012 Annual  

47,073,902

10,709,419

159,186

2013 Annual  

41,818,818

11,726,524

141,881

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

 

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

Year

Imports

Exports

Total

2011

n/a

61,461,488

61,461,488

2012

n/a

42,366,512

42,366,512

2013

n/a

37,636,936

37,636,936

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

170,508,000,000

200,492,000,000

209,001,000,000

Non Current Assets(*)

19,915,000,000

22,528,000,000

38,289,000,000

Non Current Liabilities(*)

0

0

10,670,000,000

Share Capital(*)

16,000,000,000

21,000,000,000

53,000,000,000

Other long term assets 

Total Assets(*)

190,423,000,000

223,020,000,000

247,290,000,000

Total Liabilities(*)

171,195,000,000

195,477,000,000

184,755,000,000

Current Liabilities(*)

171,195,000,000

195,477,000,000

174,085,000,000

Long term liabilities 

Shareholders Funds(*)

19,228,000,000

27,543,000,000

62,535,000,000

 

Current assets & short term investments

170,508,000,000

200,492,000,000

209,001,000,000

Cash & cash equivalents

2,167,000,000

899,000,000

4,756,000,000

Cash

2,167,000,000

899,000,000

4,756,000,000

Accounts receivable

75,137,000,000

47,568,000,000

48,776,000,000

Accounts receivable trade

71,999,000,000

26,669,000,000

43,852,000,000

Trade prepayment

3,138,000,000

19,661,000,000

3,803,000,000

Others receivables

-

1,238,000,000

1,121,000,000

I. Inventories

92,013,000,000

144,143,000,000

153,396,000,000

II. Inventories

92,013,000,000

144,143,000,000

153,396,000,000

Other short term asset

1,191,000,000

7,882,000,000

2,073,000,000

Prepaid expenses

-

152,000,000

256,000,000

VAT deductible

1,191,000,000

7,730,000,000

1,734,000,000

Other tax receivables

-

-

12,000,000

I. Other short term asset

-

-

71,000,000

Long term assets

19,915,000,000

22,528,000,000

38,289,000,000

Fixed assets

19,357,000,000

22,270,000,000

37,082,000,000

Tangible fixed assets

10,852,000,000

22,270,000,000

19,907,000,000

Cost

16,644,000,000

30,799,000,000

31,334,000,000

Accumulated depreciation

5,792,000,000

8,529,000,000

11,427,000,000

Finance lease assets

-

-

14,361,000,000

I. Cost

-

-

14,933,000,000

I. Accumulated depreciation

-

-

572,000,000

Construction in progress

8,505,000,000

-

2,814,000,000

Other long term assets

558,000,000

258,000,000

1,207,000,000

Long term prepayments

558,000,000

258,000,000

626,000,000

I. Other long term assets

-

-

581,000,000

Total assets

190,423,000,000

223,020,000,000

247,290,000,000

Liabilities

171,195,000,000

195,477,000,000

184,755,000,000

Current liabilities

171,195,000,000

195,477,000,000

174,085,000,000

Short term borrowings

168,261,000,000

145,483,000,000

152,795,000,000

Accounts payables-trade

2,519,000,000

24,130,000,000

14,000,000,000

Advances from customers

-

25,194,000,000

6,218,000,000

Taxes and payable to state budget

182,000,000

527,000,000

1,072,000,000

Payable to employees

233,000,000

-

-

Other payables

-

143,000,000

-

Long term liabilities

-

-

10,670,000,000

Long term borrowings

-

-

10,670,000,000

I. Owner's equity

19,228,000,000

27,543,000,000

62,535,000,000

II. Owner's equity

19,228,000,000

27,543,000,000

62,535,000,000

Business capital

16,000,000,000

21,000,000,000

53,000,000,000

Retained earnings

3,228,000,000

6,543,000,000

9,535,000,000

Total resources

190,423,000,000

223,020,000,000

247,290,000,000

Note: (*)

Financial Highlights

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

1,422,492,000,000

980,298,000,000

881,879,000,000

Profit (Loss) Before Tax(*)

2,793,000,000

4,421,000,000

3,989,000,000

Profit After Tax attributable to Shareholders(*)

2,095,000,000

3,315,000,000

2,992,000,000

 

