MIRA INFORM REPORT

 

 

Report Date :

22.09.2014

 

IDENTIFICATION DETAILS

 

Name :

VINALINES LOGISTICS - VIETNAM JSC(1)

 

 

Registered Office :

Rm 405, 4Fl Ocean Park Bldg 1 Dao Duy Anh Phuong Mai Ward, Dong Da, Hanoi

 

 

Country :

Vietnam

 

 

Financials (as on) :

01.12.2013

 

 

Date of Incorporation :

11.08.2011

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Service Transportation

 

 

No. of Employees :

156

 

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

A2

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

:

VINALINES LOGISTICS - VIETNAM JSC(1)

Address

:

Rm 405, 4Fl Ocean Park Bldg 1 Dao Duy Anh Phuong Mai Ward, Dong Da, Hanoi

Country

:

Vietnam

Phone (S)

:

[+84] 4-35772048

Facsimile

:

[+84] 4-35772046

Email

:

info@vinalineslogistics.com.vn

Website

:

http://www.vinalineslogistics.com.vn

Primary Business Activity

:

Service

Key Industry

:

Transportation

 

Key Facts

Registered Legal Address

:

Rm 405, 4Fl Ocean Park Bldg 1 Dao Duy Anh Phuong Mai Ward, Dong Da, Hanoi

Operational Address

:

Rm 405, 4Fl Ocean Park Bldg 1 Dao Duy Anh Phuong Mai Ward, Dong Da, Hanoi

Trading Name

:

VINALINES LOGISTIC

Issuing Authority

:

Dept. of Planning & Investment - Hanoi

License Number

:

0102345275

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

:

11 Aug, 2011

Employees

:

156

Capital

:

US$ 6,786,846

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

:

VINALINES LOGISTICS - VIETNAM JSC

Primary Business Activity

:

Service

Primary Industry

:

Transportation

Office Contact Details

Operating Address

:

Rm 405, 4Fl Ocean Park Bldg 1 Dao Duy Anh Phuong Mai Ward, Dong Da, Hanoi

Tel

:

[+84] 4-35772048

 

:

[+84] 4-35772047

Fax

:

[+84] 4-35772046

Email

:

info@vinalineslogistics.com.vn

Website Details

Website

:

http://www.vinalineslogistics.com.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

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

:

0102345275

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Mai Le Loi

Nationality

:

Vietnamese

 

 

 

 

COMPANY MANAGEMENT

 

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Viet Anh

Vietnamese

Deputy Managing Director

-

2

Mr. Pham Thanh Giang

Vietnamese

Deputy Managing Director

-

3

Mr. Mai Le Loi

Vietnamese

Managing Director

-

4

Mr. Pham Ba Ngan

Vietnamese

Deputy Managing Director

-

Management Details - 1

Personal Unique Identifier

:

MI03134525

Name

:

Mr. Nguyen Viet Anh

 

Date of Birth

:

14 May, 1976

Management Details - 2

Personal Unique Identifier

:

MI03530586

Name

:

Mr. Pham Thanh Giang

 

Date of Birth

:

12 Feb, 1979

Management Details - 3

Personal Unique Identifier

:

MI03134489

Name

:

Mr. Mai Le Loi

 

Date of Birth

:

1972

Management Details - 4

 

 

Personal Unique Identifier

:

MI03134526

Name

:

Mr. Pham Ba Ngan

 

Date of Birth

:

23 Oct, 1976

 

 

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03134489

Name

:

Mr. Mai Le Loi

Date of Birth

:

1972

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing VINALINES LOGISTICS - VIETNAM 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

3

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 142,121,300,000

 

SHAREHOLDERS

 

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

VIETNAM NATIONAL SHIPPING LINES

Vietnam

n/a

n/a

51.00

2

Undisclosed Shareholders

n/a

n/a

n/a

49.00

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

 

N/a

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent

:

VIETNAM NATIONAL SHIPPING LINES

Global Identifier

:

T0006874

Legal Form Category

:

Government-owned Enterprise

Country

:

Vietnam

Operational Address

:

201 Kham Thien St Dong Da Dist Hanoi

Primary Business Activity

:

Service

 

 

RELATED PARTIES (Subsidiaries, Joint-ventures & Affiliates)

 

The following provides a summary of the number of businesses that are related to VINALINES LOGISTICS - VIETNAM JSC:

TYPE

DOMESTIC

TOTAL

Subsidiaries

-

Joint-Ventures

-

Minority shareholdings

-

Affiliates

1

Liaison / Representative Offices

-

Domestic

 

Business Entity Name

:

VINALINES HONDA LOGISTICS VIETNAM CO LTD

Global Identifier

:

P3094072

Country

:

Vietnam

Relationship

:

Affiliate

Operational Address

:

Rm 402, 4Fl Ocean Park Bldg 1 Dao Duy Anh St, Dong Da, Hanoi

Primary Business Activity

:

