MIRA INFORM REPORT

 

 

Report No. :

314856

Report Date :

09.04.2015

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL PET JSC

 

 

Registered Office :

Linh Trung 3 Export Processing Zone & Industrial Park Lot 129-130 Rd 6, Trang Bang Dist, Tay Ninh

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2013

 

 

Date of Incorporation :

08.07.2009

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Plastics and Products.

 

 

No. of Employees :

150

 

 

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

Organization Name

:

INTERNATIONAL PET JSC

Address

:

Linh Trung 3 Export Processing Zone & Industrial Park Lot 129-130 Rd 6, Trang Bang Dist, Tay Ninh

Country

:

Vietnam

Phone (S)

:

[+84] 66-3899500

Facsimile

:

[+84] 66-3899501

Email

:

info@interpet.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Plastics & Products

 

Key Facts

Registered Legal Address

:

Linh Trung 3 Export Processing Zone & Industrial Park Lot 129-130 Rd 6, Trang Bang Dist, Tay Ninh

Operational Address

:

Linh Trung 3 Export Processing Zone & Industrial Park Lot 129-130 Rd 6, Trang Bang Dist, Tay Ninh

Trading Name

:

INTERPET JSC

Issuing Authority

:

Dept. of Planning & Investment - Tay Ninh

License Number

:

3900785589

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

:

8 Jul, 2009

Employees

:

150

Capital

:

US$ 3,812,429

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Ms. La Bui Hong Ngoc

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Dao Thi Mo

Vietnamese

Chief Accountant

-

2

Mr. La Hoai Nam

Vietnamese

Deputy Managing Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI02951777

Name

:

Ms. Dao Thi Mo

 

Date of Birth

:

1979

 

Management Details - 2

Personal Unique Identifier

:

MI02951772

Name

:

Mr. La Hoai Nam

 

Date of Birth

:

1979

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03739803

Name

:

Mr. La Bui Hoang Nghia

 

2

 

 

Personal Unique Identifier

:

MI02951768

Name

:

Ms. La Bui Hong Ngoc

Date of Birth

:

1985

 

 

NEGATIVE INFORMATION

 

REPUTATION

 

Reference checking for the purpose of establishing INTERNATIONAL PET 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

 

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

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 80,000,000,000

 

SHAREHOLDERS

 

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

 

 

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

NGOC NGHIA PLASTIC JSC

Vietnam

n/a

n/a

98.00

2

Mr. La Bui Hoang Nghia

Vietnam

n/a

n/a

1.00

3

Ms. Bui Bich Hong

Vietnam

n/a

n/a

1.00

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

90%

International Sales (Export)

10%

Annual Purchases Analysis

Percentage

Local Purchases

20%

Imports

80%

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

 

Direct Parent

:

NGOC NGHIA PLASTIC JSC

Global Identifier

:

P1068542

Legal Form Category

:

Joint Stock Company

Country

:

Vietnam

Operational Address

:

Tan Binh Industrial Park Lot IV 22 Tay Thanh St Tan Phu Dist Ho Chi Minh

Primary Business Activity

:

Trader

 

 

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

 

Year

Turnover

Assets

Net Income

2011 Annual  

42,330,869

30,670,811

3,646,904

2012 Annual  

50,298,972

29,876,358

6,920,545

2013 Annual (*)

26,575,332

31,931,910

3,707,638

 

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

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

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

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

Note: (*)

 

Financials listed are the most recent available for this company.

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2010 Annual

17,714,366

30,164,956

1,642,124

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

199,789,000,000

262,560,000,000

302,877,000,000

Non Current Assets(*)

439,084,000,000

359,605,000,000

370,506,000,000

Non Current Liabilities(*)

128,549,000,000

56,280,000,000

27,164,000,000

Share Capital(*)

80,000,000,000

80,000,000,000

80,000,000,000

Other long term assets 

Total Assets(*)

638,873,000,000

622,165,000,000

673,383,000,000

Total Liabilities(*)

450,450,000,000

290,584,000,000

263,615,000,000

Current Liabilities(*)

321,901,000,000

234,304,000,000

236,451,000,000

Long term liabilities 

Shareholders Funds(*)

188,423,000,000

331,581,000,000

409,768,000,000

 