Gross sales

1,422,492,000,000

980,298,000,000

881,879,000,000

Less deductions

-

2,000,000

-

Net income

1,422,492,000,000

980,296,000,000

881,879,000,000

Cost of goods sold

1,404,000,000,000

959,220,000,000

856,746,000,000

Gross margin

18,492,000,000

21,076,000,000

25,133,000,000

Income from financial activities

28,975,000,000

3,097,000,000

3,761,000,000

Expenses from financial activities

27,876,000,000

8,032,000,000

9,373,000,000

In which: Interest expenses

20,798,000,000

6,477,000,000

7,338,000,000

Selling expenses

9,669,000,000

10,717,000,000

10,781,000,000

General & administration expenses

7,033,000,000

3,813,000,000

4,735,000,000

Net income from operating activities

2,889,000,000

1,611,000,000

4,005,000,000

Extraordinary income

128,000,000

3,867,000,000

7,184,000,000

Extraordinary expenses

224,000,000

1,057,000,000

7,200,000,000

Extraordinary gains

(96,000,000)

2,810,000,000

(16,000,000)

Net profit before tax

2,793,000,000

4,421,000,000

3,989,000,000

Income tax

698,000,000

1,106,000,000

997,000,000

Net profit after tax

2,095,000,000

3,315,000,000

2,992,000,000

 

Note: (*)

 

Financial Highlights

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

(31.09)

(10.04)

Profitability 

Profit Margin (%)

0.15

0.34

0.34

Return on Equity (%)

10.90

12.04

4.78

Return on Assets (%)

1.10

1.49

1.21

Leverage 

Total Debt Equity (Times)

8.90

7.10

2.95

Current Debt Equity (Times)

8.90

7.10

2.78

Long Term Debt to Equity

-

-

0.17

Total Asset To Total Equity

9.90

8.10

3.95

Asset Management 

Total Assets Turnover (Times)

7.47

4.40

3.57

Fixed Assets Turnover (Times)

71.43

43.51

23.03

Liquidity 

Current Ratio

1.00

1.03

1.20

 

 

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

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

MAI THAO CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Rubber & Products

Office Contact Details

Operating Address

:

Ward 25, 64/1J Rd D3, Binh Thanh, Ho Chi Minh

Tel

:

[+84] 8-35127198

Mobile

:

[+84]-913740620

Fax

:

[+84] 8-35106459

Email

:

phuong.ho@maithao.com

Factory Contact Details

Address

:

Tan Minh Hamlet Minh Thanh Commune, Dau Tieng, Binh Duong

Tel

:

[+84] 650-6293772

Website Details

Website

:

http://www.maithao.com

Status

:

Normal - operational

Ownership Type

:

Registered ownership by Subject Business Entity

 

Primary Products

Products / Materials / Services Description

Activity

Latex rubber

Manufacturing, Exporting

Rubber products

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Fabricated rubber products, nspf

3069

Manufacturing, Exporting

Synthetic rubber

2822

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Other latex

4002910000

Manufacturing, Exporting

Rubbers & articles thereof

4000

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of MAI THAO CO LTD is Manufacturing - Finished products.

Key products include :

·                     Latex rubber

·                     Rubber products


An integral part of the core business includes:

·                     Distribution

Supplementary Business

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

1.                  Exporting

·                     Exporting - Finished products

2.                  Trading

·                     Trading - Finished products

 

BANK DETAILS

 

Bank Name

:

SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0388625

Branch

:

District 3,Ho Chi Minh

Branch Address

:

SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK - BEN CAT, BINH DUONG

SWIFT Code

:

SGTTVNVX

 

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

32404058

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

108 Tran Hung Dao St Hoan Kiem Dist Hanoi (Head Office)

SWIFT Code

:

ICBVVNVX

 

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

Exporting

China

Medium

Exporting

Japan

Medium

Exporting

Korea, South (Republic of Korea)

Medium

Exporting

Singapore

Medium

Exporting

 

 

OFFICE & FACILITIES

 

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

 

Name

:

MAI THAO CO LTD - BINH THANH, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

Ward 25, 64/1J Rd D3, Binh Thanh, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

 

 

FACTORIES, SIZE, & LOCATIONS

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

Address

:

Tan Minh Hamlet Minh Thanh Commune, Dau Tieng, Binh Duong

 

COMPANY HISTORY

 

Date

Details

2006 - Dec

Incorporated to continue the business operations of MANUFACTURING & TRADING PTE MAI THAO that was established in 2001.

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

14 Dec, 2006

4602002482

 

 

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.61

UK Pound

1

Rs.100.28

Euro

1

Rs.78.21

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

               

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.