MIRA INFORM REPORT

 

 

Report Date :

19.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

VIETBO JSC

 

 

Registered Office :

Song May Industrial Park, Trang Bom Dist, Dong Nai

 

 

Country :

Vietnam

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

26.06.2008

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Textiles & Raw Material

 

 

No. of Employees :

500

 

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 :

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Vietnam

B1

A2

 

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

:

VIETBO JSC

Address

:

Song May Industrial Park, Trang Bom Dist, Dong Nai

Country

:

Vietnam

Phone (S)

:

[+84] 61-8971294

Facsimile

:

[+84] 61-3869502

Email

:

vietbo@vietbotowel.com

Website

:

http://www.vietbotowel.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Textiles & Raw Material

 

Key Facts

Registered Legal Address

:

Song May Industrial Park, Trang Bom Dist, Dong Nai

Operational Address

:

Song May Industrial Park, Trang Bom Dist, Dong Nai

Name History

:

Business Entity Name

Effective Date

CONG TY HUU HAN DONG NAI BOCHANG QUOC TE

1 Jun, 1990

BOCHANG CORPORATION CO LTD

25 Jan, 1996

VIETBO CO LTD

26 Jun, 2008

VIETBO JSC

29 Dec, 2010

Issuing Authority

:

Dept. of Planning & Investment - Dong Nai

License Number

:

472033000529

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

26 Jun, 2008

Employees

:

500

Capital

:

US$ 13,271,200

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.

 

Report Details

 

 

 

Country

:

Vietnam

Business Entity Name

:

VIETBO JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Textiles & Raw Material

Office Contact Details

Operating Address

:

Song May Industrial Park, Trang Bom Dist, Dong Nai

Tel

:

[+84] 61-8971294

 

:

[+84] 61-8971613

 

:

[+84] 61-8971291

 

:

[+84] 61-8971292

 

:

[+84] 61-8971293

 

:

[+84] 61-3869500

Fax

:

[+84] 61-3869502

Email

:

vietbo@vietbotowel.com

Website Details

Website

:

http://www.vietbotowel.com

Status

:

Normal - operational

Ownership Type

:

Registered ownership by Subject Business Entity

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

:

3600450214

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Yang-teng Shun

Nationality

:

Taiwanese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Nguyen Thuy Duong

Vietnamese

Chief Accountant

-

Management Details - 1

Personal Unique Identifier

:

MI03405049

Name

:

Ms. Nguyen Thuy Duong

 

Date of Birth

:

1978

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03405032

Name

:

Mr. Yang-teng Shun

Date of Birth

:

1970

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing VIETBO JSC'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: USD - US Dollar)

 

Authorized Capital

:

$ 13,271,200

 

Date

Authorized Capital - History

2013

13,200,000

2014

13,271,200

 

 

SHAREHOLDERS

 

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

USD - US Dollar

 

No.

Shareholders

Country

Shares

Number

Amount (USD)

%

1

EMERGING BLOOM HOLDING CO LTD

Samoa

n/a

n/a

80.49

2

BOCHANG TOWELS MFG CO LTD

Taiwan

n/a

n/a

13.77

3

GRAND LUXURY CORP

Mauritius

n/a

n/a

3.77

4

MANHATTAN ENTERPRISE

USA

n/a

n/a

1.97

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent

:

EMERGING BLOOM HOLDING CO LTD

Global Identifier

:

P1216324

Legal Form Category

:

Offshore Company - Private Limited

Country

:

Samoa

Operational Address

:

Level 1 Central Bank Bldg Beach Rd Apia

Primary Business Activity

:

Service

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

10,999,856

23,819,491

-440,518

2012 Annual (*)

8,802,401

23,639,810

78,993

 

 

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(*)

306,960,000,000

327,521,000,000

Non Current Assets(*)

189,200,000,000

164,770,000,000

Non Current Liabilities(*)

53,481,000,000

45,530,000,000

Other long term assets 

Total Assets(*)

496,160,000,000

492,291,000,000

Total Liabilities(*)

313,036,000,000

308,109,000,000

Current Liabilities(*)

259,555,000,000

262,579,000,000

Long term liabilities 

Shareholders Funds(*)

