MIRA INFORM REPORT

 

 

Report No. :

316036

Report Date :

16.04.2015

 

IDENTIFICATION DETAILS

 

Name :

KIEN VIET CO LTD

 

 

Registered Office :

437/2 Le Duc Tho Ward 16, Go Vap, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2013

 

 

Date of Incorporation :

11.04.2002

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Manufacturer of Packaging.

 

 

No. of Employee :

140

 

 

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 TRADEhttps://cdncache-a.akamaihd.net/items/it/img/arrow-10x10.png Organization in January 2007, which has promoted more competitive, export-driven industries . Vietnam became an official negotiating partner in the Trans-Pacific Partnership TRADEhttps://cdncache-a.akamaihd.net/items/it/img/arrow-10x10.png 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

 

Organization Name

:

KIEN VIET CO LTD

Address

:

437/2 Le Duc Tho Ward 16, Go Vap, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-39166557

Facsimile

:

[+84] 8-39166560

Email

:

kienviet@hcm.vnn.vn

Website

:

http://www.kienviet.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Packaging

 

Registered Legal Address

:

437/2 Le Duc Tho Ward 16, Go Vap, Ho Chi Minh

Operational Address

:

437/2 Le Duc Tho Ward 16, Go Vap, Ho Chi Minh

Trading Name

:

KIVI

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0302570567

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

20 Mar, 2014

Employees

:

140

Capital

:

US$ 470,581

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

11 Apr, 2002

4102008913

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.

 

 

DIRECTORS/MANAGEMENT

 

Key Person

 

Legal Title

:

Managing Director

Name

:

Mr. Le Van Liem

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Doan Nhuoc Lan

Vietnamese

Assist. Managing Director

-

2

Ms. Le Thi Hoai Phuong

Vietnamese

Chief Accountant

Finance

 

 

Management Details - 1

Personal Unique Identifier

:

MI03844788

Name

:

Mr. Doan Nhuoc Lan

 

 

Management Details - 2

Personal Unique Identifier

:

MI03844790

Name

:

Ms. Le Thi Hoai Phuong

 

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03844783

Name

:

Mr. Le Van Liem

Date of Birth

:

1973

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing KIEN VIET CO LTD'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: VND - Vietnam Dong)

Authorized Capital

:

₫ 9,999,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Le Van Liem

Vietnam

n/a

n/a

51.00

2

Mr. Doan Nhuoc Lan

Vietnam

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

80%

International Sales (Export)

20%

 

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

KIEN VIET CO LTD - BA DINH, HANOI

Branch Address

:

2, Lane 4 Vu Ngoc Phan, Ba Dinh, Hanoi

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2011 Annual  

5,669,419

3,461,738

244,311

2012 Annual  

4,608,719

4,362,280

413,212

2013 Annual (*)

5,308,494

3,850,515

603,089

 

 

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(*)

68,029,000,000

87,355,000,000

77,772,000,000

Non Current Assets(*)

4,079,000,000

3,488,000,000

3,428,000,000

Share Capital(*)

9,999,000,000

9,999,000,000

9,999,000,000

Other long term assets 

Total Assets(*)

72,108,000,000

90,843,000,000

81,200,000,000

Total Liabilities(*)

55,983,000,000

72,658,000,000

57,170,000,000

Current Liabilities(*)

55,983,000,000

72,658,000,000

57,170,000,000

Long term liabilities 

Shareholders Funds(*)

16,125,000,000

18,185,000,000

24,030,000,000

 

Current assets & short term investments

68,029,000,000

87,355,000,000

77,772,000,000

Cash & cash equivalents

3,126,000,000

2,857,000,000

4,561,000,000

Cash

3,126,000,000

2,857,000,000

4,561,000,000

Accounts receivable

26,736,000,000

17,506,000,000

26,063,000,000

Accounts receivable trade

20,104,000,000

13,348,000,000

19,303,000,000

Trade prepayment

6,632,000,000

4,158,000,000

6,760,000,000

i. Inventories

38,161,000,000

65,227,000,000

46,549,000,000

ii. Inventories

38,161,000,000

73,511,000,000

46,549,000,000

Provision for decline in inventory

-

(8,284,000,000)

-

i. Other short term asset

6,000,000

1,765,000,000

599,000,000

VAT deductible

-

1,582,000,000

113,000,000

Other tax receivables

-

1,000,000

384,000,000

ii. Other short term asset

6,000,000

182,000,000

102,000,000

Long term assets

4,079,000,000

3,488,000,000

3,428,000,000

Fixed assets

3,850,000,000

3,488,000,000

3,428,000,000

Tangible fixed assets

3,850,000,000

3,488,000,000

3,428,000,000

Cost

5,290,000,000

5,416,000,000

6,234,000,000

Accumulated depreciation

1,440,000,000

1,928,000,000

2,806,000,000

Other long term assets

229,000,000

-

-

Long term prepayments

229,000,000

-

-

Total assets

72,108,000,000

90,843,000,000

81,200,000,000

Liabilities

55,983,000,000

72,658,000,000

57,170,000,000

Current liabilities

55,983,000,000

72,658,000,000

57,170,000,000

Short term borrowings

12,811,000,000

14,832,000,000

14,834,000,000

Accounts payables-trade

40,233,000,000

57,547,000,000

40,653,000,000

Advances from customers

2,497,000,000

33,000,000

1,683,000,000

Taxes and payable to state budget

442,000,000

233,000,000

-

Other payables

-

13,000,000

-

Owner's equity

16,125,000,000

18,185,000,000

24,030,000,000

Business capital

9,999,000,000

9,999,000,000

9,999,000,000

Foreign exchange differences

(384,000,000)