Current assets & short term investments

199,789,000,000

262,560,000,000

302,877,000,000

Cash & cash equivalents

9,145,000,000

4,375,000,000

7,445,000,000

Cash

9,145,000,000

4,375,000,000

7,445,000,000

Short term investments

-

48,000,000,000

-

Short term securities investments

-

48,000,000,000

-

Accounts receivable

96,274,000,000

127,037,000,000

226,452,000,000

Accounts receivable trade

72,378,000,000

105,039,000,000

119,452,000,000

Trade prepayment

3,251,000,000

20,858,000,000

99,398,000,000

Others receivables

20,645,000,000

1,140,000,000

7,602,000,000

i. Inventories

84,567,000,000

78,300,000,000

67,223,000,000

ii. Inventories

84,567,000,000

78,300,000,000

67,223,000,000

i. Other short term asset

9,803,000,000

4,848,000,000

1,757,000,000

Prepaid expenses

132,000,000

2,533,000,000

1,743,000,000

ii. Other short term asset

183,000,000

12,000,000

14,000,000

VAT deductible

9,488,000,000

2,303,000,000

-

Long term assets

439,084,000,000

359,605,000,000

370,506,000,000

Fixed assets

428,296,000,000

353,175,000,000

268,531,000,000

Tangible fixed assets

332,797,000,000

306,471,000,000

183,054,000,000

i. Cost

373,235,000,000

376,436,000,000

249,475,000,000

i. Accumulated depreciation

40,438,000,000

69,965,000,000

66,421,000,000

Finance lease assets

23,332,000,000

34,389,000,000

65,445,000,000

ii. Cost

25,699,000,000

39,403,000,000

72,638,000,000

ii. Accumulated depreciation

2,367,000,000

5,014,000,000

7,193,000,000

Intangible fixed assets

19,297,000,000

12,290,000,000

11,982,000,000

iii. Cost

20,078,000,000

13,160,000,000

13,160,000,000

iii. Accumulated depreciation

781,000,000

870,000,000

1,178,000,000

Construction in progress

52,870,000,000

25,000,000

8,050,000,000

Long term investments

-

-

95,000,000,000

Other long term investments

-

-

95,000,000,000

i. Other long term assets

10,788,000,000

6,430,000,000

6,975,000,000

Long term prepayments

7,511,000,000

5,058,000,000

3,143,000,000

Asset of income tax delay

0

86,000,000

34,000,000

ii. Other long term assets

3,277,000,000

1,286,000,000

3,798,000,000

Total assets

638,873,000,000

622,165,000,000

673,383,000,000

Liabilities

450,450,000,000

290,584,000,000

263,615,000,000

Current liabilities

321,901,000,000

234,304,000,000

236,451,000,000

Short term borrowings

178,394,000,000

183,394,000,000

200,034,000,000

Accounts payables-trade

90,873,000,000

35,021,000,000

24,339,000,000

Advances from customers

41,301,000,000

33,000,000

809,000,000

Taxes and payable to state budget

1,512,000,000

3,201,000,000

4,631,000,000

Payable to employees

901,000,000

1,075,000,000

885,000,000

Accrued expenses payable

-

857,000,000

340,000,000

Other payables

8,920,000,000

9,763,000,000

4,453,000,000

Bonus and welfare funds

960,000,000

-

960,000,000

Provision for short term payable

-

960,000,000

-

Long term liabilities

128,549,000,000

56,280,000,000

27,164,000,000

Long term borrowings

128,549,000,000

56,280,000,000

27,164,000,000

i. Owner's equity

188,423,000,000

331,581,000,000

409,768,000,000

ii. Owner's equity

187,463,000,000

331,581,000,000

409,768,000,000

Business capital

80,000,000,000

80,000,000,000

80,000,000,000

Retained earnings

107,463,000,000

251,581,000,000

329,768,000,000

Budget sources

960,000,000

-

-

Total resources

638,873,000,000

622,165,000,000

673,383,000,000

Note: (*)

Financial Highlights

 

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

881,752,000,000

1,047,459,000,000

560,423,000,000

Profit (Loss) Before Tax(*)

76,878,000,000

163,488,000,000

87,986,000,000

Profit After Tax attributable to Shareholders(*)

75,965,000,000

144,118,000,000

78,187,000,000

 

