MIRA INFORM REPORT

 

 

Report No. :

316018

Report Date :

14.04.2015

 

IDENTIFICATION DETAILS

 

Name :

VAN LONG CDC INVESTMENT TRADING JSC

 

 

Registered Office :

An Tri Group Hung Vuong Ward, Hong Bang Dist, Haiphong

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2013

 

 

Date of Incorporation :

18.09.2008

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of Chemicals.

 

 

No. of Employees :

26

 

 

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 :

Slow but correct

 

 

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 18% in 2014, while industry's share increased from 36% to 38% 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 2014 growing at 5.4%, one of the slower growth rates since 1999. Exports have grown strongly in 2013-14; 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 has remained relatively stable since then. 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, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses. Vietnam is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations.

 

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

VAN LONG CDC INVESTMENT TRADING JSC (1)

Address

:

An Tri Group Hung Vuong Ward, Hong Bang Dist, Haiphong

Country

:

Vietnam

Phone (S)

:

[+84] 31-3798885

Facsimile

:

[+84] 31-3798884

Primary Business Activity

:

Trader

Key Industry

:

Chemicals

 

Key Facts

 

Registered Legal Address

:

An Tri Group Hung Vuong Ward, Hong Bang Dist, Haiphong

Operational Address

:

An Tri Group Hung Vuong Ward, Hong Bang Dist, Haiphong

Trading Name

:

VCDC

Issuing Authority

:

Dept. of Planning & Investment - Hai Phong

License Number

:

0200835768

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

:

18 Sep, 2008

Employees

:

26

Capital

:

US$ 1,647,198

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

n/a

0203004680

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

:

VAN LONG CDC INVESTMENT TRADING JSC

Primary Business Activity

:

Trader

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

An Tri Group Hung Vuong Ward, Hong Bang Dist, Haiphong

Tel

:

[+84] 31-3798885

 

:

[+84] 31-38218964

Fax

:

[+84] 31-3798884

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

:

0200835768

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Tran Tuan Khanh

Nationality

:

Vietnamese

 

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Tran Tuan Khanh

Vietnamese

Chairman

-

2

Mr. Do Ngoc Thang

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03466653

Name

:

Mr. Tran Tuan Khanh

 

Date of Birth

:

1954

 

 

Management Details - 2

Personal Unique Identifier

:

MI03844320

Name

:

Mr. Do Ngoc Thang

 

Date of Birth

:

1983

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03466653

Name

:

Mr. Tran Tuan Khanh

Date of Birth

:

1954

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing VAN LONG CDC INVESTMENT TRADING JSC'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

 

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CIVIL LITIGATION

 

No Record Found

 

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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

:

₫ 35,000,000,000

 

Date

Authorized Capital - History

18 Sep, 2008

20,000,000,000

2014

35,000,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

11

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Tran Tuan Khanh

Vietnam

n/a

n/a

46.57

2

Ms. Tran Thi Luu Ly

Vietnam

n/a

n/a

31.00

3

Mr. Nguyen Van Mau

Vietnam

n/a

n/a

10.00

4

Mr. Nguyen Tien Chinh

Vietnam

n/a

n/a

5.00

5

Mr. Nguyen Thanh Quang

Vietnam

n/a

n/a

2.00

6

Mr. Nguyen Tien Sy

Vietnam

n/a

n/a

2.00

7

Mr. Do Sy Phong

Vietnam

n/a

n/a

1.15

8

Mr. Doan Quyet Thang

Vietnam

n/a

n/a

0.57

9

Mr. Nguyen Danh Hien

Vietnam

n/a

n/a

0.57

10

Mr. Nguyen Tat Thang

Vietnam

n/a

n/a

0.57

11

Ms. Nguyen Thi Kim Quy

Vietnam

n/a

n/a

0.57

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

70%

International Sales (Export)

30%

 

 

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

 

 

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

 

