MIRA INFORM REPORT

 

 

Report No. :

313234

Report Date :

02.04.2015

 

IDENTIFICATION DETAILS

 

Name :

BINH DUONG KINH DO CORP (1)

 

 

Registered Office :

Vietnam - Singapore Industrial Zone 26 Vsip Rd 8 Binh Hoa Ward, Thuan An, Binh Duong

 

 

Country :

Vietnam

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

06.07.2011

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Food Products.

 

 

No. of Employees :

3,000

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

Official Organization Name

:

BINH DUONG KINH DO CORP (1)

Address

:

Vietnam - Singapore Industrial Zone 26 Vsip Rd 8 Binh Hoa Ward, Thuan An, Binh Duong

Country

:

Vietnam

Phone (S)

:

[+84] 650-3767618

Facsimile

:

[+84] 650-3767618

Primary Business Activity

:

Manufacturer

Key Industry

:

Food Products

 

Key Facts

 

Registered Legal Address

:

Vietnam - Singapore Industrial Zone 26 Vsip Rd 8 Binh Hoa Ward, Thuan An, Binh Duong

Operational Address

:

Vietnam - Singapore Industrial Zone 26 Vsip Rd 8 Binh Hoa Ward, Thuan An, Binh Duong

Issuing Authority

:

License exists - Normal.

License Number

:

3700599641

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Corporation

Legal Form - Abbreviation

:

CORP

Operational Status of Business

:

Normal

Date of Registration

:

6 Jul, 2011

Employees

:

3,000

Capital

:

US$ 21,444,910

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

13 Oct, 2004

4603000129

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

:

BINH DUONG KINH DO CORP

Primary Business Activity

:

Manufacturer

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

Vietnam - Singapore Industrial Zone 26 Vsip Rd 8 Binh Hoa Ward, Thuan An, Binh Duong

Tel

:

[+84] 650-3767618

 

:

[+84] 8-38270838

Fax

:

[+84] 650-3767618

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

:

3700599641

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Tran Kim Thanh

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Nguyen Thi Ngoc Khuyen

Vietnamese

Chief Accountant

-

2

Mr. Tran Le Nguyen

Vietnamese

Assist. Managing Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03839609

Name

:

Ms. Nguyen Thi Ngoc Khuyen

 

 

 

Management Details - 2

Personal Unique Identifier

:

MI03839608

Name

:

Mr. Tran Le Nguyen

 

Date of Birth

:

1968

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03839607

Name

:

Mr. Tran Kim Thanh

Date of Birth

:

1960

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing BINH DUONG KINH DO CORP's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

DEBT

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

CIVIL LITIGATION

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

PERFORMANCE DEFAULTS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

₫ 450,000,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

KINH DO CORP

Vietnam

n/a

n/a

99.80

2

Mr. Vuong Buu Linh

Vietnam

n/a

n/a

0.10

3

Mr. Vuong Ngoc Xiem

Vietnam

n/a

n/a

0.10

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

 

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

:

KINH DO CORP

Global Identifier

:

P0808044

Legal Form Category

:

Private Company with Limited Liability

Country

:

Vietnam

Operational Address

:

6/134 National Highway 13 Hiep Binh Phuoc Ward Thu Duc Ho Chi Minh

Primary Business Activity

:

Manufacturer

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

86,223,689

69,438,781

12,938,891

2013 Annual (*)

93,851,221

49,447,152

22,347,259

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

 

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

2012 Annual

2013 Annual

Current Assets(*)

849,292,000,000

392,672,000,000

Non Current Assets(*)

596,747,000,000

650,074,000,000

Non Current Liabilities(*)

63,674,000,000

61,717,000,000

Share Capital(*)

450,000,000,000

450,000,000,000

Other long term assets 

Total Assets(*)

1,446,039,000,000

1,042,746,000,000

Total Liabilities(*)

710,730,000,000

423,702,000,000

Current Liabilities(*)

647,056,000,000

361,985,000,000

Long term liabilities 

Shareholders Funds(*)

735,309,000,000

619,044,000,000

 

Current assets & short term investments

849,292,000,000

392,672,000,000

Cash & cash equivalents

36,735,000,000

49,381,000,000

Cash

36,735,000,000

49,381,000,000

Short term investments

501,376,000,000

-

Short term securities investments

501,376,000,000

-

Accounts receivable

198,745,000,000

227,318,000,000

Accounts receivable trade

46,110,000,000

221,266,000,000

Trade prepayment

133,387,000,000

4,981,000,000

Others receivables

19,248,000,000

1,071,000,000

I. Inventories

109,192,000,000

112,855,000,000

II. Inventories

110,791,000,000

122,962,000,000

Provision for decline in inventory

(1,599,000,000)

(10,107,000,000)