Service

Industry

:

Transportation

 

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

110,178,205

10,047,528

380,797

2012 Annual  

157,910,909

9,682,463

446,010

2013 Annual  

280,557,035

9,544,060

395,294

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual

81,823,448

10,569,112

351,360

 

 

FINANCIAL STATEMENT – DETAILED

 

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

93,801,000,000

70,654,000,000

61,020,000,000

Non Current Assets(*)

115,489,000,000

130,980,000,000

140,246,000,000

Non Current Liabilities(*)

21,525,000,000

14,475,000,000

0

Share Capital(*)

142,121,000,000

142,121,000,000

142,121,000,000

Other long term assets 

Total Assets(*)

209,290,000,000

201,634,000,000

201,266,000,000

Total Liabilities(*)

51,999,000,000

44,193,000,000

43,231,000,000

Current Liabilities(*)

30,474,000,000

29,718,000,000

43,231,000,000

Long term liabilities 

Shareholders Funds(*)

157,291,000,000

157,441,000,000

158,035,000,000

Assets 

Current assets & short term investments

93,801,000,000

70,654,000,000

61,020,000,000

Cash & cash equivalents

20,018,000,000

15,127,000,000

3,650,000,000

Cash

20,018,000,000

15,127,000,000

3,650,000,000

Short term investments

16,000,000,000

6,100,000,000

1,053,000,000

Short term securities investments

16,000,000,000

6,100,000,000

1,053,000,000

Accounts receivable

49,991,000,000

27,280,000,000

35,854,000,000

Accounts receivable trade

40,255,000,000

20,249,000,000

33,348,000,000

Trade prepayment

610,000,000

1,383,000,000

1,743,000,000

Others receivables

9,126,000,000

5,648,000,000

763,000,000

Other short term asset

7,792,000,000

22,147,000,000

20,463,000,000

Vat deductible

5,894,000,000

6,494,000,000

7,308,000,000

Other tax receivables

19,000,000

1,000,000

1,000,000

i. Other short term asset

1,879,000,000

15,652,000,000

13,154,000,000

Long term assets

115,489,000,000

130,980,000,000

140,246,000,000

Fixed assets

109,079,000,000

120,575,000,000

129,763,000,000

Tangible fixed assets

24,191,000,000

35,541,000,000

31,899,000,000

Cost

30,414,000,000

45,382,000,000

45,223,000,000

Accumulated depreciation

6,223,000,000

9,841,000,000

13,324,000,000

Construction in progress

84,888,000,000

85,034,000,000

97,864,000,000

Long term investments

1,000,000,000

7,033,000,000

3,539,000,000

Invest to joint venture company

1,000,000,000

7,033,000,000

6,033,000,000

Other long term investments

-

-

1,000,000,000

Provision for long term investments

-

-

(3,494,000,000)

Other long term assets

5,410,000,000

3,372,000,000

6,944,000,000

Long term prepayments

189,000,000

172,000,000

244,000,000

i. Other long term assets

5,221,000,000

3,200,000,000

6,700,000,000

Total assets

209,290,000,000

201,634,000,000

201,266,000,000

Liabilities

51,999,000,000

44,193,000,000

43,231,000,000

Current liabilities

30,474,000,000

29,718,000,000

43,231,000,000

Short term borrowings

9,373,000,000

-

7,525,000,000

Accounts payables-trade

10,348,000,000

16,193,000,000

22,108,000,000

Advances from customers

1,004,000,000

1,488,000,000

756,000,000

Taxes and payable to state budget

6,900,000,000

5,005,000,000

1,282,000,000

Payable to employees

482,000,000

548,000,000

3,389,000,000

Accrued expenses payable

164,000,000

-

83,000,000

Other payables

2,203,000,000

7,199,000,000

8,088,000,000

Bonus and welfare funds

-

(715,000,000)

-

Long term liabilities

21,525,000,000

14,475,000,000

-

Long term borrowings

21,425,000,000

14,475,000,000

-

Provision funds for unemployment

100,000,000

-

-

Owner's equity

157,291,000,000

157,441,000,000

158,035,000,000

i. Owner's equity

157,291,000,000

157,441,000,000

158,035,000,000

Business capital

142,121,000,000

142,121,000,000

142,121,000,000

Shares

(500,000,000)

(500,000,000)

(500,000,000)

Foreign exchange differences

1,098,000,000

-

-

Business development funds

5,169,000,000

5,169,000,000

5,169,000,000

Financial reserved funds

1,210,000,000

1,262,000,000

1,340,000,000

Other funds from owner's equity

54,000,000

250,000,000

214,000,000

Retained earnings

8,139,000,000

9,139,000,000

9,691,000,000

Total resources

209,290,000,000

201,634,000,000

201,266,000,000

 

Note: (*)

Financial Highlights

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover (*)