NA

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2011 Annual  

15,938,934

3,456,313

189,198

2012 Annual  

9,765,538

2,465,538

42,017

2013 Annual (*)

15,750,454

3,237,372

46,899

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

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

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

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

70,676,000,000

50,257,000,000

66,965,000,000

Non Current Assets(*)

1,319,000,000

1,087,000,000

1,305,000,000

Non Current Liabilities(*)

0

0

0

Share Capital(*)

20,000,000,000

20,000,000,000

20,000,000,000

Other long term assets 

Total Assets(*)

71,995,000,000

51,344,000,000

68,270,000,000

Total Liabilities(*)

48,225,000,000

30,527,000,000

47,279,000,000

Current Liabilities(*)

48,225,000,000

30,527,000,000

47,279,000,000

Long term liabilities 

Shareholders Funds(*)

23,770,000,000

20,817,000,000

20,991,000,000

 

Assets 

Current assets & short term investments

70,676,000,000

50,257,000,000

66,965,000,000

Cash & cash equivalents

5,905,000,000

3,983,000,000

1,853,000,000

Cash

5,905,000,000

3,983,000,000

1,853,000,000

Accounts receivable

27,251,000,000

24,149,000,000

35,281,000,000

Accounts receivable trade

24,537,000,000

21,805,000,000

27,130,000,000

Trade prepayment

4,560,000,000

2,825,000,000

6,275,000,000

Others receivables

28,000,000

5,000,000

2,354,000,000

Provision for bad debts

(1,874,000,000)

(486,000,000)

(478,000,000)

Inventories

35,235,000,000

19,527,000,000

23,106,000,000

I. Other short term asset

2,285,000,000

2,598,000,000

6,725,000,000

VAT deductible

1,068,000,000

899,000,000

6,051,000,000

Other tax receivables

3,000,000

3,000,000

3,000,000

II. Other short term asset

1,214,000,000

1,696,000,000

671,000,000

Long term assets

1,319,000,000

1,087,000,000

1,305,000,000

Fixed assets

1,144,000,000

988,000,000

1,237,000,000

Tangible fixed assets

1,144,000,000

988,000,000

1,237,000,000

Cost

1,386,000,000

1,442,000,000

1,739,000,000

Accumulated depreciation

242,000,000

454,000,000

502,000,000

Other long term assets

175,000,000

99,000,000

68,000,000

Long term prepayments

175,000,000

99,000,000

68,000,000

Total assets

71,995,000,000

51,344,000,000

68,270,000,000

Liabilities

48,225,000,000

30,527,000,000

47,279,000,000

Current liabilities

48,225,000,000

30,527,000,000

47,279,000,000

Short term borrowings

37,183,000,000

21,908,000,000

33,037,000,000

Accounts payables-trade

7,492,000,000

7,595,000,000

12,178,000,000

Advances from customers

1,000,000

-

1,362,000,000

Taxes and payable to state budget

3,177,000,000

918,000,000

250,000,000

Payable to employees

369,000,000

98,000,000

404,000,000

Accrued expenses payable

3,000,000

-

28,000,000

Other payables

-

4,000,000

16,000,000

Provision for short term payable

-

4,000,000

-

I. Bonus and welfare funds

-

-

4,000,000

I. Owner's equity

23,770,000,000

20,817,000,000

20,991,000,000

II. Owner's equity

23,766,000,000

20,817,000,000

20,991,000,000

Business capital

20,000,000,000

20,000,000,000

20,000,000,000

Other funds from owner's equity

1,000,000

2,000,000

1,000,000

Retained earnings

3,765,000,000

815,000,000

990,000,000

Budget sources

4,000,000

-

-

II. Bonus and welfare funds

4,000,000

-

-

Total resources

71,995,000,000

51,344,000,000

68,270,000,000

 

Note: (*)

 

Financial Highlights

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

332,008,000,000

203,364,000,000

332,147,000,000

Profit (Loss) Before Tax(*)

4,818,000,000

1,063,000,000

1,308,000,000

Profit After Tax attributable to Shareholders(*)

3,941,000,000

875,000,000

989,000,000

 