-

-

Retained earnings

6,510,000,000

8,186,000,000

14,031,000,000

Total resources

72,108,000,000

90,843,000,000

81,200,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

118,094,000,000

95,975,000,000

111,946,000,000

Profit (Loss) Before Tax(*)

6,785,000,000

11,473,000,000

15,898,000,000

Profit After Tax attributable to Shareholders(*)

5,089,000,000

8,605,000,000

12,718,000,000

 

Gross sales

118,094,000,000

95,975,000,000

111,946,000,000

Less deductions

236,000,000

798,000,000

68,000,000

Net income

117,858,000,000

95,177,000,000

111,878,000,000

Cost of goods sold

99,241,000,000

61,878,000,000

88,060,000,000

Gross margin

18,617,000,000

33,299,000,000

23,818,000,000

Expenses from financial activities

4,528,000,000

11,592,000,000

2,300,000,000

In which: Interest expenses

1,554,000,000

1,872,000,000

1,630,000,000

General & administration expenses

5,773,000,000

10,260,000,000

5,620,000,000

Net income from operating activities

8,316,000,000

11,447,000,000

15,898,000,000

Extraordinary income

205,000,000

26,000,000

-

Extraordinary expenses

1,736,000,000

-

-

Extraordinary gains

(1,531,000,000)

26,000,000

-

Net profit before tax

6,785,000,000

11,473,000,000

15,898,000,000

Income tax

1,696,000,000

2,868,000,000

3,180,000,000

Net profit after tax

5,089,000,000

8,605,000,000

12,718,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

(18.73)

16.64

Profitability 

Profit Margin (%)

4.31

8.97

11.36

Return on Equity (%)

31.56

47.32

52.93

Return on Assets (%)

7.06

9.47

15.66

Leverage 

Total Debt Equity (Times)

3.47

4.00

2.38

Current Debt Equity (Times)

3.47

4.00

2.38

Total Asset To Total Equity

4.47

5.00

3.38

Asset Management 

Total Assets Turnover (Times)

1.64

1.06

1.38

Fixed Assets Turnover (Times)

28.95

27.52

32.66

Liquidity 

Current Ratio

1.22

1.20

1.36

Based on the corporate laws of Vietnam, legal entities which are a Private Company with Limited Liability 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

 

Country

:

Vietnam

Business Entity Name

:

KIEN VIET CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Packaging

 

Office Contact Details

Operating Address

:

437/2 Le Duc Tho Ward 16, Go Vap, Ho Chi Minh

Tel

:

[+84] 8-39166557

 

:

[+84] 8-39166558

 

:

[+84] 8-39166559

Fax

:

[+84] 8-39166560

Email

:

kienviet@hcm.vnn.vn

 

Website Details

Website

:

http://www.kienviet.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

:

0302570567

 

Primary Products

 

Products / Materials / Services Description

Activity

Packaging

Manufacturing, Exporting

Packaging materials

Manufacturing, Exporting

Pharmaceutical

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Crowns and closures

3466

Manufacturing, Exporting

Pharmaceutical preparations

2834

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

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

3923

Manufacturing, Exporting

Pharmaceutical goods (specified sterile prod etc.)

3006

Manufacturing, Exporting

Pharmaceutical products

3000

Manufacturing, Exporting

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of KIEN VIET CO LTD is Manufacturing - Finished products.

Key products include :

Packaging

Packaging materials

Pharmaceutical


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, KIEN VIET CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

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 - HO CHI MINH

SWIFT Code

:

ASCBVNVX

 

Bank Name

:

SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0388625

Branch

:

District 3,Ho Chi Minh

Branch Address

:

SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK - TAN BINH

SWIFT Code

:

SGTTVNVX

 

 

INTERNATIONAL TRADE

 

- Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Importing

North America

Medium

Importing

Cambodia

Medium

Exporting

Canada

Medium

Importing

France

Medium

Importing

Germany

Medium

Importing

Indonesia

Medium

Importing

Italy

Medium

Importing

Laos

Medium

Exporting

Spain

Medium

Importing

Switzerland

Medium

Importing

USA

Medium

Importing

United Kingdom

Medium

Importing

 

 

OFFICE & FACILITIES

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

Name

:

KIEN VIET CO LTD - GO VAP, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

437/2 Le Duc Tho Ward 16, Go Vap, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

NOTES & COMMENTS

 

N/a

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.40

UK Pound

1

Rs.92.15

Euro

1

Rs.66.48

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.