183,124,000,000

184,182,000,000

Current assets & short term investments

306,960,000,000

327,521,000,000

Cash & cash equivalents

2,290,000,000

750,000,000

Cash

2,290,000,000

750,000,000

Accounts receivable

67,540,000,000

56,173,000,000

Accounts receivable trade

44,791,000,000

36,553,000,000

Trade prepayment

19,344,000,000

17,662,000,000

Others receivables

3,405,000,000

1,958,000,000

Inventories

230,535,000,000

264,641,000,000

Other short term asset

4,127,000,000

3,832,000,000

Prepaid expenses

64,000,000

937,000,000

VAT deductible

2,404,000,000

21,000,000

Other tax receivables

-

1,167,000,000

Long term assets

189,200,000,000

164,770,000,000

Fixed assets

188,462,000,000

164,041,000,000

Tangible fixed assets

164,182,000,000

139,798,000,000

I. Cost

525,306,000,000

524,887,000,000

I. Accumulated depreciation

361,124,000,000

385,089,000,000

Finance lease assets

-

83,000,000

II. Cost

-

6,040,000,000

II. Accumulated depreciation

-

5,957,000,000

Intangible fixed assets

107,000,000

-

III. Cost

6,048,000,000

-

III. Accumulated depreciation

5,941,000,000

-

Construction in progress

24,173,000,000

24,160,000,000

Long term investments

738,000,000

729,000,000

Other long term investments

738,000,000

729,000,000

Total assets

496,160,000,000

492,291,000,000

Liabilities

313,036,000,000

308,109,000,000

Current liabilities

259,555,000,000

262,579,000,000

Short term borrowings

135,391,000,000

144,963,000,000

Accounts payables-trade

101,347,000,000

95,122,000,000

Advances from customers

4,407,000,000

1,999,000,000

Taxes and payable to state budget

3,687,000,000

2,104,000,000

Payable to employees

4,934,000,000

2,187,000,000

Accrued expenses payable

732,000,000

2,062,000,000

Other payables

9,057,000,000

14,142,000,000

Long term liabilities

53,481,000,000

45,530,000,000

Long term other payables

42,138,000,000

37,511,000,000

Long term borrowings

11,343,000,000

8,019,000,000

I.Owner's equity

183,124,000,000

184,182,000,000

II. Owner's equity

182,532,000,000

184,182,000,000

Business capital

276,413,000,000

276,408,000,000

Retained earnings

(93,881,000,000)

(92,226,000,000)

Budget sources

592,000,000

-

Bonus and welfare funds

592,000,000

-

Total resources

496,160,000,000

492,291,000,000

 

Note: (*)

 

Financial Highlights

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Turnover(*)

229,127,000,000

183,307,000,000

Profit (Loss) Before Tax(*)

2,803,000,000

1,645,000,000

Profit After Tax attributable to Shareholders(*)

(9,176,000,000)

1,645,000,000

Gross sales

229,127,000,000

183,307,000,000

Less deductions

124,000,000

1,937,000,000

Net income

229,004,000,000

181,370,000,000

Cost of goods sold

194,012,000,000

149,087,000,000

Gross margin

34,991,000,000

32,283,000,000

Income from financial activities

6,077,000,000

292,000,000

Expenses from financial activities

11,013,000,000

5,853,000,000

In which: Interest expenses

6,589,000,000

5,540,000,000

Selling expenses

14,367,000,000

13,205,000,000

General & administration expenses

15,464,000,000

14,830,000,000

Net income from operating activities

223,000,000

(1,312,000,000)

Extraordinary income

7,546,000,000

8,373,000,000

Extraordinary expenses

4,967,000,000

5,415,000,000

Extraordinary gains

2,579,000,000

2,958,000,000

Net profit before tax

2,803,000,000

1,645,000,000

Income tax

3,127,000,000

-

Income tax delay

(8,852,000,000)

-

Net profit/loss after tax

(9,176,000,000)

1,645,000,000

 

Note: (*)

 

Financial Highlights

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

(20.00)

Profitability 

Profit Margin (%)

(4.00)

0.90

Return on Equity (%)

(5.01)

0.89

Return on Assets (%)

(1.85)

0.33

Leverage 

Total Debt Equity (Times)

1.71

1.67

Current Debt Equity (Times)

1.42

1.43

Long Term Debt to Equity

0.29

0.25

Total Asset To Total Equity

2.71

2.67

Asset Management 

Total Assets Turnover (Times)

0.46

0.37

Fixed Assets Turnover (Times)

1.21

1.11

Liquidity 

Current Ratio

1.18

1.25

 

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Cotton towels

Manufacturing, Exporting

Towels

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Apparel/Other Textile Products

2300

Manufacturing, Exporting

Broad woven fabrics, cotton

2211

Manufacturing, Exporting

Fabricated textile products, nspf

2399

Manufacturing, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Other linen, of flax fibers: towels

6302920010

Manufacturing, Exporting

Other towels of cotton

6307909982

Manufacturing, Exporting

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

 

The primary business focus of VIETBO JSC is Manufacturing - Finished products.

Key products include :

·                     Cotton towels

·                     Towels


An integral part of the core business includes:

·                     Distribution

 

Supplementary Business

 

In addition to the core business, VIETBO JSC 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

30%

International Sales (Export)

70%

 

Annual Purchases Analysis

Percentage

Local Purchases

60%

Imports

40%

 

 

BANK DETAILS

 

Bank Name

:

ASIA COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

ASIA COMMERCIAL JOINT STOCK BANK - BINH DUONG

SWIFT Code

:

ASCBVNVX

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM, BIEN HOA

SWIFT Code

:

BFTVVNVX

 

 

LOCAL BRANCHES & MANAGEMENT

 

Branch

:

VIETBO JSC - LONG BIEN DIST, HANOI

Branch Address

:

22 Lane 117/18 Nguyen Son Gia Thuy Ward, Long Bien Dist, Hanoi

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Exporting

North America

Medium

Exporting

France

Medium

Exporting

India

Medium

Importing

Japan

Medium

Exporting

Pakistan

Medium

Importing

Taiwan

Medium

Importing, Exporting

USA

Medium

Exporting

 

 

OFFICE & FACILITIES

 

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

 

Name

:

VIETBO JSC - TRANG BOM DIST, DONG NAI

Primary Use

:

Office & Administration facilities

Address

:

Song May Industrial Park, Trang Bom Dist, Dong Nai

Country

:

Vietnam

Status

:

Operational

 

 

QUALITY ACCREDITATION

 

Quality Accreditation Listings

 

#

Name

Accreditation Category

1

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

9001:2000

2

SOCIAL ACCOUNTABILITY INTERNATIONAL (SA)

8000

3

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

14001

 

 

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

1 Jun, 1990

86/GP

25 Jan, 1996

050598

 

 

 

 

 

NOTES & COMMENTS

 

Na

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.05

UK Pound

1

Rs.99.55

Euro

1

Rs.78.57

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.