Gross sales

881,752,000,000

1,047,459,000,000

560,423,000,000

Less deductions

10,768,000,000

6,211,000,000

1,108,000,000

Net income

870,984,000,000

1,041,248,000,000

559,315,000,000

Cost of goods sold

685,520,000,000

782,431,000,000

412,267,000,000

Gross margin

185,464,000,000

258,817,000,000

147,048,000,000

Income from financial activities

1,645,000,000

2,980,000,000

5,724,000,000

Expenses from financial activities

71,893,000,000

49,849,000,000

22,306,000,000

In which: Interest expenses

0

47,882,000,000

20,327,000,000

Selling expenses

27,724,000,000

39,207,000,000

33,060,000,000

General & administration expenses

15,671,000,000

12,935,000,000

10,691,000,000

Net income from operating activities

71,821,000,000

159,806,000,000

86,715,000,000

Extraordinary income

25,934,000,000

26,533,000,000

115,236,000,000

Extraordinary expenses

20,877,000,000

22,851,000,000

113,965,000,000

Extraordinary gains

5,057,000,000

3,682,000,000

1,271,000,000

Net profit before tax

76,878,000,000

163,488,000,000

87,986,000,000

Income tax

913,000,000

19,456,000,000

9,747,000,000

Income tax delay

0

86,000,000

(52,000,000)

Net profit after tax

75,965,000,000

144,118,000,000

78,187,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

155.39

18.79

(46.50)

Profitability 

Profit Margin (%)

8.62

13.76

13.95

Return on Equity (%)

40.32

43.46

19.08

Return on Assets (%)

11.89

23.16

11.61

Leverage 

Total Debt Equity (Times)

2.39

0.88

0.64

Current Debt Equity (Times)

1.71

0.71

0.58

Long Term Debt to Equity

0.68

0.17

0.07

Total Asset To Total Equity

3.39

1.88

1.64

Asset Management 

Total Assets Turnover (Times)

1.38

1.68

0.83

Fixed Assets Turnover (Times)

2.01

2.91

1.51

Liquidity 

Current Ratio

0.62

1.12

1.28

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

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

INTERNATIONAL PET JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Plastics & Products

Office Contact Details

Operating Address

:

Linh Trung 3 Export Processing Zone & Industrial Park Lot 129-130 Rd 6, Trang Bang Dist, Tay Ninh

Tel

:

[+84] 66-3899500

Fax

:

[+84] 66-3899501

Email

:

info@interpet.vn

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

:

3900785589

 

Primary Products

Products / Materials / Services Description

Activity

Plastic packing goods

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Plastics products, nspf

3089

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Articles for the conveyance or packing of goods,etc,of plastic,nesoi

3923900000

Manufacturing, Exporting

Containers (boxes, bags etc), closurers etc, plastics

3923

Manufacturing, Exporting

Plastics & articles thereof

3900

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

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

Key product include :

Plastic packing goods


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, INTERNATIONAL PET JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

Trading

Trading - Finished products

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 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 - Secured with Post-dated checks 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

BANK DETAILS

Bank Name

:

AN BINH COMMERCIAL JOINT STOCK BANK JSC

Global Identifier

:

P1155469

Branch

:

District 1,Ho Chi Minh

Branch Address

:

170 Hai Ba Trung St Dakao Ward District 1 Ho Chi Minh (Head Office)

SWIFT Code

:

ABBKVNVX

 

Bank Name

:

AN BINH RURAL COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0075077

Branch

:

Binh Chanh,Ho Chi Minh

Branch Address

:

138 Hung Vuong St An Lac Hamlet Binh Chanh Ho Chi Minh (Head Office)

SWIFT Code

:

ABBKVNVX

 

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 - HO CHI MINH

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

VIETNAM INT'L LEASING CO

Global Identifier

:

P0024807

Branch

:

District 1,Ho Chi Minh

Branch Address

:

29 Le Duan St District 1 Ho Chi Minh (Head Office)

SWIFT Code

:

This bank does not have a SWIFT Code

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

INTERNATIONAL PET JSC - LIEN CHIEU, DA NANG

Branch Address

:

National Highway 1A Hoa Minh Ward, Lien Chieu, Da Nang, Quang Nam-Da Na

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Cambodia

Medium

Exporting

Philippines

Medium

Exporting

Singapore

Medium

Importing

Taiwan

Medium

Importing

Thailand

Medium

Importing, Exporting

 

 

OFFICE & FACILITIES

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

Name

:

INTERNATIONAL PET JSC - TRANG BANG DIST, TAY NINH

Primary Use

:

Office & Administration facilities

Address

:

Linh Trung 3 Export Processing Zone & Industrial Park Lot 129-130 Rd 6, Trang Bang Dist, Tay Ninh

Country

:

Vietnam

Status

:

Operational

 

 

 

NOTES & COMMENTS

 

N/A

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.33

UK Pound

1

Rs.92.53

Euro

1

Rs.67.60

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

               

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.