Gross sales

332,008,000,000

203,364,000,000

332,147,000,000

Less deductions

2,023,000,000

176,000,000

0

Net income

329,985,000,000

203,188,000,000

332,147,000,000

Cost of goods sold

304,498,000,000

191,721,000,000

314,338,000,000

Gross margin

25,487,000,000

11,467,000,000

17,809,000,000

Income from financial activities

1,851,000,000

431,000,000

615,000,000

Expenses from financial activities

6,881,000,000

1,213,000,000

4,115,000,000

In which: Interest expenses

3,877,000,000

954,000,000

2,611,000,000

Selling expenses

8,282,000,000

5,330,000,000

8,382,000,000

General & administration expenses

7,715,000,000

4,383,000,000

4,906,000,000

Net income from operating activities

4,460,000,000

972,000,000

1,021,000,000

Extraordinary income

829,000,000

94,000,000

537,000,000

Extraordinary expenses

471,000,000

3,000,000

250,000,000

Extraordinary gains

358,000,000

91,000,000

287,000,000

Net profit before tax

4,818,000,000

1,063,000,000

1,308,000,000

Income tax

877,000,000

188,000,000

319,000,000

Net profit after tax

3,941,000,000

875,000,000

989,000,000

 

Note: (*)

 

Financial Highlights

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

(38.75)

63.33

Profitability 

Profit Margin (%)

1.19

0.43

0.30

Return on Equity (%)

16.58

4.20

4.71

Return on Assets (%)

5.47

1.70

1.45

Leverage 

Total Debt Equity (Times)

2.03

1.47

2.25

Current Debt Equity (Times)

2.03

1.47

2.25

Total Asset To Total Equity

3.03

2.47

3.25

Asset Management 

Total Assets Turnover (Times)

4.61

3.96

4.87

Fixed Assets Turnover (Times)

251.71

187.09

254.52

Liquidity 

Current Ratio

1.47

1.65

1.42

 

 

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

 

Primary Products

Products / Materials / Services Description

Activity

Chemicals

Trading

Plastic resins

Trading

Steel

Trading

 

 

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

Year

Imports

Exports

Total

2011

n/a

4,781,680

4,781,680

2012

n/a

2,929,661

2,929,661

2013

n/a

4,725,136

4,725,136

 

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Chemical preparations, nspf

2899

Trading

Chemicals and Allied Products

2800

Trading

Plastics materials and resins

2821

Trading

Steel Foundries, NEC

3325

Trading

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Articles of iron or steel

7300

Trading

Articles of plastics (inc polymers & resins)

3926

Trading

Chemical products and preparations of the chemical or allied industries

3824909050

Trading

Miscellaneous chemical products

3800

Trading

 

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

 

The primary business focus of VAN LONG CDC INVESTMENT TRADING JSC is Trading - Finished products.

Key products include :

Chemicals

Plastic resins

Steel

 

 

 

Supplementary Business

 

In addition to the core business, VAN LONG CDC INVESTMENT TRADING JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

 

 

 

BANK DETAILS

 

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 - HAI PHONG

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408823

Branch

:

District 1,Ho Chi Minh

Branch Address

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK CO - HAIPHONG

SWIFT Code

:

EBVIVNVX

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Australia

Medium

Importing, Exporting

China

Medium

Importing

Korea, South (Republic of Korea)

Medium

Importing

Singapore

Medium

Exporting

Taiwan

Medium

Importing

Thailand

Medium

Exporting

 

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

VAN LONG CDC INVESTMENT TRADING JSC - HONG BANG DIST, HAIPHONG

Primary Use

:

Office & Administration facilities

Address

:

An Tri Group Hung Vuong Ward, Hong Bang Dist, Haiphong

Country

:

Vietnam

Status

:

Operational

 

 

 

 

PREVIOUS CONTACT DETAILS

 

Fax Number

:

84-31-38291559

 

NOTES & COMMENTS

 

NA

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.37

UK Pound

1

Rs.91.60

Euro

1

Rs.66.49

 

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.