I. Other short term asset

3,244,000,000

3,118,000,000

Prepaid expenses

3,213,000,000

3,008,000,000

VAT deductible

-

95,000,000

II. Other short term asset

31,000,000

15,000,000

Long term assets

596,747,000,000

650,074,000,000

Fixed assets

591,886,000,000

607,117,000,000

Tangible fixed assets

474,971,000,000

480,879,000,000

I. Cost

714,458,000,000

788,348,000,000

I. Accumulated depreciation

239,487,000,000

307,469,000,000

Intangible fixed assets

44,003,000,000

5,467,000,000

II. Cost

59,980,000,000

18,084,000,000

II. Accumulated depreciation

15,977,000,000

12,617,000,000

Construction in progress

72,912,000,000

120,771,000,000

Other long term assets

267,000,000

267,000,000

Long term prepayments

3,435,000,000

39,598,000,000

Asset of income tax delay

1,159,000,000

3,092,000,000

Total assets

1,446,039,000,000

1,042,746,000,000

Liabilities

710,730,000,000

423,702,000,000

Current liabilities

647,056,000,000

361,985,000,000

Short term borrowings

191,703,000,000

114,607,000,000

Accounts payables-trade

202,896,000,000

155,641,000,000

Advances from customers

209,025,000,000

14,425,000,000

Taxes and payable to state budget

14,646,000,000

21,012,000,000

Payable to employees

9,749,000,000

10,816,000,000

Accrued expenses payable

14,591,000,000

38,621,000,000

Other payables

2,292,000,000

2,178,000,000

Bonus and welfare funds

2,154,000,000

4,685,000,000

Long term liabilities

63,674,000,000

61,717,000,000

Long term other payables

11,041,000,000

11,177,000,000

Long term borrowings

52,633,000,000

50,540,000,000

I. Owner's equity

735,309,000,000

619,044,000,000

II. Owner's equity

735,309,000,000

619,044,000,000

Business capital

450,000,000,000

450,000,000,000

Retained earnings

285,309,000,000

169,044,000,000

Total resources

1,446,039,000,000

1,042,746,000,000

 

Note: (*)

 

Financial Highlights

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2012 Annual

2013 Annual

Turnover(*)

1,795,579,000,000

1,979,143,000,000

Profit (Loss) Before Tax(*)

291,189,000,000

533,305,000,000

Profit After Tax attributable to Shareholders(*)

269,448,000,000

471,261,000,000

 

Gross sales

1,795,579,000,000

1,979,143,000,000

Less deductions

12,853,000,000

22,604,000,000

Net income

1,782,726,000,000

1,956,539,000,000

Cost of goods sold

1,360,422,000,000

1,441,620,000,000

Gross margin

422,304,000,000

514,919,000,000

Income from financial activities

6,588,000,000

154,812,000,000

Expenses from financial activities

53,302,000,000

19,532,000,000

In which: Interest expenses

48,869,000,000

16,602,000,000

Selling expenses

23,249,000,000

58,665,000,000

General & administration expenses

61,988,000,000

59,175,000,000

Net income from operating activities

290,353,000,000

532,359,000,000

Extraordinary income

9,394,000,000

12,404,000,000

Extraordinary expenses

8,558,000,000

11,458,000,000

Extraordinary gains

836,000,000

946,000,000

Net profit before tax

291,189,000,000

533,305,000,000

Income tax

21,626,000,000

63,977,000,000

Income tax delay

(115,000,000)

1,933,000,000

Net profit after tax

269,448,000,000

471,261,000,000

 

Note: (*)

 

Financial Highlights

 

 

Financial Ratios

 

Financial Highlights

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

10.22

Profitability 

Profit Margin (%)

15.01

23.81

Return on Equity (%)

36.64

76.13

Return on Assets (%)

18.63

45.19

Leverage 

Total Debt Equity (Times)

0.97

0.68

Current Debt Equity (Times)

0.88

0.58

Long Term Debt to Equity

0.09

0.10

Total Asset To Total Equity

1.97

1.68

Asset Management 

Total Assets Turnover (Times)

1.24

1.90

Fixed Assets Turnover (Times)

3.01

3.04

Liquidity 

Current Ratio

1.31

1.08

 

 

Based on the corporate laws of Vietnam, legal entities which are a 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

Candy

Manufacturing

Food products

Manufacturing

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Candy and other confectionery products

2064

Manufacturing

Food products, nspf

2099

Manufacturing

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Food preparations

2106

Manufacturing

Sugars & sugar confectionery

1700

Manufacturing

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of BINH DUONG KINH DO CORP is Manufacturing - Finished products.

Key products include :

Food products

Candy


An integral part of the core business includes:

Distribution

 

 

 

Supplementary Business

 

In addition to the core business, BINH DUONG KINH DO CORP also is engaged in the following areas of business:

Importing

Importing - Raw materials

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

20%

Imports

80%

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT

Global Identifier

:

32408794

Branch

:

Tu Liem,Hanoi

Branch Address

:

VIETNAM BANK FOR AGRICULTURE

SWIFT Code

:

VBAAVNVX

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Japan

Medium

Importing

Malaysia

Medium

Importing

Singapore

Medium

Importing

 

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

BINH DUONG KINH DO CORP - THUAN AN, BINH DUONG

Primary Use

:

Office & Administration facilities

Building Size

:

9,000 Square meters

Address

:

Vietnam - Singapore Industrial Zone 26 Vsip Rd 8 Binh Hoa Ward, Thuan An, Binh Duong

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

 

 

NOTES & COMMENTS

 

Na

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.59

UK Pound

1

Rs.92.45

Euro

1

Rs.67.51

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               


 

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.