2,295,012,000,000

3,288,441,000,000

5,916,412,000,000

Profit (Loss) Before Tax (*)

10,576,000,000

11,954,000,000

11,624,000,000

Profit After Tax attributable to Shareholders (*)

7,932,000,000

9,288,000,000

8,336,000,000

Gross sales

2,295,012,000,000

3,288,441,000,000

5,916,412,000,000

Net income

2,295,012,000,000

3,288,441,000,000

5,916,412,000,000

Cost of goods sold

2,286,187,000,000

3,273,371,000,000

5,895,158,000,000

Gross margin

8,825,000,000

15,070,000,000

21,254,000,000

Income from financial activities

8,531,000,000

2,956,000,000

506,000,000

Expenses from financial activities

613,000,000

717,000,000

4,407,000,000

In which: Interest expenses

612,000,000

626,000,000

302,000,000

General & administration expenses

6,160,000,000

5,456,000,000

5,853,000,000

Net income from operating activities

10,583,000,000

11,853,000,000

11,500,000,000

Extraordinary income

16,000,000

101,000,000

129,000,000

Extraordinary expenses

23,000,000

-

5,000,000

Extraordinary gains

(7,000,000)

101,000,000

124,000,000

Net profit before tax

10,576,000,000

11,954,000,000

11,624,000,000

Income tax

2,644,000,000

2,666,000,000

3,288,000,000

Net profit after tax

7,932,000,000

9,288,000,000

8,336,000,000

 

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

43.91

43.29

79.92

Profitability 

Profit Margin (%)

0.35

0.28

0.14

Return on Equity (%)

5.04

5.90

5.27

Return on Assets (%)

3.79

4.61

4.14

Leverage 

Total Debt Equity (Times)

0.33

0.28

0.27

Current Debt Equity (Times)

0.19

0.19

0.27

Long Term Debt to Equity

0.14

0.09

-

Total Asset To Total Equity

1.33

1.28

1.27

Asset Management 

Total Assets Turnover (Times)

10.97

16.31

29.40

Fixed Assets Turnover (Times)

19.87

25.11

42.19

Liquidity 

Current Ratio

3.08

2.38

1.41

 

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

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000048 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Industrial solution

Service

Int'l freight forwarding

Service

Integrated logistics

Service

Logistic services

Service

Logistics

Service

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Arrange Trans Freight/Cargo

4731

Service

Transportation Services

4700

Service

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Freight transportation arrangement, nvocc, customs brokerage

9852

Service

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Supply chain solutions

Primary

Service

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of VINALINES LOGISTICS - VIETNAM JSC is Specialized professional services, including:

Logistic services

Logistics

Supply chain solutions


Key services include :

Industrial solution

Int'l freight forwarding

Integrated logistics

 

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

BANK DETAILS

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

THANH XUAN

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 - DONG DO

SWIFT Code

:

BIDVVNVX

Bank Name

:

VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P2461558

SWIFT Code

:

VNIBVNVX

 

 

LOCAL BRANCHES & MANAGEMENT

 

Branch

:

VINALINES LOGISTICS - VIETNAM JSC - HAI PHONG

Branch Address

:

547 Le Thanh Tong Van My Ward, Hai Phong

Branch Tel

:

84-31-3796559

Branch Fax

:

84-31-3796557

Branch Email

:

hpg@vinalineslogistics.com.vn

Branch

:

VINALINES LOGISTICS - VIETNAM JSC - QUANG NINH

Branch Address

:

1 Cai Lan St Bai Chay Ward, Quang Ninh

Branch Tel

:

84-33-3515989

Branch Fax

:

84-33-3515998

Branch Email

:

qn@vinalineslogistics.com.vn

Branch

:

VINALINES LOGISTICS - VIETNAM JSC - DISTRICT 4, HO CHI MINH

Branch Address

:

37 Hoang Dieu Ward 12, District 4, Ho Chi Minh

Branch Tel

:

84-8-62616606

Branch Fax

:

84-8-62616607

Branch Email

:

hcm@vinalineslogistics.com.vn

Branch

:

VINALINES LOGISTICS - VIETNAM JSC - LAO CAI

Branch Address

:

Lot F9 - F10 Dong Pho Moi Industrial Park, Lao Cai

 

 

OFFICE & FACILITIES

 

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

Name

:

VINALINES LOGISTICS - VIETNAM JSC - DONG DA, HANOI

Primary Use

:

Office & Administration facilities

Address

:

Rm 405, 4Fl Ocean Park Bldg 1 Dao Duy Anh Phuong Mai Ward, Dong Da, Hanoi

Country

:

Vietnam

Status

:

Operational

 

 

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

10 Aug, 2007

0103018983

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.81

UK Pound

1

Rs.100.06

Euro

1

Rs.78.47

 

INFORMATION DETAILS

 

Analysis Done by :

 DIV

 

 

Report Prepared by :

SDA

 

               

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.